President Dr. Irfaan Ali has urged the private sector to position itself for new business opportunities in Cuba, just days after the communist-run island announced sweeping economic reforms aimed at revitalizing its struggling economy.
Speaking Saturday at the launch of the Chinese-made Foton and Jetour vehicle brands by CAM Motors, President Ali encouraged the joint venture involving CAM Motors, Jamaica-based ATL Automotive, Continental Group of Companies and MMKJ Inc. to establish vehicle assembly operations in Guyana.
He said Guyana has the potential to become an assembly hub for emerging automotive brands and revealed that he has already encouraged MMKJ Director Vishok Persaud and his team to examine the possibility.
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“We have the ability to have an assembly line and we have the critical mass if we come together in upscaling the market, and we have to look ahead of us with Cuba opening up and Haiti opening up,” Ali said.
The president also pointed to opportunities in northern Brazil and the Dominican Republic, saying regional markets present significant growth potential for Guyanese businesses.
His remarks came two days after Cuban President Miguel Díaz-Canel announced a series of major reforms designed to expand private enterprise and attract foreign investment. According to international reports, the changes could pave the way for private real estate development, the transformation of state-owned companies into commercial ventures with shares and equity stakes, and the entry of private banks into Cuba’s financial sector.
Ali said Guyana’s supportive policy environment, tax incentives, lower energy costs and investments in technology could create conditions for a stronger manufacturing and assembly sector.
“That is what is going to take our country beyond the shoulders of oil and gas. That is what is going to take our country beyond the shore of sustainability,” he said.
Persaud said the partnership behind CAM Motors would not only provide after-sales support to customers but also strengthen local participation in the economy.
“We can basically realise our local content legislation, our local participation, and ensure that Guyana’s businesses and the private sector are participating in every aspect of the business sector,” he said.
Ali noted that rising disposable incomes have contributed to a shift in consumer demand, with more Guyanese opting for new vehicles instead of imported used vehicles from Japan.
“We are witnessing the emergence of a rapidly expanding market for new vehicles among both private individuals and businesses,” he said.
The government this year removed the 14 percent value-added tax on vehicles with engine capacities of 1,500cc and below, a move aimed at making new vehicles more affordable and stimulating growth in the sector.
