By Samuel Gillis
The Georgetown Chamber of Commerce (GCCI) has witnessed a significant increase in membership over the past year, signaling the rapid expansion of Small and Medium-Sized Enterprises (SMEs) in Guyana.
In this week’s Republic Bank sponsored Business Report, let’s delve into the details.
The GCCI, serving as the oldest private sector representative organization in the country, has reported a substantial growth in its membership, now totaling close to 1,000.
Kester Hutson, recently re-elected as President of the Chamber, attributes this surge to the burgeoning SME sector, which has seen a proliferation of new companies across various sectors of the local economy.
Hutson elaborated on the chamber’s efforts to foster growth and collaboration within the business community.
He revealed that the GCCI has facilitated approximately 15 inbound and 5 outbound trade missions between the UK and the US, aimed at exposing chamber members to opportunities for expansion and partnership.
In an exclusive interview with NCN Business, Hutson emphasized the critical role of SMEs, constituting 75% of the GCCI’s membership.
He stressed the importance of nurturing and ensuring compliance among SMEs to enhance their marketability and support the growth of larger enterprises.
Highlighting the GCCI’s achievements during his first term as president, Hutson pointed to their input into Guyana’s local content policy.
He emphasized the chamber’s stance against practices such as “Rent a citizen,” advocating for the active involvement and growth of local companies through joint ventures.
The growth and development of SMEs hold significant importance in the context of Guyana’s economy.
These enterprises not only contribute to GDP growth but also play a crucial role in job creation and improving livelihoods.
With the government’s continued investments in promoting SME expansion, the outlook for the sector remains promising.
The surge in GCCI membership underscores the dynamism and vibrancy of Guyana’s business landscape, with SMEs at the forefront of driving economic growth and prosperity.