By Josiah Williams | December 4, 2024
Small and medium-sized businesses (SMEs) in Guyana have shown significant growth and are making valuable contributions to the local economy, according to the Ministry of Tourism, Industry, and Commerce.
The ministry’s end-of-year press conference highlighted the successful performance of SMEs and the support they have received from the government.
Minister of Tourism, Industry, and Commerce, Oneidge Walrond, expressed that SMEs have played a vital role in the development of communities and the national economy.
In particular, she pointed out the significant impact of the Small Business Bureau (SBB), which has supported approximately 2,000 businesses in 2024.
Minister Walrond emphasized the importance of providing financial support to small businesses, but also ensuring they receive training in areas like management, marketing, and customer service to help sustain and grow their ventures.
She also encouraged entrepreneurs to register their businesses, highlighting that nearly 730 small businesses were formally registered in Regions 7, 8, and 9 in 2024.
According to Walrond, registering businesses enables entrepreneurs to access opportunities such as government contracts and the ability to expand exports.
Additionally, the ministry’s Business Incubator Centres in Belvedere and Lethem have made substantial strides in boosting small business production.
In Berbice, 8,000 pounds of flour and powders were produced, while Region 9 saw the preparation of over 5,000 sachets of teabags and other dried fruits.
These initiatives highlight the ministry’s ongoing commitment to nurturing the small business sector.