Business Incubators being constructed in Industrial Estates – to assist young entrepreneurs

DPI, Guyana, Wednesday, January 24, 2018

Infrastructural works are moving apace on the Lethem and Belvedere Industrial Estates as the Ministry of Business aims to complete the two projects, in the first half of 2018.

Hon. Dominic Gaskin, Minister of Business.

This is according to Minister of Business, Dominic Gaskin who in an interview told the Department of Public Information (DPI) that the Lethem Estate will consist of four plots for large businesses to operate and support smaller entities that will occupy the facilities. The Minister stated that upon completion, Go-Invest will promote the estate to local, Brazilian and foreign investors.

Minister Gaskin explained the estates aims to provide appropriate spaces for businesses to engage in certain types of activities and attract investments in the value-added sectors.

Additionally, the Minister highlighted that business incubators will be constructed in both estates to provide space for young entrepreneurs, and small enterprises to utilise as a startup for their businesses. “We have many young persons, who have ideas and want to get involved in business, but there is very little support and it’s difficult for them to find appropriate space…the incubators will provide that space in an enabling environment for them.”

The incubators, however, will not serve as a permanent space for the businesses. The Minister explained that the spaces are aimed at assisting persons to reach the point of being established enough to venture out on their own. With efforts to further assist these young entrepreneurs, Minister Gaskin disclosed that the incubators will be furnished with the necessary equipment required by business persons.

“We will also support with services like accounting, marketing, standards, packaging and labelling so they can focus on what they need to do to develop their businesses.”

Futher, the Business Minister noted that while the estates will aim to benefit value-added production businesses, there will be no restriction on other businesses in the services sector. A sum of $350M was allocated in the 2018 budget for the completion of the two estates.

By: Crystal Stoll

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