From castor oil to furniture: Forty Jamaican companies scouting for opportunities here
From castor oil to patties to furniture, 40 Jamaican companies are prospecting for partnerships here led by Senator Aubyn Hill, Jamaica’s Minister of Industry, Investment and Commerce.
During an engagement at the Marriott Hotel in Kingston, Georgetown, on May 13th, Minister of Finance, Dr. Ashni Singh, expressed optimism for the successful mission and welcomed the large and diverse delegation to Guyana. “We in Guyana are extremely grateful for the interest being shown in Guyana from companies in Jamaica, elsewhere in the region and worldwide but in particular, by Jamaican companies judging from the size and diversity of the delegations that have been coming on these successful missions.”
Singh went on to state that much is being said about Guyana today with the weekly headlines stating that Guyana is one of the fastest growing economies in the world. “In 2020 we grew by 43.5%, in 2022 by 63.3%, 2024 we are projected to grow by 25% for the next 4 years.” The Minister stressed the importance of maintaining economic diversification and how that will allow more investment opportunities for Guyana.
Labour Minister Joseph Hamilton at another engagement at the Marriott Hotel in Kingston, Georgetown yesterday, reminded the companies present that even though Guyana’s economy grew exponentially as a result of the oil and gas industry, “Oil and Gas is finite, food is forever, today, tomorrow and I just want to say that we are not an oil and gas economy, we produce oil, we sell oil and we receive a financial stream to help us develop that sector.”
Hamilton went on to share experiences dealing with foreign companies entering Guyana’s markets which allow themselves to be deceived by lawyers and HR specialists who accept unnecessary payouts to flout local established labour laws. His recommendation, however, is to gather the correct information regarding the Labour laws freely and directly from the Ministry of Labour. Hamilton went on to encourage the companies to explore opportunities beyond the confines of “crowded” Georgetown and encouraged companies to “explore business opportunities across the 10 Administrative Regions of Guyana, especially Region 10, which has its own special incentive and tax regime for any business developing in that region that is beyond what other businesses get in Guyana.”
Acknowledging the current issues facing the power, Hamilton reassured the companies that Guyana has begun to secure a solution by way of the Gas to Shore Energy project.
“Once we would have fixed energy, reliable, cheap energy, the potential for growth in the agro-processing and manufacturing sectors will multiply a dozen fold.” The Minister added that people in the IT sector should have an interest in coming to Guyana and they should start discussing “the type of factories they want to build for production and the manufacturing sector and how can we utilize the IT sector to develop these factories as best
One of the companies in the trade mission, Wisynco Group Limited, is Jamaica’s leading distributor, manufacturer and exporter of top brands of food, beverages and paper products to 31 countries across the globe.
Stephen Dawkins, Group Export Manager told Stabroek News that this initiative was “fantastic” and “eye opening”. Wisynco has distribution networks in Europe, The USA and in the Caribbean, however, they have noted a challenge in entering the block between Guyana, Suriname and Trinidad which have their own peculiarities in relation to fostering partnerships and entry into markets. Competition, according to Dawkins is at an all-time high within the beverages industry and he believes his company and products are strategically placed to ensure local supermarkets are lined with their products such as Bigga Soft Drinks, Tru Juice (Natural juices), Boom Energy Drinks. Dawkins’ main purposes for forming part of this delegation are to “further the gov
ernment’s (Jamaica) mission to increase exports, also to grow Wisynco’s exports…we are also looking to find that right partner and to firm up that relationship on this mission, we are also looking for a partner at the equity level, as we grow from a logical standpoint, this is what is required to grow our brand because if you don’t have strong partnerships in the past, the other options are to set up your own manufacturing plant in Guyana, set up your own distribution arm, or partner with somebody that’s already here”.
One of their products, “Boom Energy Drinks”, was supplied into the Guyana market approximately 10 years ago. Even though sales were exceptional, finding a dependable distributor has posed the biggest challenge thus far. This has not deterred the company, as they still believe they have a place in the Guyanese market. Dawkins also acknowledged the population size of Guyana as compared to the land mass and though he foresees “getting goods to market will not be the easiest nor the cheapest,” the long term benefits outweigh the immediate hurdles. He also lauded the Jamaican government’s efforts for creating pathways for companies to get opportunities through government to government links in the finance area, commerce area and trade area, clearing all the blockages and all the elements necessary to get our products into markets.”
Dawkins appreciated the presentation by the Centre for Local Business Development which was eye opening and allowed the delegation to know what lays before them upon considering entering Guyanese markets.
Sheneille Hewitt with two sample pieces at the Marriott
Hotel, Conference
Centre
Halt by Hewitt is another contemporary
Jamaican company here with the Trade
Mission. Since 2009
Halt by Hewitt, founded by Clifton
Hewitt, has been making exquisite barrel and contemporary furniture for various restaurants, pubs, hotels and lounges island wide. However, since his untimely passing, his daughter Sheneille has been successfully growing the company. Speaking to Stabroek News, Sheneille shared that she has successfully “tapped out the local market back in Jamaica so I am really trying to expand or brand and bring this type of furniture into other spaces. The Minister of Labour said that Guyana needs furniture and I am very excited about that because this is my baby. I came to Guyana looking for markets for my products and whether the market was big enough and I am happy that there is!” The plan for now is to continue production in Jamaica while exporting to Guyana, however this arrangement should be lucrative and Sheneille is open to the possibility of setting roots down in Guyana. She also noted that Guyana is undergoing significant economic growth and “within the next 5 years, this is going to be the next Dubai”. With this in mind, Sheneille says she is ready to “take over the market” with her unique products that will “make them stop and stare” (in keeping with the motto of her brand). “I am looking forward to making people
Halt”.