| By Zena HenryProminent businessman and retired politician, Stanley Ming, in the wake of upcoming General ElectionsStanley Minghas submitted his conviction that Guyana’s economy can easily be transformed to one of an economically viable, self sustaining, modern state. The tycoon has for years submitted ideas of possible economic development avenues and has recently complied documented research on the country’s developmental prospects, expected to be released on the website Guyana2030.com today.Given the stated notion of widespread corruption, the collapse of public institutions and economic downfalls under the current administration,Cheap NFL Jerseys China, Ming is adamant that with proper management systems and renewed vision for the country,Jerseys China Wholesale, “a booming economy could be the outcome of this resource-filled mainland territory”.To do so, he said, honest public private partnership policies and practices can be a catalyst to propel modern infrastructural works and social advancements. Ming noted that such a mechanism is just one of the ways to advance the country without actually having to spend anything.Quoting from the Caribbean Development Bank’s (CDB) 2015 regional report released last February, Ming said that Caribbean nations were urged to put more emphasis on the private sector to make them more engaged in the development of countries, and the region by extension.It was noted that the CDB recognized that,Jerseys NFL China, “notwithstanding the ongoing recovery and positive outlook for 2015 for the region, the need for further fiscal consolidation and greater savings means that much of the impetus for growth and job creation must come from the private sector, including through foreign direct investments (FDIs).”The bank said that,Wholesale Jerseys Online, “The private sector will have to shoulder more of the financial burden of investing in the region’s social and economic infrastructure,” and to encourage this, the bank will be rolling out new facilities to support BMCs (borrowing member countries) that are increasingly turning to public private partnerships.At the same time, the bank urged governments to undertake “structural and other reforms to create the kind of legal and registry environment and broader governance framework that would attract investment and within which the private sector can truly become the engine of growth.”Public Private partnership is defined by Emilia Istrate and Robert Puentes in their work for The Brookings-Rockefeller Project on State and Metropolitan Innovation; ‘Moving Forward on Public Private Partnerships’ as a “contractual agreement between a public agency and a private sector entity resulting in greater private sector participation in the delivery and/or financing of infrastructure projects.”Ming advised that this type of relationship has been a significant contributor to growth, specifically developing countries that seek investment opportunities. He highlighted two cases; one in Jamaica and in India where major roads were required in remote areas, but would have burdened the governments.Both nations, he pointed out,Wholesale Jerseys From China, advertised in the Economist magazine with specific attractions for potential investors. In the case of India, the major road which was built, did not only allow the private company to make their investment and profit in a timely manner, but to shorten the length of return to the private agency, that country’s government gave them the land along the major road to develop and regulated its sale to local persons. Not only was the major road built, linking the previously remote location to major cities, but infrastructure was created and thus created an upscale community.“But these transactions must be transparent and in the interest of the people,” Ming said. He added that the editor of the book ‘Public private partnership policies and practices, success, failures and why,’ a friend of his, had visited Guyana some years back seeking an audience with the Caricom and the Guyanese government, “unfortunately, no one had time to meet with him.”The gentleman, he said, wanted to share what this part of the world could do with the idea to access modern infrastructure,Cheap NFL Jerseys China Wholesale, without having to spend the money themselves.However, one of the greatest challenges to honest local and foreign private investments, aside from Administrative, management issues, is access to land and infrastructure in prime business locations. Ming said that for research purposes, he analyzed land prices in the centre and outskirts of the city and found that prices are higher than some prices in parts of the US.According to Ming, based on land sizes and prices advertised in local newspapers, he calculated their value with an acre being the standard size. Ming found that on Sheriff Street an acre of land costs $951M or US$4.5M. An acre at Robb Street; the city centre, cost $1.2B or US$6M, Kingston $532M or US $2.6M and Smyth Street $522M or US$2.5M.Ming said he is convinced that only a small group of people can afford land in Georgetown. “Young people and ordinary people like you and me cannot enjoy this.” “If one is seeking to open a small business in Georgetown it is not conducive.” He said even if land prices are half that of the US, being the third poorest country in the Western Hemisphere, this cannot be good for growth and development. |
