Banks DIH $13.7B Malta Bottling Plant aligns with national development – Guyana Chronicle

-President Ali says, urges business community to prepare for transformation shift, new industries, export growth

EMPHASISING that the turning point of Guyana’s industrial sector will be transformational rather than “marginal”, President Dr. Irfaan Ali has signalled to local producers that the months ahead are critical as lower electricity costs and targeted support will result in the emergence of new industries and export growth.

Addressing stakeholders and members of the business community, President Ali, on Sunday at the opening of Banks DIH Ltd $13.7 billion Malta Bottling Plant, said that this legacy company has managed to ensure that its decades of investment strategies align with national development.

The commissioning of this plant is a symbol of national pride, as the diversified industrial powerhouse continues to contribute to Guyana’s economic and cultural heritage, Dr. Ali said.

He further emphasised that it is important that government policy and private sector investment form a partnership to ensure sustainability and growth.

 

“It’s important also for us to recognise that Banks DIH would not have made this investment if they did not have the confidence in the governance mechanism, the confidence in the government, and the confidence in a policy making framework that we are applying today,” he went on to say.

 

The future of manufacturing in Guyana will not be built from “scratch”, President Ali said, noting that it will and must be built on the foundation laid by established enterprises such as Banks DIH. It is in this regard, he emphasised, that the perfect opportunity has presented itself for Guyana to penetrate regional and international markets.

 

For decades, Guyana’s industrial sector has faced constraints owing to the high energy costs which has discouraged large-scale investment. That constraint, President Ali said, is about to be lifted.

Reminding his audience that the first Gas-to-Energy (GtE) plant is set to come onstream by the end of this year, President Ali said it is “not a marginal change; it is a game-changer in industrial development.” He noted that low energy costs will reshape the economies of manufacturers and manufacturing in Guyana, make global production more viable and make space for new industries and the expansion of existing ones. This means, there will be a fundamental reshaping of manufacturing in Guyana.

 

“The period between now and later this year is therefore critical,” President Ali said before urging the local business community to prepare, plan, and position themselves for this “new era,” as the nation is serious about becoming an industrial global contender.

A legacy company such as Banks DIH, the President said shows that Guyanese brands can achieve the international recognition. He used the opportunity to encourage the smaller local brands to expand and invest.

 

Dr. Ali made it clear that as Guyana accelerates, the local private sector will not stand alone in the transition. He pointed to the forthcoming budget, which will include measures to support businesses, so they are better positioned.

 

“The manufacturing and industrial sectors will receive targeted support…What I will say is this: the direction is clear. The opportunity is real. The time is now. I believe that legacy companies like Banks DIH and others, can and must play a decisive role in shaping Guyana’s manufacturing future,” the Head of State affirmed.

 

The President also proposed opportunities for Guyana to attract regional and international brands that currently bottle or manufacture products elsewhere in the Caribbean.

 

NATIONAL DEVELOPMENT

The President stated that legacy companies can lead the way in modernising manufacturing by investing in new technologies, automation and energy efficient production system and as energy costs fall and infrastructure improves, these firms can rapidly scale up output deepen local value added and reduce reliance on imports.

 

“Legacy companies can also act as anchors within Guyana’s manufacturing ecosystem. By partnering with smaller local suppliers, contracting local service providers and mentoring emerging firms, they can help build integrated value chain across the economy, the procurement, power and market access can put smaller businesses into formal manufacturing networks, spreading industrial capability beyond a few large farms, and creating broader base employment and entrepreneurship,” he said.

 

It is in this regard that the President noted that the government is discussing with large companies how they can contribute to the Guyana Development Bank to create opportunities to support small businesses, including “mom-and-pop” and roadside operations.

 

This year, Micro, Small and Medium-Sized Enterprises (MSMEs) will be able to access loans of up to $3 million at zero interest and without collateral through the new development bank.

 

The President said that developing strong Guyanese brands is essential to building a competitive economy.

 

“Brands do more than sell products, they carry a country’s identity, reputation and standard in the local and international markets. When Guyanese brands succeed, value is returned [and] retained at home, jobs are created, and local enterprises move up the global value chain from raw production to finish, recognised products. Most importantly, Guyanese brands tell the world that Guyana is not just a place of resources, but a place of creativity, craftsmanship and capability,” he said.

Meanwhile, Chairman and Managing Director of Banks DIH Clifford Reis, in his remarks noted that the new plant is not just a physical structure, but it symbolises a long-term commitment.

He noted that with this most recent investment, the company’s capacity for storage, brewing and bottling has expanded enormously.