Special development zones, which could have tax-free incentives for investors, are being developed by the government in key areas across Guyana and President Dr. Irfaan Ali said these spaces could be identified in the 2025 National Budget.
This venture is part of the government’s plans to diversify the economy, with a specific focus on the manufacturing sector.
“We are creating different hubs. Some of these hubs will be tax-free zones to encourage investments,” President Ali said in an interview with the News Room on Friday.
Areas in Regions Two, Three, Four, Six, Nine and 10 are among those that are likely to come under a “special investment regime,” according to the President. And Dr. Ali added that the government hopes to “define” these special areas in the 2025 National Budget.
These are areas identified for high-growth in the coming years as the government develops the necessary infrastructure.
Moreover, that investment regime will be defined in new laws that will be crafted. But the President noted that this isn’t a totally new venture; a special Investment Act already exists for Linden in Region 10.
The Enmore Development Zone in Region Four and the Wales Development Zone in Region Three, the President said, are examples of these special zones that will be created to stimulate investments.
The creation of these zones, or hubs, are part of the government’s incentives for investments locally. The President declared that Guyana has the “best incentive regime” for manufacturing.
And according to him, locals and foreigners should capitalise on the abundant opportunities for investments. One way of coping out more of these opportunities, he said, is by participating in the upcoming International Business Conference (IBC).
The inaugural IBC is set for October 15 to 17 at the Marriott Hotel in Kingston, Georgetown.
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