Carib Scope

分类： business

  • GO-Invest says brokered almost GY$160 billion in foreign investments last year

    GO-Invest says brokered almost GY$160 billion in foreign investments last year

    Georgetown, Guyana – The Guyana Office for Investment (GO-Invest) has announced a landmark achievement in the nation’s economic development, reporting GY$157 billion in newly facilitated investments for the year 2025. This substantial figure contributes to a five-year cumulative total exceeding GY$1 trillion, marking a significant milestone in the country’s strategic diversification efforts beyond its oil sector.

    Dr. Peter Ramsaroop, Chief Investment Officer of GO-Invest, provided a detailed breakdown of the 2025 investment portfolio, revealing robust international confidence alongside strong domestic participation. Foreign direct investment accounted for GY$86 billion, while local investments reached GY$64 billion, with joint ventures contributing an additional GY$5.9 billion. This investment distribution demonstrates a balanced economic growth model engaging both international and domestic stakeholders.

    The investment agency emphasized that these capital inflows have accelerated economic diversification and regional development across multiple non-oil sectors. Between 2020 and 2025, GO-Invest executed more than 180 investment agreements that secured commitments for over 32,000 direct and indirect jobs, though the agency acknowledged that not all investments in Guyana necessarily pass through their office.

    Substantial investment activity has been recorded across diverse sectors including agriculture, agro-processing, manufacturing, tourism, logistics, construction, housing, Information Communications Technology (ICT), energy services, health care, and education. These strategic investments have generated sustained employment, expanded local enterprise capabilities, strengthened export capacity, and anchored growth in communities across all regions of Guyana.

    Dr. Ramsaroop highlighted the government’s commitment to continuing this accelerated investment trajectory under President Mohamed Irfaan Ali’s Vision 2030 framework, ensuring that economic growth remains broad-based, inclusive, and anchored in long-term national development priorities. “The people of Guyana can be confident: modernized diversification is real, the jobs are real, and the future we are building together is real,” he affirmed.

    The reported investment figures and sectoral distribution provide tangible evidence of Guyana’s successful economic transformation strategy, positioning the country for sustainable growth beyond hydrocarbon resources.

  • Dominican tourism breaks January record with 1.2 million visitors

    Dominican tourism breaks January record with 1.2 million visitors

    The Dominican Republic’s tourism sector has achieved an unprecedented milestone, recording its strongest January performance in history with over 1.2 million visitors marking a spectacular start to 2026. According to Tourism Minister David Collado, who unveiled the remarkable statistics during a presentation at Pontifical Catholic University Madre y Maestra (PUCMM), the country welcomed 1,219,606 tourists during the first month of the year.

    This figure represents a substantial 5.5% increase compared to January 2025 and an extraordinary 61.7% surge above pre-pandemic levels recorded in 2019. The data reveals particularly impressive growth in air arrivals, with 825,847 visitors arriving by air—an 8.7% year-on-year increase. Meanwhile, cruise tourism demonstrated explosive growth, with 393,759 passengers arriving by sea, marking a 21% increase from 2025 and a staggering 152% surge from 2019 levels.

    Minister Collado emphasized the historical significance of these numbers, stating: “This is the first time in our nation’s history that we have exceeded 1.2 million visitors in January, confirming the extraordinary momentum of Dominican tourism.”

    The United States remained the dominant source market, contributing 35% of all visitors, followed by Canada (24%), Argentina (8%), Colombia (5%), France (3%), with the United Kingdom and Italy each accounting for 2%. Punta Cana International Airport handled the majority of arrivals at 63%, followed by Las Américas (18%), Cibao (9%), Puerto Plata (6%), with La Romana and Samaná accounting for 2% and 1% respectively.

    Supporting these arrival numbers, hotel occupancy rates surpassed 82% throughout January, while tourist satisfaction ratings reached an impressive 4.4 out of 5 points. The aviation sector also showed robust performance with 6,789 flights recorded and an average occupancy rate of 75%, indicating sustained growth across all tourism indicators.

  • Melkcentrale wijzigt naam nieuw product na maatschappelijke kritiek

    Melkcentrale wijzigt naam nieuw product na maatschappelijke kritiek

    In a swift reversal following public criticism, Melkcentrale NV has announced it will rename its newly launched dairy product originally called ‘Monchémel’ after CEO Monché Atompai. The product will now be marketed under the name ‘Tropimel’, with only the first 100-unit batch retaining the director’s namesake branding.

    The company revealed the strategic pivot through its official Facebook page just one day after the product’s unveiling. According to the statement, attaching the CEO’s name to the initial limited edition serves as a symbolic gesture recognizing Atompai’s dedication and leadership within the organization.

    During Tuesday’s press conference, management had presented the product exclusively as Monchémel without disclosing the planned name change or limited production scale. Executives initially claimed staff had collectively chosen the name as gratitude for their director. ‘The entire staff selected this name as thanks to our director. He deserves it,’ management stated during the presentation.

    CEO Atompai expressed surprise and honor during the event, noting: ‘They indicated it relates to how I’ve worked recently. They say I came as a hero, which is why they chose to give such a name to a product.’

    The subsequent clarification emphasizes that Tropimel’s introduction marks a significant corporate milestone. Melkcentrale’s statement elaborated: ‘Linking the first batch’s name to our director symbolizes our appreciation for the hard work, dedication, and team spirit characterizing our organization.’

    Following the initial 100 units, all subsequent production will carry the Tropimel branding when the product launches commercially on February 11th.

  • GY$25 billion subsidy for GPL

    GY$25 billion subsidy for GPL

    The Guyanese government has announced a substantial GY$25 billion (Guyanese dollars) subsidy for the state-owned power utility Guyana Power and Light Inc. (GPL) to prevent electricity price hikes for consumers amid rising global fuel costs. The decision was formally disclosed by Public Utilities Minister Deodat Indar during Tuesday’s National Assembly session while reviewing the 2026 national budget expenditures.

    Minister Indar explained that GPL’s financial planning operates on a breakeven basis when fuel prices remain at approximately US$70 per barrel. With current prices significantly exceeding this threshold, the utility faces substantial operational losses without government intervention. “For every dollar increase in fuel prices beyond our breakeven point, GPL incurs an additional GY$543 million in costs due to the massive volume of fuel required for power generation,” Indar stated.

    The minister revealed that GPL’s annual fuel expenditure reaches GY$47 billion, with 93% allocated to Heavy Fuel Oil and the remainder to Light Fuel Oil. These fuel costs represent the dominant component of the company’s generation expenses. The government’s subsidy strategy ensures that consumers will not bear the burden of these increased operational costs.

    In related energy developments, Minister Indar reaffirmed government plans to extend electricity supply from the forthcoming gas-to-energy plant to Linden and sections of the Linden-Soesdyke Highway, representing a significant expansion of the national power infrastructure.

  • Revenue Authority to drive digital overhaul, rebuild public trust

    Revenue Authority to drive digital overhaul, rebuild public trust

    In a major policy address, Barbados Revenue Commissioner Jason King has announced a comprehensive reform program designed to revolutionize the nation’s tax administration framework. Speaking at the Institute of Chartered Accountants of Barbados conference, King outlined an ambitious agenda targeting systemic modernization, enhanced compliance mechanisms, and the restoration of public trust in the tax system.

    The reform initiative follows an extensive internal assessment that identified significant operational challenges stemming from legacy infrastructure. Commissioner King acknowledged persistent issues including fragmented systems integration, inadequate automation, and disjointed processes across different tax categories. These deficiencies have resulted in constrained real-time information sharing, ineffective compliance monitoring, and suboptimal arrears management—all contributing to diminished public confidence and voluntary compliance rates.

    Central to the transformation strategy is the commitment to digital modernization, which King characterized as an absolute necessity rather than merely an optional upgrade. The Barbados Revenue Authority plans to develop a fully integrated digital platform supported by robust cybersecurity measures and hardware enhancements. A key component involves integrating BIMPAY—the Central Bank’s instant payment system—into the BRA’s payment ecosystem to expand non-cash transaction options.

    The authority’s 2026-2027 roadmap includes procuring a modern core tax administration system, addressing tax receivables reduction, eliminating the refund backlog, and implementing strengthened governance protocols based on organizational review findings. King emphasized that the identified gaps represent opportunities for improvement rather than institutional failure, noting that the honest self-assessment directly informed the authority’s strategic priorities.

    A significant philosophical shift will see the BRA transition from reactive compliance measures to proactive, data-driven approaches using risk-based methodologies. This transformation aims to reduce unnecessary interactions for compliant taxpayers while focusing audit and enforcement resources where risk exposure is highest. Notably, customer experience enhancement will be integrated directly into compliance strategy rather than treated as a separate initiative.

    King highlighted recent achievements including the Online Land Tax Clearance Certificate that has substantially reduced processing times, revised corporation tax returns, and the implementation of the Car Rental Levy Return within the TAMIS system. The commissioner also noted the BRA’s landmark achievement as the first public institution to attain ACCA-approved employer status.

    Emphasizing the critical relationship between public trust and effective revenue administration, King framed the reform program as essential to national development under Barbados’ 2030 strategic roadmap. While acknowledging that meaningful transformation will require sustained effort and collaboration with stakeholders including accounting professionals, King expressed confidence that with clear planning and committed partnerships, the authority can build a tax system that earns public respect and pride.

  • High Court throws out WIN candidate’s account closure case against Scotiabank; says law reform needed

    High Court throws out WIN candidate’s account closure case against Scotiabank; says law reform needed

    In a landmark ruling with significant implications for banking customers, Guyana’s High Court has dismissed a legal challenge against Scotiabank’s account closure practices while simultaneously calling for legislative reform to protect consumer rights.

    Justice Nicola Pierre ruled Tuesday that Scotiabank acted within its contractual rights when it terminated the account of Gobin Harbhajan, a political candidate for the We Invest in Nationhood (WIN) party. The judgment emphasized that the Personal Financial Services Agreement signed by all customers explicitly permits the bank to close accounts without cause provided 30 days’ notice is given.

    “This constitutes an unqualified contractual right that does not require the decision-maker to form any judgment or evaluation,” Justice Pierre stated in her written decision, underscoring the bank’s legal position under current contract law.

    The case emerged after Scotiabank closed Harbhajan’s account in August 2025 despite it being in good financial standing. The WIN candidate alleged political discrimination, claiming the closure resulted from his party affiliation and that all WIN members had similarly lost banking access.

    However, the court found no substantiated evidence supporting these claims. Affidavits from Scotiabank’s representative Vibert Jones denied any knowledge of Harbhajan’s political affiliations or any systematic closure of WIN members’ accounts. Justice Pierre noted that “mere assertion or correlation is insufficient” to prove political discrimination.

    The ruling addressed multiple legal dimensions, including:

    1. Contract Law: The court affirmed that banking relationships remain primarily governed by private contract terms rather than public law principles

    2. Procedural Fairness: Justice Pierre determined that banks owe no duty of procedural fairness in account closures as they administer private services, not government functions

    3. Regulatory Compliance: Allegations of Anti-Money Laundering Act violations were dismissed as these obligations are owed to regulatory bodies, not individual customers

    Despite upholding Scotiabank’s actions, Justice Pierre issued a compelling call for legislative reform, noting the critical importance of banking access in modern digital societies. She recommended the National Assembly consider establishing an independent financial services ombudsperson to investigate account closure complaints—a mechanism already implemented in other jurisdictions.

    “The purely contractual nature of the banker-customer relationship that insulates banks from liability at common law is undesirable given the centrality of banking services in contemporary life,” the judge observed, highlighting the growing disconnect between contractual rights and societal needs.

    The decision also clarified that unincorporated political parties like WIN lack legal personality, preventing collective claims, and found no evidence supporting claims of reputational damage or improper sanctions against the party or its members.

  • Politic : Tourism, a major pillar of economic development (video)

    Politic : Tourism, a major pillar of economic development (video)

    In a strategic move to position tourism as the engine of economic recovery, Haiti’s Minister of Tourism John Herrick Dessources unveiled a comprehensive development blueprint during the 36th “Tuesdays of the Nation” forum on February 10, 2026. The presentation detailed twenty concurrent initiatives demonstrating the government’s commitment to transforming the sector into a primary economic driver.

    The physical infrastructure component encompasses ten regional projects spanning multiple departments. Northern development focuses on enhancing visitor facilities at historical sites in Milot and Cap-Haitien alongside modernization efforts at Cap-Haïtien International Airport. Southern regions including Grand’Anse and the West are seeing departmental office refurbishments, strategic tourist zone redevelopment, and strengthened security and training infrastructure.

    Complementing these physical improvements, ten structural modernization projects are underway. These include managerial recruitment expansion, tourist police reinforcement, technological modernization of sector operations, and legal framework reorganization for ministry-linked institutions. Additional measures feature a nationwide hotel inventory audit, training program standardization, and preparation for a national tourism investment forum.

    The multidimensional strategy targets five key strategic areas: service quality improvement in public and private sectors, crime reduction through tourism decentralization, equitable economic opportunity distribution, investment facilitation, and medium-to-long-term development planning. Minister Dessources specifically addressed security concerns, emphasizing geographic diversification of tourism offerings to mitigate crime concentration while spreading economic benefits more broadly.

    Expected outcomes include significant investment attraction, economic activity stimulation, direct and indirect job creation, and enhanced national competitiveness. The government reaffirmed its commitment to mobilizing all sector stakeholders and leveraging data analytics to maximize initiative impact and ensure sustainable tourism recovery.

  • NTUCB Postpones Protest for Membership Consultation

    NTUCB Postpones Protest for Membership Consultation

    Belize’s labor movement has entered a period of strategic recalibration as the National Trade Union Congress of Belize (NTUCB) announces the postponement of planned industrial actions. The decision follows intensive internal deliberations aimed at strengthening organizational cohesion and ensuring comprehensive member consultation.

    The temporary halt in protest activities does not signify abandonment of labor concerns but represents a tactical pause to facilitate broader engagement. Union leadership emphasizes that this interim period will enable more thorough consultations with member unions, particularly the Belize National Teachers’ Union (BNTU) and Public Service Union (PSU), which are currently polling their members regarding potential escalation strategies.

    Central to the dispute remains the contested acquisition process involving telecommunications provider BTL and Speednet. Despite recent developments temporarily pausing the transaction, union officials maintain that fundamental questions regarding worker protections and benefits remain inadequately addressed.

    NTUCB President Ella Waight clarified the organization’s position: “We are far from saying we have abandoned the issue or we are not concerned anymore. That is not the case. We still are very concerned because we still haven’t gotten answers to many of the questions we asked.”

    The labor congress has actively sought meetings with both the Public Utilities Commission (PUC) and Smart management to address employee concerns, particularly regarding potential impacts on non-unionized workers. These requests have thus far yielded limited responsiveness from the relevant entities.

    The strategic delay allows for more comprehensive preparation while maintaining pressure on stakeholders. Union leadership indicates that protest actions remain imminent should satisfactory resolutions not emerge through ongoing dialogue processes.

  • Belmopan Mayor Defends Trade License Overhaul

    Belmopan Mayor Defends Trade License Overhaul

    The Mayor of Belmopan, Pablo Cawich, has publicly addressed growing concerns from the local business community regarding significant changes to their trade license assessments. This development follows a comprehensive city-wide review initiated by the newly appointed trade board upon taking office last year.

    The administrative overhaul began when officials discovered numerous discrepancies within the municipal licensing system, including blank business files, missing documentation, and outdated calculation methods for numerous enterprises. Mayor Cawich explained that these discoveries necessitated a wave of reassessments to establish fair and consistent fee structures across all business categories.

    Despite business owner frustrations, the mayor emphasized that no new regulatory regime was formally implemented. Instead, the trade board offered updated fee estimates designed to prevent overcharging that might have occurred under the previous system’s flawed calculations. The recalibration effort affected businesses across all sectors without singling out any specific industry category.

    When questioned about the legal authority for these changes without senate-level approval, Mayor Cawich clarified that the city didn’t implement new regulations but rather provided recalculated values based on proper documentation. This approach aimed to give business owners more accurate fee assessments rather than maintaining potentially inflated rates from the outdated system.

  • Businesses Protest Sudden Fee Calculation Changes

    Businesses Protest Sudden Fee Calculation Changes

    The Belmopan City Council faces mounting opposition from local enterprises following a comprehensive audit that triggered widespread recalculation of trade license fees. Municipal authorities defend the reassessments as necessary corrections to address inconsistent record-keeping and outdated calculation methods discovered during a year-long review process.

    Mayor Pablo Cawich maintains that the initiative represents an administrative correction rather than the implementation of new fee structures. However, Khalid Belisle, the United Democratic Party’s caretaker representative for Belmopan, contends the council acted prematurely. Belisle asserts that the amended trade license legislation was formally deferred in December, yet businesses continued receiving updated assessments throughout the capital.

    The controversy extends beyond licensing fees to include significant increases in garbage collection charges. Belisle cited a specific case where a small business owner experienced a 400% rate hike over four to five years, with charges jumping from $150 to $600. Belmopan operates under unique legislation that permits separate residential and commercial garbage collection fees, though the justification for consecutive increases remains unclear.

    The situation remains unresolved as municipal officials defend their audit methodology while business owners grapple with unexpected financial burdens. Critics argue the reassessments create unnecessary economic pressure despite the council’s claims of merely rectifying historical inconsistencies.