Despite granting it millions in concessions, Government is receiving ‘extremely disappointing’ returns from the forestry sector, says Finance Minister,Cheap Jerseys Wholesale, Winston Jordan.In an exclusive interview, Jordan added, “There has been a level of disappointment in the forestry sector, particularly from foreign investors.”“Huge concessions have been given out and this refers to both natural and fiscal concessions and the returns have not been great at all. It is extremely, just extremely disappointing and when you challenge some of these investors, you get all kinds of excuses like ‘I can’t do it now and I will put it in two years from now.’The Finance Minister said that the only “rock-solid” factory involved in value added production which government has seen from any foreign investor is the one that has been established by Barama Company Limited. He said that this is the only company he can attest for in this regard as it has been involved in plywood production and other value added services in the forestry sector for over 20 years.“With all the concessions given out and you look and you see what the sector contributes to the Gross Domestic Product (GDP), it would be observed that it contributes in a very minimal way.”The GDP is one of the primary indicators used to gauge the health of a country’s economy. It represents the total dollar value of all goods and services produced over a specific time period.On this premise, the Finance Minister reminded that government will be reassessing the forestry sector, “Because the level of concessions we have given out and continue to give out every year it is not worth it. Its contribution to GDP is very small and when people get the concessions they say within x amount of years they will do this and do that and you do not see it.”He was then reminded that after 10 years, Chinese logging company, BaiShanLin has failed to establish its promised wood processing factory and has even recently requested a two year extension to finally get it done. Though government has not granted the company’s request, Jordan said, “Well you will encounter these kinds of problems but we need to do closer monitoring of these entities when they come, and closer monitoring of our fiscal concessions that we give away and of course we need to do far closer monitoring of the forest.”In the 2015 budget, Jordan had said that following two years of negative growth, in 2011 and 2012, the Forestry sector rebounded in 2014, growing by 14 percent. Logs accounted for 75 percent of the industry’s output. This is in spite of investment agreements that speak of re-investment into downstream value-added industries.He noted too that the Manufacturing Sector grew by 10.7 percent, thanks to improved performances of rice, sugar and other light manufacturing. He said that this sector continues to hold the promise of massive expansion and robust growth, and this can be realized when downstream activities especially in the forestry sector are implemented.But based on the problems and issues encountered in the forestry sector, the Finance Minister had said that the Government has indicated an intention to undertake a thorough review of the Investment Agreements for this sector, to ensure that there is compliance with Regulations and the Agreements and to ensure sustainable harvesting of the forestry product.He had said, “I have seen that the original projection in January was for the 2014 production levels to be sustained in 2015. Suffice to say that at the half year, forestry production was down by 9.8 percent. As a consequence, the sector’s performance for 2015 has been downgraded from January’s projection of zero growth to a negative 1.3 percent.”Presidential Advisor on Sustainable Development, Dr. Clive Thomas,Cheap Jerseys From China Outlet, has said that it would be an “unwise and reckless” move for Chinese logging company, BaiShanLin, to be granted any further extension on the construction of a long awaited wood-processing facility in Guyana.“I feel it is time that sanctions be imposed,” the Economist added.Word of BaiShanLin’s request for a two-year extension to fulfill its promise first came to the fore during a press conference with Governance Minister, Raphael Trotman a few weeks ago.It was there that Trotman was questioned about his threat some months ago to reveal the action to be taken by the end of October, should BaiShanLin and others fail to make any moves to add value to Guyana’s lumber exports.The Governance Minister also said that when he last spoke with the company (and this was three weeks ago), he was informed that the Chinese logging company was in no position to have the mills that it said it would have imported within the next ten months.“They have asked for two years and we have had discussions with them about an alternative mill and that is on board. But

With the window of opportunity rapidly closing for Guyana to comply with the recommendations set out by the Caribbean Financial Action Taskforce (CFATF) before it attracts greater sanctions, Financial Analyst,Cheap NFL Jerseys China, Christopher Ram, is suggesting that the nation scrap its existing legislation and adopt the one existing in Barbados.Financial Analyst,Wholesale Hockey Jerseys China, Christopher RamAccording to Ram, there are deficiencies and constitutional inconsistencies in Guyana’s existing Anti Money Laundering and Countering the Financing of Terrorism Act.Ram made the call through his chrisram.net media outlet and said that the Barbados 2011 legislation fully complies with all the recommendations of the Financial Action Task Force.“That Act also avoids the several fundamental objections to Guyana’s 2009 Act and proposed 2013 amendments. Of course,Wholesale Jerseys, the Barbados Act would require certain amendments in respect to other legislations that are to be amended.”Ram suggested also that there should be three substantive amendments: the first dealing with the appointment and removal of the Executive Head, bringing these under the Public Accounts Committee (PAC) or the Public Service Commission; bringing the National Procurement and Tender Administration under the Anti-Money laundering Authority referred to in the next paragraph; and third, requiring reporting to the National Assembly direct as in the case of the Auditor General’s Report.According to Ram, the Barbados legislation establishes an institutional mechanism, whereby the responsibility for maintaining oversight of the national Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT) framework, lies not with a single individual but with an Anti-Money Laundering Authority (AMLA).Under that arrangement, the AMLA is made up of eleven members, drawn mainly from the key public sector agencies that relate directly to anti-money laundering activity.“The executive functions of the Authority are carried out by the Financial Intelligence Unit (FIU) which is headed by the Director and comprises of other public officers.”Ram suggested that Guyana should also seek technical help from Trinidad and Tobago and Barbados to assist in formulating and executing a strategy to exit its present CFATF status.“I had suggested several months ago to seek assistance from Trinidad and Tobago which was in a similar predicament some years ago.”According to Ram, the President, the Government and the National Assembly must agree on an unambiguous timeline to operationalize key institutions such as the Public Procurement Commission,Cheap Jerseys China, the Integrity Commission, the Ombudsman, the Local Government Commission, the Ethnic Relations Commission and the naming of a date for Local Government elections.He said too,Wholesale Cheap Jerseys China, that as it relates to the insistence by the Government to have a no-objection condition inserted in the Procurement Act would be a violation of Article 212 FF of the Constitution of Guyana. “This requires that political interference be eschewed in relation to Commissions and to minimise the influence of the executive and maximize public perception of impartiality in the operation of the commission.”Ram said that for those uncomfortable with the adoption of a Barbados-model legislation, “I would remind them that the Barbados Companies Act 1982 was a principal influence on the Companies Act 1991 of Guyana and that the Barbados Act was itself modelled after the Canadian Business Corporations Act.”Ram, in his analysis of the predicament Guyana is placed in, reminded that the decision by the CFATF is a direct consequence of the failure by the National Assembly of Guyana to pass the amendments to the Anti-Money Laundering and Combating the Financing of Terrorism (Amendment) Bill 2013.He said that making the case for the Government, its spokespersons simply state that the amendments are what the CFATF has called for.Opposition parties and civil society have expressed concern not only about the proposed amendments,Wholesale Jerseys, but about some of the provisions in the principal Act.Among the objections raised are provisions that are claimed to be in violation of the Constitution, the absence of a strong executing authority and the role of political operatives in the administration of the Act.In his argument for the adoption of the Barbados model, Ram said that “having reviewed a sample of the regional statutory framework, I am satisfied that there is no single model which the CFATF prescribes for meeting the requirements of the Forty Recomme