As Guyana experiences an unprecedented wave of investment and economic development, President of the Georgetown Chamber of Commerce and Industry (GCCI), Kathy Smith, is urging local businesses to embrace structural growth and move away from an informal way of doing business.Speaking in a recent interview with News Room, Smith described the current moment as an exciting time for the country, acknowledging that while there are growing pains, the opportunities for sustainable growth are significant.“What I want to say to businesses is to get away from the informal way of doing business.“It is a really good time for us in Guyana; there is a lot of investment taking place locally, and foreign investors are coming into this country. If you want to sustain, grow, and make a profit, you have to set up structures,” Smith revealed.She explained that businesses can formalise their operations by establishing a physical location. According to Smith, this is not only crucial for growth but also for building trust with financial institutions and partners.President of the Georgetown Chamber of Commerce and Industry (GCCI), Kathy Smith“We are still seeing people getting contracts, but their business is still at home, their business is on their cellphone, their dinner table…“… if you want to last in this business sector, you have got to find ways to sustain yourself. Create a structure, find a location, collaborate with somebody. If rent is a bit expensive for you to go at it alone, find another small business and do that,” Smith urged.But beyond profitability, the GCCI President pointed to other responsibilities of business owners.“Being in business is not just to support yourself and your family only; you have a duty to community and to country. To community by ensuring that you employ people, support the enhancement of your community, and once we do that, our country can grow.”In acknowledging challenges and what she described as ‘growing pains’, Smith highlighted an important trend in the local economy—an increase in financing opportunities for businesses.“We’re seeing more financing becoming available, not just through banks and financial institutions, but also from private sector organisations and government initiatives,” she said.“The government is making it possible for small and emerging businesses to access projects that give them the cash flow they need.”However, she stressed that access to these resources must be matched with accountability and structure.“If you want financial institutions to invest in you, they need to trust you. And they can only trust you if you show them you have systems in place.”The post GCCI’s President calls on local businesses to ditch informal practices and seize Guyana’s booming investment wave appeared first on News Room Guyana.