Senior Finance Minister says new building will be yet another tangible example of Guyana’s rapid transformation
Georgetown, Ministry of Finance, April 7, 2021: Delivering the feature address today at the sod turning ceremony to mark the commencement of the construction of an $800M new Headquarters for the Assuria Insurance Company, Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh commended the Company for its resilience and growth in Guyana while noting that the new building will become yet another instalment in the tangible evidence of the rapid transformation that Guyana is currently undergoing.
The Suriname-based company has been operating in Guyana since 2012 and the Senior Finance Minister urged other companies to emulate the Company’s commitment to growth and expansion outside of its domestic space in Suriname.
“I would like to say to Guyanese companies that just as Assuria spotted an opportunity in the Region, there are lots of Guyanese companies in the private sector who operate at a world class, who deliver world class services and world class products and who I would want to encourage equally to look beyond the confines of the Guyanese market space. There’s nothing to stop Guyanese companies looking beyond Guyana, looking at the Regional economic space,” he emphasized.
Dr. Singh reminded that while Guyana is receiving attention due to oil and gas production, persons should examine other areas of investment as he urged the company to expand its products and services at a countrywide level while also encouraging Guyanese companies to also see how best they can utilize the opportunities available Regionally and Internationally.
“Many of the Guyanese companies are now required to ‘up their game’ so to speak. They have to compete at international standards, some are now complying with international standards, are now competing with international companies. I look forward to the Guyanese companies of today becoming the large regional companies, large regional conglomerates of tomorrow and indeed becoming companies with an international footprint,” he said.
Meanwhile, touching on the aspect of insurance, the Senior Finance Minister urged the Company to ensure that the Guyanese society is educated more on the importance of insurance to their families and everyday activities.
“I feel very strongly that insurance is not discretionary or optional expenditure. There are lots of people in Guyana who feel that insurance is something that you can afford to do without or you take the absolute minimum insurance that is required because you must have insurance just to get by. Insurance is an indispensable staple in any company’s and any household’s risk management tool kit. You can’t speak of risk management without considering the importance of insurance,” the Minister reiterated.
Dr. Singh then further advised those gathered at the event that insurance is something that needed to be taken more seriously.
”You might not appreciate the importance of insurance until perhaps you consider at the household level what happens to your family if God forbid you suffer a calamitous experience ….death…or incapacitation….or inability to work…and if you consider what that means for your family ….you might have a second thought about the value of personal insurance,” he pointed out.
Assuria’s Managing Director Mr. Yogindra Arjune, in his remarks at the forum, indicated that the new building is expected to be completed in 14 months and will consist of a five-storey modern building at the corner of Church and Carmichael Streets, Georgetown.