TheJamaica Stock Exchange (JSE) has advanced its collaboration with Guyana as the entity moves to assist the oil-rich country with its build-out of a Junior Stock Exchange.

Following the closure of its second regional capital conference held in Guyana last week, president of the Georgetown Chamber of Commerce and Industry (GCCI) Kester Hutson said those efforts have started.

“Small and medium-sized enterprises (SMEs) need to have access to capital, so we are moving forward with that and the chamber is excited about it. We need to expose our members to these opportunities and the Jamaica Stock Exchange has a model that works,” he said during a panel discussion held as part of activities for the over two days conference which took place at the Pegasus Suites and Corporate Centre in Georgetown.

Councillor and executive member of the GCCI Richard Rambarran, who also addressed the conference in his capacity as country manager for NCB Capital Market’s Guyana and Suriname operations, said that in light of current challenges to access finance in the country, it is now critical for different alternatives to be explored.

“We need to ask different questions. How can we begin to change the architecture so that we can have institutions in place that can begin to channel the types of monies that are required into the types of projects that are happening here in Guyana?” he asked.

Rambarran’s inquiries follows comments by senior government with responsibility for finance, Dr Ashni Singh, who during his presentation on the opening day of the conference, assured attendees that Guyana has the necessary experience to build institutions that are necessary for good governance as well as sound and responsible economic management.

“We have done a lot of heavy lifting for a very long time and we didn’t get here by accident. Guyana today is likely, possibly one of the most attractive places to do business in the world,” Singh said.

Managing director of the JSE Marlene Street-Forrest, who ahead of the conference labelled the event a continuation of ongoing efforts to build a more inclusive and prosperous future for Guyana and the Caribbean region, also said it would mark a significant milestone in the development of Guyana’s capital markets.

“The country’s recent oil discoveries have fuelled phenomenal economic growth, making it a focal point for investors and businesses alike,” Street Forrest also said.

The Junior Market of the JSE, which continues to be hailed as major success story in financial circles, was launched in 2009 with an aim to help smaller companies raise capital to fund their growth and developmental objectives. The exchange now boast market capitalisation of over $140 billion accounts for about 48 of the more than 100 listed companies on the Junior Market. The last company to have listed on this market was pharmaceutical outfit RA Williams Limited, which did so in August after it raised approximately $400 million from the launch of an initial public offering (IPO).