The Guyana Office for Investment (GO-Invest) has brought in 250 investments since 2020, according to Parliamentary Affairs and Governance Minister, Gail Texeira on Tuesday.
During Day One of the Consideration of Estimates in the National Assembly, the Opposition was given a chance to scrutinize allocations made in the $1.146 trillion National Budget for 2024.
Opposition Member of Parliament (MP), Volda Lawrence has enquired about the reason for the annual allocation for GO-Invest to bump up from $318 million in 2023 to $375 million this year.
In response, Texeira stated that the agency was successful in sealing the deal for some 250 investments for Guyana since PPP assumed office in 2020.
The Ali-led administration has positioned on numerous fronts that Guyana is open for business, and with boosted investors’ confidence, many have hopped on to kickstart major projects in the country’s budding economy.
During his budget presentation to the House earlier this month, Minister within the Office of the President with Responsibility for Finance, Dr Ashni Singh stated that the Government’s policy agenda has created more entrepreneurial opportunities than at any other time in our country’s history.
The rapid expansion of both public and private investment, creation of employment opportunities, and increases in disposable income have combined to grow demand for every single category of goods and services. Increased demand for goods and services means more business opportunities for both current and potential producers and suppliers.
“There will be ongoing efforts to ensure fruitful collaboration with Guyana’s traditional and strategic bilateral partners with the aim of securing maximum social and economic benefits for all Guyanese, particularly in such areas as human resource development, agriculture, health, ICT, tourism, trade and the promotion and protection of investments,” Singh had stated.
At the same time, the Minister added that the focus will be kept on developing a conducive environment to boost Guyana’s trade in both the import and export of goods and services.
The main and key objective of Guyana’s trade policy remains the maintenance of traditional markets while at the same time accessing new non-traditional markets with value-added diversified products produced by Guyanese and foreign investors in Guyana.
“Guyana remains an active participant in the multilateral system at the World Trade Organisation (WTO) and we are among the few countries that have successfully implemented the WTO Trade Facilitation Agreement, which aims at enabling quick and seamless trade across customs border posts, and contains provisions for expediting the movement, release and clearance of goods, including goods in transit. The implementation of this Agreement by Guyana will lead to increased trade volumes across the customs border points, and also help enhance Guyana’s ease of doing business outlook to potential investors.”
Guyana has been extending ties around the world, and the Government has assured that investors can expect an enabling business environment.
In March 2023, the British Chamber of Commerce (BritCham) was launched in Guyana, coming months after visa restrictions were removed for Guyanese visitors to the United Kingdom (UK).
Then in April, the India-Guyana Chamber of Commerce (IGCC) was formed, thus paving the way for the facilitation of trade, investment, and cultural exchanges.
Later in May, the Government of Ghana commissioned the first Ghanaian Chamber of Commerce in Guyana. There is also an American Chamber of Commerce (AmCham).
In November, a European Union (EU) Trade Mission arrived to explore opportunities, with a heavy focus on forging greater economic cooperation in the areas of health, climate, energy, and regional connectivity.
