Guyana is hoping to expand its local private sector in the coming years and continues to present a welcoming package to all investors looking to enter the country.
This is according to Chief Executive Officer of GO-Invest, Dr Peter Ramsaroop, during the 2023 Offshore Technology Conference (OTC) which opened on Monday in Houston, Texas.
The OTC serves as a vital forum for offshore energy industry stakeholders to exchange ideas and explore innovative technologies, with Guyana participating for its fourth consecutive year.
The country’s participation results from a collaboration between the Guyana Office for Investment and 40 private sector companies, with over 100 participants in the delegation.
Speaking to potential investors, Dr Ramsaroop highlighted that the investment climate in Guyana is booming.
“Guyana is an exciting country [as] we are on the map for many reasons,” Ramsaroop said, highlighting a recent Oil Price news article that dubbed Guyana among the 10 most incredible oil and gas discoveries of all time.
“Now that we’re in a significant growth stage, we’re like buying a stock,” the GO-Invest Head said, likening Guyana’s growth to a potential success if it were within the stock market.
“The projection for the next four to five years, as long as we can see, is plus 30 per cent growth. Nowhere in the world you would find this type of growth going on so you would want to buy Guyana’s stock.”
Ramsaroop explained that the country is looking to expand its private sector as they are much more mature and are looking for joint ventures. He went on to assure that investors can look forward to immense Government support.
“We’re a Government that’s open for business. We believe in working. We know the private sector is there to make money and we have no problem with that,” Ramsaroop said.
“Our incentives package is significant. You can repatriate all your profits right now. You will get incentives for capital, machinery, taxes and holidays in some industries,” he said.
“You don’t have to guess what is going to happen and where Government support is going to be [since] we’re there to stand right next to you to make sure your investment in Guyana is successful.”
By participating in the OTC, Guyanese businesses can seek partners and learn about emerging opportunities in their South American homeland. This involvement will help bring more supply chain opportunities to Guyana’s shores.
Other panellists during this conference included Richard Rambarran, Senior Vice President and Chairman of the Petroleum Committee of the Georgetown Chamber of Commerce; Alistair Routledge, President of ExxonMobil Guyana; Nicholas Deygoo Boyer, Director of Vreed-en-Hoop Shorebase; and moderated by Alex Graham of Tagman Media Inc.
The conference will last until Thursday, and offers an excellent opportunity for networking, collaboration, and showcasing Guyana’s potential for future industry developments
