President Dr. Mohamed Irfaan Ali on Monday, urged a visiting European Union (EU) business delegation to explore the vast investment opportunities that Guyana has to offer.
During a forum held at the Marriott Hotel in Kingston, Georgetown, President Ali emphasised the substantial investment opportunities that Guyana presents, particularly in healthcare, agriculture, tourism, and new technologies.
The event marked the beginning of a three-day EU Global Gateway Economic Mission to Guyana. This inaugural mission brings together representatives from 23 companies across various industries.
In his keynote address, President Ali highlighted that trade between Guyana and the EU has skyrocketed over the past three years.
In fact, between January 2017 to September 2023, Guyana’s total trade within the EU amounted to US$11 billion. Notably, the president revealed that the trade grew by 778 per cent between 2021 and 2022, a movement from US$614 million to US$5.4 billion.
The delegation is being encouraged to invest in Guyana at a time when the country is experiencing remarkable economic growth, averaging over 43 per cent in the past three years, far surpassing the global average of 2.3 per cent.
This growth has been fueled by the discovery of significant oil and gas reserves, with Guyana poised to produce at least one million barrels of oil per day by 2027.
It is against this backdrop, President Ali said, Guyana’s policy agenda and framework must position this country to give investors the best possible competitive advantage in providing and selling their services and products from Guyana.
“What we’re seeking to do is to create competitive advantages within Guyana, so that you can relocate your services here or expand your services here to better compete and get access to those markets,” Guyana’s Head of State underscored.
He noted the growing trend of European companies partnering with local institutions to enhance healthcare facilities and establish Guyana as a regional hub for medical services.
“This is the place we want to be if we are to create a health care system that is second to none,” President Ali emphasised.
He further noted that Guyana has established specific agreements with markets in countries such as Argentina, Canada, China, Cuba, the United States, and the wider Caribbean, providing businesses with a distinct competitive edge.
Further, the president underscored the immense potential of Guyana’s tourism industry. He described Guyana as ‘the world’s best eco-tourism destination’ and encouraged EU businesses to capitalise on this untapped market.
He warned that delaying investment in Guyana’s tourism sector could lead to missed opportunities, as the country’s attractiveness as a tourist destination is bound to increase in the coming years.
“This event today, must reset not only the relationship, but reset your own strategic thinking on what we can offer you here in Guyana, how we can present a platform for your own businesses to expand and develop,” he told the delegation.
To foster investments in the various sectors, the government has implemented a zero-per cent corporate tax policy and incentives, creating an attractive environment for foreign investors.
Over the next two days, the delegation will have the opportunity to engage with key sector heads and private sector bodies on opportunities here.
