…or risk being late in fast-paced economy
A fast-paced country on the rise to greater economic development will not wait for investors who take too long to capitalise on the opportunities that would become available to them.
Chief Executive Officer of the Guyana Office for Investment (GO-Invest), Dr Peter Ramsaroop, was presenting on the investment opportunities in Guyana at the International Energy Conference on Thursday when he urged potential companies to act quickly, as Government’s plan takes shape to enable such investments.
He underscored that, with the macro-stable economic environment that awaits them in Guyana, coupled with competitiveness and a democratic atmosphere, those investors would no longer have to speculate.
With Guyana being referred to as the ‘El Dorado Corridor’ with Suriname and Northern Brazil, he noted that this would vigorously impact trade and the rate at which the country is modernised.
“You don’t have to speculate anymore about what Guyana is going to look like… You can actually know every year what is going to happen to us. Your role is to figure out where you fit. Catch our President’s vision, and you will see those investment opportunities come to fruition,” he declared.
“If you’re wondering what Guyana will look like two years from now, when we have 50 percent reduction in energy, and should I come in to Guyana to do manufacturing, you’re already too late. You have to start now, looking at what you will do… We treat every investor fairly, honestly, accountably. There is no underhand work. Everything we do is transparent and on the books. You get a chance to be part of it,” Ramsaroop added.
Speaking on the investment factor, the CEO pointed out that the vision is not affixed on oil and gas. In fact, several sectors will require attention. Government is focusing on reliable energy through the gas-to-shore project; wider road networks; the new smart city; new connective bridges, among other projects that would enable easier access in other sectors.
“Our outlook in Guyana is using the oil and gas as an enabling factor. Our future is a lot more than that. From the investment perspective, we’ve got Caricom, a lot of bilateral treaties around the world. Ultimately, what we’re building is global partnerships. You’re here because we know we cannot do it ourselves,” he told potential investors.
Infrastructure
Ramsaroop told the conference that Government has centred its efforts on ease of doing business and national infrastructure projects to support investments.
“As you build that infrastructure, the prosperity and the down effects that come with that become very critical to our people. The infrastructure projects bring about that change. It’s really modernising our known industries,” he said.
He pointed towards the vertical infrastructure that is in the works for the near future, resulting in a peak in the construction industry. The Deepwater harbour, a major link with Brazil, will also be an advantageous contender for persons to trade though Guyana.
Agriculture
The country, once regarded as the Breadbasket of the Caribbean, is also aiming to reduce the Food Import Bill of Caricom by 25 percent by 2050. This is a US$1 billion market, which the CEO said the country easily has land capacity to fulfil its target. However, it creates a domino effect for potential investments.
He further emphasised, “If we’re going to own 25 per cent of that bill, it is not just about growing more food, but logistics, the supply chain, air cargo, ship cargo… That alone is a very important aspect to think about in the agriculture sector, and as we get cheaper energy, agro-processing.”
When cheaper and more reliable energy becomes a reality for the country, investors would be asked to make preparation to capitalise on these lucrative and fresh markets.
ICT
The GO-Invest Head relayed that there is a young workforce in Guyana that is looking for opportunities, and services can be outsourced. This has been supported through Government’s liberalisation of the Telecommunications Act, and authorities are now welcoming new telecoms companies, cheaper bandwidth, and technological providers.
“Guyana is open for business. We’re excited about the opportunities. We understand the need for technology transfer and for opportunities to build together,” he said.
Tourism
Another budding industry is the tourism and hospitality sector, with Guyana regarded recently as the Best Eco-Tourism Destination in the world. Companies were asked to look beyond hotels and re-examine other services which can be provided. Government is on the hunt for large scale operators that are willing to invest in such services.
“We have an Expression of Interest out right now. We’re looking for large operators for eco-tourism. We’re looking at significant incentives to give operators a chance to develop our areas. We’re going to put a lot of money and infrastructure in developing our ecotourism,” he revealed.
