$7B investment could bring 500 jobs to Enmore, other communities
President, Dr. Mohamed Irfaan Ali has hailed the $7 billion (US $35 million) investment by GUYSONS and K+B Investments Inc. (GK+B) at Enmore village, East Coast Demerara, which will create over 500 jobs for villagers and communities along the east coast corridor.
The company will be establishing oil field manufacturing facilities at the former Enmore estate that will retain sugar workers and other persons.
The announcement was made on day two of the International Energy Conference and Expo, being held at the Marriot.
President Ali said the initial startup of the company to get the processing facility at the estate functional, will see an investment of $1.5 billion ($US 7.5 million) and the creation of 150 jobs. The intention is also to hire sugar workers who lost their jobs.
There will also be advertisements in the daily papers inviting persons to apply for jobs, for which training will be provided.
“These are highly skilled jobs being created and the company has committed to commence that process almost immediately to have the eventual 500 employees trained and ready to take up jobs in the company,”
Dr. Ali said the investment was not unplanned but intentional, following several meetings between government and the investors to ensure Guyanese benefit. The comment by President Ali was in response to a letter in a local newspaper questioning how the ordinary man would benefit from an energy conference.
“We cannot be narrow minded. I keep saying to every Guyanese, we have to up our level of thinking cannot be contained in a box anymore. It is a different era and a different scope that we operate in,” President Ali said.
He said supporting local investment is one of the reasons government is investing heavily in creating a road network linking the East Coast and East Bank.
Additionally, he said the investment goes far beyond the oil and gas sector. President Ali relayed that government has made it crystal clear that Guyana must become a hub for fabrication machinery services for the region.
“The region has huge yachting industries, cruise ships, come here all the time and we have to start getting into those markets. What oil and gas does, it gives us the accelerated momentum to get there because we have the sophisticated investors in technology now interested.
But we have to push them now, local companies to take us beyond oil and gas. To take us to the potential markets that exist,” the President stated.
Meanwhile, Senior Minister in the Office of the President with responsibility for finance, Dr. Ashni Singh, said the investment is government correcting the wrongs done to sugar producing communities. Minister Singh said it is also showcasing the work of the local content legislation that ensures Guyanese benefit from jobs. Dr. Singh said the aim to replicate this in several other communities across the country.
“This partnership between GUYSONS and K+B Investments represents a good example of what can be achieved true to the spirit of the local content framework that we have established. Leveraging local and domestic expertise and capital but also mobilizing international expertise and partnerships such as that which is found in K+B. This partnership is what we would like to see multiplied and replicated many times over,” he stated.
Resident of Enmore Jenny Sawh expressed her gratitude to both government and investors for investing in the community that will create much needed jobs.
CEO of Guysons K+B Industries, Faizal Khan, Vice President of Sales Nick Becnel both expressed their commitment to creating sustainable jobs.
United States Ambassador to Guyana Sarah-Ann Lynch and Several Ministers of Government were also present at the ceremony.