Attractive fiscal incentive regime in updated Investment Prospectus – GO-Invest

The Guyana Office for Investment (Go-Invest) has updated and reinforced the Sector Investment Prospectus for the year 2022. The readjustment was done in collaboration with various ministries and supporting agencies.

Chief Executive Officer, Dr. Peter Ramsaroop said the updated Investment Prospectus focuses on agriculture, energy, mining, information and communications technology (ICT), tourism, manufacturing and services.

Chief Executive Officer, Guyana Office for Investment (GO-Invest), Dr. Peter Ramsaroop

“Enclosed in the prospectus is the attractive fiscal incentive regime that investors can benefit from throughout the various sectors, as well as data on the key sectors, sector overviews, the economy, why invest and comparative advantages,” the CEO said.

He said the $552 billion 2022 budget lays the foundation for massive infrastructure developments while at the same time developing sustainable industries such as energy, agriculture and tourism.

The CEO highlighted that government is already making bold steps in addressing food security in an effort to reduce the food import bill on CARICOM by 25 percent by 2025.

President, Dr. Mohamed Irfaan Ali at a recent press conference said 25,000 acres of land will be made available in Guyana for farming by local and regional investors.

The prospectus was also adjusted based on the country’s projected growth by the World Bank of 49.7 percent in 2022. This, the CEO said, is coupled with the efforts to expand trade with regional partners and expand the “El Dorado corridor” with Suriname and Northern Brazil.

He alluded to the Corentyne River Bridge that will link Guyana and Suriname, and which is slated to commence this year, in addition to plans to develop the Linden to Lethem Road. What is important to note is that government has gotten approval from the Caribbean Development Bank for the construction of the road from Linden to Mabura.

Also opening bilateral trade, the CEO pointed out will be the development of the Deep-Water Harbour in Berbice and the development of two new shore bases on the west side of the Demerara River.

Additionally, Dr. Ramsaroop stated that government is heavily investing to achieve its target of reducing energy cost by 50 percent. This will be done through an energy mix of hydro, solar and wind.

The Amaila Falls Hydropower project is set to come on stream. Further, $20.8 billion has been allocated in budget 2022 to develop the gas to shore project at Wales which will generate about 300 megawatts of clean energy.

“Guyana is open for investment, but the outlook is far beyond oil and gas. Our low-carbon development strategy, natural beauty, and the value of our forests and human resources existed long before the discovery of oil.”

Dr. Ramsaroop stated that tremendous opportunities are already being sought in agriculture, tourism, the new Silica city, infrastructure, manufacturing, industrial development and agro processing.

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