Be builders of industries – President Ali tells business leaders

–Gov’t to work with the local private sector to increase local crude oil trading

His Excellency Dr Mohamed Irfaan Ali has thrown down the gauntlet to the local private sector, challenging them to elevate their ambitions beyond merely servicing the booming oil and gas industry. He is encouraging businesses to step up and become the architects of entirely new industries.

The head of state made these remarks during his feature address at the inaugural Energy Insights and Breakfast Brief hosted by the Georgetown Chamber of Commerce and Industry (GCCI) on Thursday at the Pegasus Suites and Corporate Centre.

Noting that Guyana’s economy is expanding rapidly due to oil, the president said that the private sector must play a crucial role in ensuring that wealth, opportunity and commerce flow into the economy.

The government, President Ali said, will create a favourable environment by adopting effective policy frameworks, infrastructure, and financial sector modernisation, but it is up to the business community to take a bold step forward.

“Someone asked me recently if Guyanese businesses are ready for the oil economy.  I told them, well, we are ready in spirit… But readiness is more than dreams. It is about skills, partnerships, and wealth creation. Otherwise, the opportunities will come and pass us by. We must prepare, not just dream,” the head of state stressed.

President Ali announced that the government will work with the local private sector to increase capacity in local crude trading.

The government will provide the necessary infrastructure, skills, and workforce to make this possible.

“That is going to create enormous opportunities for us.  And we have to short-circuit this,” he noted, highlighting government will “have to short-circuit this” by getting experienced consultants to “work with us in transferring the knowledge. Maybe to enter a partnership for the next three, four, five years until we get the experience to do it on our own.”

The head of state believes these ‘bold’ initiatives are necessary for Guyana to ensure all citizens succeed.

President Ali reemphasised that development must be inclusive, reaching every village, hinterland communities, and narrowing gaps between rural and urban areas.

Importantly, President Ali reiterated that oil and gas are not ends in themselves, but a means to accelerate sustainable development, stressing the need for discipline, planning, and vision in managing Guyana’s resources.

Oil revenues, he said, must be translated into schools, hospitals, infrastructure, and long-term opportunities, not short-term consumption, all of which have already begun under the People’s Progressive Party/Civic (PPP/C) Administration.

The head of state also painted a vision of Guyana where every household has reliable, clean energy, highways connect regions and education and healthcare are world-class.

By 2030, Guyana should have a diversified economy, powered by modern infrastructure, technology, knowledge, and innovation, not just oil.

Oil is temporary. But sustainability is forever. You must use oil to build for the future, not deny the future to spend oil,” he said.

Also attending the event were the Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh; Minister of Natural Resources, Vickram Bharrat; members of the diplomatic corps, business leaders and other dignitaries.