Bumper year for GO-Invest

[youtube url=”https://www.youtube.com/watch?v=uGOZMtC8S-M” width=”100%” height=”315″]

─ $52BILLION in signed investments generated for 2018

DPI, Guyana, Monday, March 11, 2019

The Guyana Office for Investment (GO-Invest) generated $89Billion in facilitated investments and $52Billion from 56 signed investment agreements across all sectors for 2018.

This was disclosed by Chief Executive Officer of GO-Invest, Owen Verwey, on Monday, during a press conference held at the Roraima Duke Lodge. He said this is part of the agency’s vision to build investors’ confidence and promote development opportunities to benefit all.

“Based on the year-end performance indicators, these investments are expected to create 1,644 jobs when the projects are fully operational. These new jobs and associated training opportunities will amplify Guyana’s human resource capabilities across key sectors including agriculture, light manufacturing, tourism, services, forestry and energy,” Verwey explained.

According to the CEO, of the 56 signed investments, 38 were local, 15 were Foreign Direct Investments (FDI) and the remaining were joint ventures. It was highlighted that the FDI projects include manufacturing of pre-cast concrete construction materials, coco peat from coconut shells, and aviation.

Chief Executive Officer of GO-Invest, Owen Verwey

[In the photo, from left to right] Deputy Chief Executive Officer, Natalia Seepersaud, Chief Executive Officer of GO-Invest, Owen Verwey

He said local investments, primarily in the agriculture, energy and light manufacturing sector, are set to create 1,056 jobs when fully operational.

“The success of the agency’s activities in 2018 was heavily based on a commitment to responsible management of funds in order to get maximum mileage from current and capital subventions amounting to $218,750,000. Strategic participation in trade and investment events in several nations and other key activities were based on best-value considerations,” CEO Verwey noted. He expressed gratitude to the Ministry of Business, his staff and board of directors for their support to attain the agency’s goals.

GO-Invest has also made significant progress in promoting Guyana’s exports in international markets in 2018 which allowed 56 local businesses to be matched with overseas clients. Those involved supplying gold, diamonds, coffee, coconut oil, heart-of-palm among other products.

This led the agency to launch a robust programme to explore mutually beneficial investment opportunities and implement trade-related activities aimed to acquire new markets, which benefitted 36 entrepreneurs.

Verwey said though the agency has experienced some shortfalls with its expectations for the services sector, it has significantly improved. Moving forward, the agency will place more emphasis on the approval process to ensure success.

Thus far, Go-Invest secured 115 investment leads and 56 export leads including significant leads for traditional exports like rum as well non-traditional exports like frozen fruit pulp.

Neola Damon

Image: Keno George