Guyana Advances as Leading Investment Hub
With more than 200 business meetings, presentations on investment opportunities, a buzzing investment village, and the visiting delegates’ unforgettable experience of local tourism and hospitality, the Caribbean Investment Forum 2024 has strengthened Guyana’s image as a leading investment hub in the region. On July 10-12, over 400 delegates comprising investors and business leaders from more than 30 countries from practically every region of the globe assembled at the Arthur Chung Conference Centre to harness investment opportunities and foster sustainable and resilient economies in the region.
In Guyana, the event energized the local tourism and hospitality sector, with city hotels experiencing a boom in occupancy and catering services going into overdrive. This spark was transferred to the discussions, which focused extensively on investment opportunities in sustainable agriculture development, the green economy, and digitization of business. The tone of excitement and eagerness was set by President Dr. Irfaan Ali, who opened the forum by declaring that Guyana’s friendly business climate makes it an investor’s paradise.
Guyana is open for investments in the agriculture, energy, forestry, ICT, manufacturing, mining, services, and tourism sectors. President Ali in highlighting the reasons for investing in Guyana, stated, “Guyana is the world’s fastest-growing economy, it is the ideal location to access global markets, we are resource-rich, we offer generous fiscal incentives for investments, and we have available multisector investment opportunities.” To bolster his point, the President noted that Guyana upholds democracy, transparency, and accountability, and local sectors have been repositioned to global competitiveness with heavy investments in social development, food, climate, and energy securities.
The infrastructure landscape of Guyana is also rapidly changing, taking a modern look and presenting numerous investment opportunities. A new city, Silica City, the country’s first smart city, is being built, seven new hospitals are under construction, new housing schemes are being developed across the country, and with the Gas-to-Energy Project coming on stream, Guyana will be a provider of cheap and reliable electricity.
The focus on infrastructural development is equally matched with attention to environmental preservation, ramping up agriculture production, and promoting Guyana as a tourism hub to the world. Guyana is utilizing its forests to serve as the lungs of the world, leading efforts to slash the region’s food import bill by 25 percent by 2025, and several international branded hotels are under construction. To ensure that citizens are highly skilled to lead its bright future, more than
20,000 local students have been awarded scholarships to pursue higher education, in addition to thousands more benefiting from government-funded technical training programs.
Jaguar Economy
Guyana is playing in the big league, said Guyana’s Chief Investment Officer and Agency Head of the Guyana Office for Investment, Dr. Peter Ramsaroop, who drew a parallel with nations of the East such as Singapore and South Korea, referred to as the Asian Tigers because of their phenomenal growth and development. The surge in economic growth the country has experienced in recent years, coupled with the expectation of being a construction zone for the next two decades, will position Guyana as the Jaguar Economy of this part of the world. “Guyana’s Jaguar Economy is roaring to life, driven by a pioneering vision from H.E. President Dr. Irfaan Ali that integrates food, climate, and energy security. With a strong track record of economic growth and optimistic forecasts, the country is poised for continued success. Impressively, Guyana has managed to safeguard its vast natural resources and biodiversity, demonstrating a commitment to sustainable development that sets a new standard for economic growth. And, I want you to be part of it,” he told investors and business leaders. He urged Guyanese businesses not to be left behind, but to partner where necessary with foreign companies and explore opportunities to actively participate in the global market. He also praised the local investment projects as greenfield in areas of energy, hospitality and agriculture.
Local Companies
The exciting and innovative direction Guyana is heading was also captured by investors Simon Shaw, Ermath Harrington, and Sajjad Husain, who pitched their project proposals to eager investors. Shaw, the director of HUBU Aquafarm, produces organic shrimp and plans to upgrade the farm to include processing facilities and other works to tap export markets. Harrington’s HealthApp Solutions (Guyana) seeks to make healthcare services available in the palms of citizens, while Hussain of GUYIMEX International Inc. is building a state-of-the-art food production and storage facility. The latter project will utilize advanced technology and sustainable practices and aims to reduce dependency on food imports in keeping with President Ali’s 25 by 2025 vision for CARICOM. The local presentations were well received, and the Guyana Office for Investment will follow up on all local business-to-business meetings.
Immersive Experience
The curtains for the conference came down with happy rooms of investors and business leaders, celebrated with an evening cocktail hosted by President Ali at State House. The next day, they were treated to a taste of Guyana’s tourism offerings. From savoring mouth-watering local dishes, visits to historical sites and the majestic Kaieteur Falls, to thrilling boat rides and immersing themselves in the indigenous culture, their experience in Guyana was truly remarkable and memorable.
Now that the Caribbean Investment Forum 2024 has concluded, Guyana looks forward to hosting the International Business Conference in October and the Energy Conference in February next year.