Guyana maintains ‘open-door policy’ on investment – Min Bharrat

The government reaffirmed its open-door policy on investment as it reminded foreign investors that the country’s local content legislation does not hinder economic development, but ensures the involvement of Guyanese in moving the country forward.

Giving brief remarks on Guyana’s sustainable approach to energy sector development at the International Energy Conference and Expo 2023 on Wednesday, Natural Resources Minister, Vickram Bharrat emphasised the need for increased partnership in advancing Guyana’s development.

Natural Resources Minister, Vickram Bharrat

He stated that an increase in partnership and investment will increase opportunities for Guyanese to benefit directly under the 40 categories of the local content act.

“We truly believe that we have the capacity to execute and provide those services. So, there are so many opportunities. And as Vice President Jagdeo mentioned, we should not only confine ourselves to the oil and gas sector, if we’re looking for investment opportunities,” he said.

Guyana’s Economic Growth

During his presentation, Minister Bharrat also touched on the tremendous growth of Guyana’s economy.

He drew attention to the country’s 62.5 per cent growth rate recorded at the end of 2022 while noting that Guyana remains among the fastest-growing economy in the world.

However, this figure does not reflect growth solely in the oil and gas sector.

“What we are even more proud of is the growth in the non-oil economy in 2022. It was the second-highest growth rate in the world for the non-oil economies, 11.5 per cent. That is what we achieved last year. And it shows and demonstrates our government’s commitment to growing a non-oil economy. Because we believe that the non-oil economy is essential in supporting the oil economy and ensuring that we avoid the Dutch disease,” Minister Bharrat explained.

He rejected criticism from naysayers advising the government not to move ahead with the development of Guyana’s oil and gas resources.

A section of the gathering at the conference on Wednesday

Minister Bharrat stated that the government will move ahead with the task of building a prosperous future for all Guyanese in a sustainable manner.

“Even though it’s not that easy for us to monitor the exploration and development of natural resources along with maintaining our high environmental credentials and… ensuring our people enjoy a good life… Guyana sits pretty well in comparison to many other oil producing countries in the world,” Minister Bharrat said.

The four-day International Energy Conference and Expo 2023 is being held at the Marriott Hotel in Kingston, Georgetown.

It provides an opportunity for major industry leaders, business executives, senior government officials and other stakeholders to discuss Guyana’s development opportunities and address issues existing within the energy and natural resources industry.