Guyana recording highest FDI inflows in Caribbean indicates strong investor confidence in economy, country’s leadership – President Ali
Guyana recording the highest Foreign Direct Investment (FDI) inflows in the Caribbean for two consecutive years is indicative of investors’ confidence in the country and its leadership.
President, Dr. Mohamed Irfaan Ali made the assertion on Wednesday during his media conference hosted at the Office of the President, Shiv Chanderpaul Drive, Georgetown.
The United Nations (UN) Economic Commission for Latin America and the Caribbean (ECLAC) ‘Foreign Direct Investment in Latin America and the Caribbean’ 2023 report stated that Guyana recorded FDI inflows for 2022 totalling US$4.389 billion.
“FDI is an important indicator of the confidence that investors have in the country. So, we are not only the leading destination for FDI, it tells a lot about the confidence which the sophisticated and international investor has in the country, the leadership, the direction in which the country is going,” President Ali told reporters.
The head of state pointed out that a number of internationally branded hotels are currently under construction and when completed will create thousands of jobs for Guyanese and with more jobs comes an increase in disposable income for families.
“Additional income means more family wealth, more individual wealth, more community wealth, more national wealth, more spending in the economy. [When] you have more spending in the economy, you have more demand for service, more demand for service increases supply, supply of services increases revenue, increase revenue triggers spending, so it’s a cycle,” Dr. Ali explained.
The president also disclosed that on international trips foreign private sector investors as well as governments continue to engage his administration on possible areas of collaboration for investments. Another signal of their confidence in the direction the country is headed.
Meanwhile, in relation to employment opportunities, President Ali estimates that by 2025, Guyana would need some 6,000 new employees in the hospitality sector, judging from the number of hotels that will be established, with approximately 2,000 health workers needed in various sectors.
He noted also that many local companies are losing expert workers to the oil and gas companies, thus leading to a demand for skilled labour in traditional sectors.
Additionally, with the entrance of new companies in the areas of specialised warehousing and fabrication, among others, thousands of employees would be required to fill those jobs.
The head of state, while the government is creating the enabling environment to attract foreign and local investments in key sectors, it is simultaneously building the human resource capacity to match the rapid development unfolding daily.