Guyana transformed into an investment paradise

The tremendous investment by the government to build confidence in the local economy is yielding positive results since the country has been transformed into an investor paradise.

Senior Director of Guyana Office for Investment, John Edghill explained that the Dr Mohamed Irfaan Ali-led Administration has been doing well in harnessing Guyana’s resources, to grow the investment climate.

He was speaking during an interview on the recent Energy Perspectives podcast.

“Guyana is experiencing unprecedented growth. That alone really has captivated the minds and interests all around the world,” Edghill said.

The rapid development of the private sector and the government’s promise of no new taxes in the 2024 national budget have generated a surge in local and foreign investments.  

“As an investor coming in, one of the first things you want to understand is what is the tax structure. If you know that there are fewer taxes to be paid, the environment becomes much more friendly for anyone to be able to do business,” Edghill explained.  

This, along with the provisions in the Investment Act of 1994, has fostered a favourable climate of opportunities and hospitality.

The act promotes and regulates investment by providing incentives, guidance, guarantees, and a framework to local and foreign investors.

Unlike, many other countries, Guyana allows foreign property ownership, further enticing long term-investment from foreign entities.

Having close ties with North America and having extensive influence in CARICOM, Guyana has been able to attract and maintain prosperous partnerships with investors in those regions.

Guyana has also been able to secure relationships with China and the European Union (EU).

Despite the geopolitical movement away from new fossil fuel development, Guyana’s energy sector is still a flourishing attraction for investors.

The country remains one of the few carbon-neutral countries, despite its exploits in oil and gas.

In the midst of the global climate crisis, the government’s dedication to integrating multiple forms of clean energy production aids in solidifying Guyana as an investor paradise. Projects such as the Amalia Falls Hydro Project and the mini-hydro power project in Moco Moco demonstrate the government’s aim of realistically utilising the country’s natural resources, to generate clean energy.