Guyana will continue to be a centre for strong economic growth – Dr Singh

– 60-member Jamaican delegation seeking opportunities in Guyana

Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh says Guyana will continue to be a centre for strong economic growth in the short and medium term.

The minister was delivering remarks at the Jamaica Promotions Corporation Mission to Guyana, on Tuesday.

He was accompanied by Public Works Minister, Bishop Juan Edghill and Tourism, Industry and Commerce Minister, Oneidge Walrond at the Guyana Marriott Hotel.

The 60-member trade mission is being led by Jamaica’s Minister of Industry, Investment and Commerce, Senator Aubyn Hill.

The senior finance minister told the trade mission that due to the oil and gas sector, there have been strong demand in the supporting sectors including hospitality, transport, and warehousing among others.

“There isn’t a sector that has not been visited by positive spillovers as a result of the growth in the oil and gas sector. If you take training, the demand for skilled personnel right now … there is an unmet demand for skilled labour. We are, of course, on the part of the government responding by providing as much training as we can but I make the point to really say to you that even in the training and human capacity development space… there’s a huge surge in demand,” the minister highlighted.

Dr Singh reemphasised to the mission, that the government has committed to ensuring minimal dependency on the oil and gas sector.

“What does this involve? It involves ensuring that we use this period to lay the foundation for a competitive non-oil economy. This is the time for us to ensure we make the investments that are needed to secure for the long term, a viable, not just a viable, but a globally competitive non-oil economy,” he pointed out.

In this regard, the non-oil economy grew by 4.6 per cent in 2021, 11.5 per cent in 2022 and it is projected to grow by 7.9 per cent in 2023.

Dr Ashni Singh noted that this is “Very respectable rates of growth and within this non-oil economy, we see a number of sectors where Guyana has a natural and obvious comparative advantage.”

Discussions were held on how Guyana and Jamaica can improve growth in trade and investment, and what investment opportunities are available through partnerships, as the country builds out and transforms its landscape.

Senator Hill informed the ministers of government that the best Jamaican companies are seeking partnerships with Guyana in various sectors.

“We’re bringing here, the best companies in Jamaica, we have eight of our biggest contractors. Guyana has to build schools, to build houses, they have to build roads, we have people here who build roads, people who do pipe construction, the biggest pipe constructors are here,” the Senator relayed.

Ministers Edghill and Walrond also informed the delegation about the vast opportunities that are available in the construction and tourism sectors.