Guyana’s economic advancement attracts global investment – Dr Singh

With the rapid pace of development under President, Dr Mohamed Irfaan Ali’s visionary leadership, Guyana’s economic growth has tripled over the last three years.

One of the top oil-producing nations, Guyana has attracted the attention of investors and world leaders.

Guyana is on an unmatched upward trajectory that will ensure prosperity, expansion, and investments in all sectors.

Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh was at the time speaking at the private sector engagement between Guyana and the Dominican Republic at the Arthur Chung Conference Centre on Thursday.

Over the last two years, Guyana’s economy has grown more than 40 per cent on average per annum.

“Given the extraordinary rate of growth, what we have observed is the emergence of new opportunities in literally every sector of the economy…There is no sector, at all, in Guyana without opportunities for expansion and investment currently,” Dr Singh said.

The mining, agriculture, and tourism industries are just a few of the areas where Dr Singh highlighted similarities between the economies of Guyana and the Dominican Republic.

There are many prospects for partnerships as a result of these similarities.

Dr Singh stated that the fiscal incentives regime in all sectors makes Guyana attractive to global investors.

“We have, in each sector, an attractive fiscal incentive regime that makes it attractive for international investors to come to Guyana. That regime is administered by Dr Ramsaroop’s office, Go-Invest. They have literature not only opportunities but also the incentives regime that obtain in all of the key sectors,” he related.

Further, the local content legislation has provided the incentive for investors to partner with Guyanese companies.

Dr Singh explained that, “It creates also an incentive for partnerships between international and Guyanese companies. And what we are seeing already is a number of international companies wanting to take advantage of the growth and business opportunities in Guyana, entering into strategic partnerships with their Guyanese counterparts…and indeed be able to optimise the incentive structure that is created by the local content legislation.” Over the next three to four years, Guyana is projected to grow at a rate in excess of 25 per cent per annum in real terms.