Guyana’s economy will not hinge solely on oil and gas

His Excellency Dr. Mohamed Irfaan Ali says while the petroleum sector has emerged as one of the most important to Guyana’s economy, the Government is focusing on expanding and making the traditional sectors more competitive.

The Head of State made this disclosure during an interview, this evening, with Jamaica’s CEEN TV – ‘The Conversation.’

“We have been focussing heavily on building the non-oil sector and that is where we will see a number of policies geared – towards making the non-oil sector more competitive, giving them comparative advantages and ensuring that we build a knowledge economy that is driven by a strong technological backbone. These are things that form part of the broadened economic plan,” President Ali said.

Revenues from the oil and gas sector will be invested in the agricultural, construction, tourism, manufacturing, and other sectors to boost competitiveness, he explained. In fact, the Emergency Budget 2020 focuses heavily on revitalising and expanding the agriculture sector through investment and the removal of several burdensome taxes.

“These are all sectors that we will pay heavy attention on inclusive of our traditional sectors of mining, rice and sugar,” the President said. Most of the 50,000 jobs the PPP/C government will create, in keeping with its Manifesto promise, are based in the non-oil sector.

Further, the President dismissed claims that the recently passed 2020 Emergency Budget was one for the private sector, saying that the budget sets out how funds will be invested in policies and programmes that benefit the people. Citing planned investments in the housing sector, the President said the industry has greater leverage than most in terms of its spin-off effects of job creation and revenue.