Investment climate vibrant

─ confirmed oil discoveries luring investors in many different sectors

DPI, Guyana, Monday, April 1, 2019

Chief Executive officer (CEO) of Guyana Office for Investment (GO-Invest) Owen Verwey says the country’s economy is changing rapidly and investments have increased dramatically following the 2015 discovery of oil.

Verwey told the Department of Public Information (DPI), the oil and gas sector understandably shows a relatively more substantial input into the business sector as opposed to industries that were previously the drivers of the economy such as agriculture, forestry and mining.

“Those areas from our office’s perspective, we’ve seen continued numbers of people seeking business opportunities in the Guyana market… The administrative processes have formalised significantly, with many other government agencies other than GoInvest which means that they can now speak more confidently on validated numbers and activities, do more project implementation monitoring [ensuring what was proposed is implemented], validating numbers for investments and jobs, net and economic benefits,” Verwey explained.

Commenting on the process of an investor opening a business in Guyana, he said many businesses and their representatives come into Guyana, then visit GO-Invest to get a more ‘macro view’ of the economy. This, he explained, is done to understand what are the fiscal incentives available, opportunities to get land, in some cases, where the government controls any property, and other general market information that will help them succeed in Guyana. Some businesses move forward without seeking incentives. Some businesses, on the other hand, proceed without the help of GO-Invest but inform the office of their presence.

The CEO explained services are available for the recommendation of agencies, setting meetings and establishing links for businesses through the office of GO-Invest, which saves time for the business to ‘get activities done’.

Furthermore, the process is not linear which means that anyone can invest, once it is for the benefit and or boost of the country’s economy.

Verwey alluded to the fact that the outlook is quite positive, not only for oil but most other sectors.

Moreover, the business market has improved overall across Guyana from 2015 to now and is continually getting better. He anticipates that this trend will continue as each sector in Guyana shows potential for significant growth moving forward to 2020 and beyond. 

Kipenie Jordan.

Images: Department of Public Information.