Manufacturing sector to benefit from reduced energy costs

His Excellency, Dr. Mohamed Irfaan Ali is confident that Guyana will become a destination for major investment within the next four years.

During a recent interview with Jamaica’s CEEN-TV, ‘The Conversation’, the Head of State said the cost of electricity would be slashed by more than half given the prospects of bringing gas to shore.

“With natural gas coming to shore, by the time we get up to year four, our plan is that the electricity cost or the energy cost would reduce by 50 to 60 per cent, which is going to make us a destination for major investment,” President Ali said.

The Head of State disclosed that his Government is already pursuing those opportunities.

“So, you will see also an upswing in manufacturing and industrial development, the services sector and construction,” he said, adding that this would also create jobs and revenue in the region.

“A lot of what will take place would require movement of labour, additional capacity in contractual players operating in Guyana. Those opportunities are going to extend and expand.”

President Ali noted that the manufacturing sector would blossom once the cost of energy is reduced.

Just recently, the government announced that a petroleum task force would soon be set up and will explore the possibilities of bringing natural gas to shore as the administration advances its plans to diversify and expand power supply.