More investments coming on stream for Agri. Sector

– Florida investors show interest in corn, soya bean cultivation

Earlier today, Agriculture Minister, Hon. Zulfikar Mustapha met a team of executives from the Yuken Corp from Florida to discuss areas for investment in the agriculture sector.

During the meeting, the group discussed investments in corn, soya bean, fish and sugar and other areas.

Minister Mustapha said with the incentives the Government is giving for corm and soya bean, more and more investors are showing an interest in these areas.

“Apart from the traditional or more popularly cultivated crops, daily we are receiving letters of interest from a number of investors both locally and internationally for corn and soya bean cultivation. Given the fact that we are working to improve our poultry and fisheries sectors, Government took a decision to give special incentives immediately to these two crops since they are primary ingredients in animal feed. Annually, Guyana imports about 40,000 tonnes of corn and soya bean which amounts to about US$24 Million. Over the next five years, we intend to significantly reduce our food import bill. With these investments coming on stream, we will also see an increase in employment and further development of the sector and the economy,” Minister Mustapha said.

Jasyson Baboolall, the Guyanese native heading the team from Florida, said that given the new environment for investments in the country, he is excited to start the ground work to see this project develop. He added that he was always interested in returning to Guyana to invest and now that the “red-tape” on investment seems to be a bit more relaxed, investments in several sectors should be anticipated.

Prior to August 2020, a number of companies publicly aired their grievances about the lack of support from the previous administration, which resulted in several delays or companies pulling out all together from a number of investments.

In 2018, businessman Derick Chin criticised the then Government for not providing enough support to aid in the timely completion of the US$45M MovieTowne project. He had noted that the “red tape” and lack of Government support were two of the major contributing factors to the delay in opening of the state-of-the-art entertainment hub for more than a year.

Immediately after taking office, H.E. President Irfan Ali said that Guyana is open to foreign investments not just in the petroleum sector, but areas that propel the country’s development and enhance the lives of its people.

With 2021 being touted as the year of investments and development, the economy is expected to experience immense growth as Government continues to promote and foster its development agenda.