Oil and gas will allow Guyana to diversify its economy – President Ali

President, Dr. Mohamed Irfaan Ali said Guyana will finally be able to diversify its economy, using the wealth being derived from the oil and gas industry.

He made the statement Tuesday, as he officially opened the ‘International Energy Conference and Expo at the Marriott hotel, Kingston, Georgetown.

Attending the conference are President of Ghana, H.E Nana Addo Dankwa Akufo-Addo and H.E Chandrikapersad Santokhi, President of Suriname, along with Prime Minister of Barbados, Mia Mottley. The conference has also attracted hundreds of investors from around the world.

President Ali said although having billions of dollars’ worth of natural resources, Guyana lacked the capital required to have a prosperous economy.  

“Today, with hard work, simplicity and humility, we have the ability to make that giant leap not only for Guyana, but for all of humanity and we must do it,” the Head of State said.

President Ali said Guyana’s natural characteristics present a potent opportunity for investors to tackle global food security. He said opportunities for investments in agriculture are vast.

“This is what energy and the oil and gas sector will do for us. It gives us the opportunity with the resources to diversify our economy, building it out to many new pillars so that we will be resilient, strong and sustainable,” he said.

Dr. Ali said Guyana is poised to offer a diverse tourism product with markets in the United Kingdom. It was also pointed out that Guyana and Barbados are in discussion to twin their tourism products.

In the area of energy, President Ali said Guyana, Suriname and Brazil are working together to develop an energy corridor. This he said, will help to propel Guyana’s manufacturing industry and it falls in line with government’s aim to reduce electricity cost by 50 per cent.

“We will remain uncompetitive if we cannot address the cost of energy. We must address the cost of energy. Our private sector will not be able to grow if we cannot bring down the cost of energy and we will bring down the cost of energy by 50 per cent by 2024.

Bringing down the cost for energy is about creating the space and opportunity for the development of a world-class manufacturing, industrial and agro-processing sector. That is how real benefits come to the people, that is how real benefits come to the country. When we can invest and create the opportunity to improve competitiveness and expand businesses opportunity. There shall be no turning back from this energy agenda,” President Ali stated.

With that, the President said the development of the country’s energy mix remains a priority for government. He said Guyanese must be afforded quality education, healthcare, social services and be able to retire with dignity.

The Energy Conference, held under the theme ‘Charting a sustainable energy future’ is the first of its kind to be held under the PPP/C administration.