GEORGETOWN, Guyana, (DPI) – Guyana is rapidly becoming a prime destination for international investors, with over 3,000 US small and medium enterprises (SMEs) exporting to the country in 2023.
United States ambassador to Guyana, Nicole Theriot, highlighted the nation’s growing investment appeal at the Inaugural International Business Conference on Tuesday.
Beyond the lucrative oil and gas industry, Guyana offers significant opportunities in non-oil sectors, including hospitality, security, and tourism. The favourable investment environment in Guyana is attributed to the government’s efforts to strengthen the economy and develop key sectors such as gas-to-energy, healthcare, education, and infrastructure.
Ambassador Theriot underscored the impact of US SMEs on Guyana’s economic growth, stating:
“It’s not just our large Fortune 500 companies that are making an impact. Small and medium enterprises trading with each other is arguably even more important for long-term diverse economic growth.”
Over the last four years, Guyana has seen approximately US$14.5 billion in US foreign investments, representing 96 percent of the country’s foreign direct investment (FDI) rates.
The ambassador expressed confidence in Guyana’s potential to become a leading exporter in the Caribbean region
“As Guyanese companies diversify and hone their offerings, I know many more of them will begin to export to the United States,” ambassador Theriot said.
For the first half of 2024, Guyana recorded a substantial US$4,163.1 million increase in export receipts, with further growth expected by the end of the year. In addition to economic investments, the US has significantly invested in Guyana’s human resources and security.
Recently, the government signed a US$16 million contract to acquire two advanced rotary wing aircrafts and the United States deployed flight instructors to support the work of Guyana’s air core. A US trade delegation is also scheduled to visit Guyana in the coming week.
Guyana – Suriname world-class transport, logistic hub
Guyana and Suriname have the potential to create a world-class transport and logistic hub which will see the people from both countries benefiting. This can be achieved as the removal of trade barriers between the two countries continues and constant investments being made.
President Dr Mohamed Irfaan Ali stated that the countries have collaborated to integrate their economies and populations by developing infrastructure and aligning their policy agendas.
“You already heard about the bridge across the Corentyne River but what you have not heard about is the possibility that exists for…merging of our gas resources and deploying that as a regional asset, whether it is for expanded energy needs,” the president stated.
His Excellency made these remarks at the International Business Conference 2024 at the Marriott Hotel in Kingston, Georgetown; highlighted that Guyana is already working to procure a second gas-to-energy power plant, prompted by the growing demand expected to exceed the country’s current growth rate.
This development aims to provide competitive energy prices, benefiting manufacturing and industrial growth. It also supports data centres, particularly those focused on Artificial Intelligence (AI).
“And if we are able to position our markets and marry our energy capacities with AI data centres, then we will be bringing 2050 technology here in 2027. And we are positioning the countries as a new nerve for strategic development and investment,” president Ali stressed.
The head of state emphasised that the policy matrix between Guyana and Suriname to be examined to achieve their shared goals; and that the Guyana-Suriname Chamber of Commerce plays a crucial role as a link for strategic dialogue between the two nations.
President Ali highlighted that the region holds 1.5 billion tonnes of bauxite reserves, and reliable, competitive energy will enhance the value chain for both countries. This development will improve connectivity within the value chain and create opportunities in transport and logistics.
To facilitate this, Guyana is committed to building a modern deep-water port facility, with stakeholders working to ensure that investment opportunities are available.
According to the president, this project will represent an investment of over US $1 billion.
“Between Guyana and Suriname, if we build this eco-system out properly, we can create a world-class transport and logistic hub from Guyana; servicing the entire region because of accessibility, capability, competitiveness, and cost,” the president pointed out.
President Ali asserted that Guyana is the centre of opportunities in the ecosystem, and encouraged business entities to collaborate to benefit from these opportunities.
