Over 100 US companies waiting to invest in Guyana

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Political and Economic Counsellor at the United Stated Embassy in Georgetown, Alexandra King-Pile.

OVER 100 American companies are eagerly awaiting approval to invest in Guyana, Political and Economic Counsellor at the United States Embassy here Alexandra King-Pile has said.
The companies have already expressed their interest and are awaiting the go-ahead from various regulatory bodies. Speaking on Thursday at the official opening of the international company, First Bauxite LLC and its local subsidiary Guyana Industrial Mineral Incorporated (GINMIN), King-Pile noted, with great interest, Guyana’s pronouncement that it was open for business. “We know Guyana is open for business and the United States plans to take you up on it,” King-Pile stated.

Adding that one of the highest priorities of the US Mission is to promote responsible economic growth by expanding and deepening commercial partnership, Pile said the United States is in support of the Government of Guyana in creating an environment where business, including international investment, can thrive. “I can assure you that the number is staggering, we have over 100 inquiries pending right now for US companies, various sizes, across various sectors which say “we want to get into Guyana,” King-Pile announced.

Speaking later to the Department of Public Information (DPI), Pile disclosed that expressions of interest were shown in construction, logistics, food service, hospitality and transportation, among others. She said Commercial Diplomacy remained an important aspect of the work at the embassy; and that its focus on providing technical assistance to grow rapidly, improving institutions, remained, not only to increase prosperity but also to ensure that all Guyanese benefit as well.

Earlier in the week, at a sod-turning exercise at the proposed site for the construction of Guyana’s first Hilton Hotel, Minister of Finance, Hon. Winston Jordan, noted that the government had created a regime attractive enough to both local and foreign investors which resulted in continuous investments.

The Minister assured the audience that the administration will continue to create an environment that ensures businesses make profits, establish regulations to protect the environment and workers, and grow the economy. Thus far, First Bauxite LLC has injected $80.7 Billion (US $387.3M) in the Guyana economy.

Oil giant, ExxonMobil, one of the world’s largest publicly traded energy providers and chemical manufacturers has invested approximately $37.5 Billion (US $180M) into Guyana. More recently, the sod was turned for a Hilton Hotel at Ogle. That investment is worth $20.9Billion (US$100M). Similarly, the sod was turned for a 150-room second Marriot Hotel at an investment figure of $15.6Billion (US$75M).

Even the country’s commercial airlines have more competition with American Airlines, one of the largest airlines in the world, starting its non-stop flight from New York to Georgetown last December. In the meantime, Guyana’s economy has been projected to grow by 86 percent this year according to the IMF. (DPI)