The Guyana Office for Investment (GO-Invest) in collaboration with the GUYEXPO Secretariat yesterday hosted an investment forum at the Guyana International Conference Centre (GICC).

Minister of Finance Dr Ashni Singh welcomed the foreign delegations who are here in Guyana participating in GUYEXPO.

He posited that it is a delight having them here and showing interest in investing in Guyana.

The minister believes that this is an opportune time for entry into the Guyanese market and encouraged the foreign delegation to explore every possible frontier which may lead to the forging of business relations, which will increase shareholder values as well as to create new jobs and partnerships.

Dr Singh outlined that the Government of Guyana has worked hard for this country to develop partnerships to put Guyana in a place that can be now described as a business and investment destination, as this was not always the case in the 1970-1980 period when the Guyanese economy was “on its knees.”

He opined that if one were to look at most graphs which plot economic development overtime, it would be seen that there was a 20 –year- old decline, which had put Guyana at a disadvantage, vis-a-vis its Caribbean counterparts.

He said that a task was then set to effect constitutional and legislative reforms that relate to the business environment.

Dr Singh continued that restoring and re-orienting the fiscal operations, public ensemble and policies to make the necessary investments in rebuilding physical and social infrastructure were critical, and has not been an easy task.

He pointed out that investors can now come to Guyana and find an educated workforce and the credit worthiness of the country has finally been restored.

He posited that there is now no control on financial flows; no restrictions of foreign currency; a freely floating currency which is tradeable in an open domestic market.

Dr Singh further stated that there are no restrictions on investor entry to Guyana, adding that as a result of restoring macro-economic credibility, investors have no worries about unpredictability and instability in the macro-economic environment.

He said that Guyana has the highest premium in achieving sustained economic growth and stability, as a result of this, today, the Guyanese economy is much more diversified than it has ever been.

He outlined that even in the most severe economic crisis, which saw food prices spiked tremendously, Guyana has seen uninterrupted growth in the past eight years.
The Finance Minister claimed that the exchange rate of the Guyana dollar has been strikingly stable, although many have questioned the quality of the dollar as compared to other currencies; the level of the exchange rate is not a reflection of weakness in the economy.
He used Japan’s currency as an example when comparing the economy and its currency.

What matters is that of the stability of the exchange rate, because while there may have been ups and downs, the Guyanese currency has encountered minimal volatility and striking stability.

He reiterated that investors need not worry about this and the fact that there is a growing level of consumption and domestic savings.
He emphasised that domestic demands present a small part of the picture of investment, noting that in a matter of a few hours, persons here can drive to Suriname and Brazil with ease.

This allows an investor to expand his business and distribute to Guyana’s neighbours.

Dr Singh noted that presently, there are a number of Guyanese companies located in Lethem, these companies have expanded their product range in a number of ways to garner sales from the Brazilian community there.

He lauded the integration with Lethem and Brazil, urging that in the vibrant and growing Guyanese market, it is a worthwhile investment.

He acknowledged the investors who have invested billions in the mineral sector reaping gold, oil, manganese etc.

The minister pointed out that the largest private employer here came through GO-Invest, a Mexican company, which has opened a relatively large call centre here creating jobs for over 2000 persons and are currently in construction of another which will see the creation of another 5000 vacancies.

He concluded by urging the investors to explore their options in Guyana as the country has a diversified and stable economy.
Chief Executive Officer of GO-Invest Mr. Keith Burrowes in his opening address said that GO-Invest’s vision is to see investors linking up with businesses here to promote trade among countries.

This, he said, would be the key outcome of this forum.

He opined that Guyana has one of the most liberal incentive programmes when compared to the incentive regimes of other countries.

Mr. Burrowes said that it is important to note that some persons have the perception that GO-Invest is a “one-stop shop.”

This is not the case and what is needed is not formalize relations with other agencies.
He informed attendees that there will be a major re-organising of GO-Invest, which will see more persons being added to the team to enhance operations within to better oversee the programmes and projects.

He said that in the re-modernisation process of GO-Invest, this will be addressed, among other key factors.

He also stressed the importance of promotions and joint efforts, adding that Public/Private Partnerships are essential.

The forum saw presentations from the Agriculture Minister Dr Leslie Ramsammy and Director of the Guyana Tourism Authority (GTA) Mr. Indranauth Haralsingh, among others.