GUYANA is on the move, and several major investments have been proposed that will see continued expansion of the building and construction sector. Speaking at the recent Building Expo 2012, which was successfully held at the Guyana National Stadium at Providence, East Bank Demerara, Housing and Water Minister Irfaan Ali said Guyana’s economy is undergoing a boom, “and the building and construction sector is a prime example whereby Guyana is taking the lead in the Caribbean and other countries in this part of the world in advancing economic growth, economic development; and, more importantly,  improvement in the lives of the people of this country,” he stated.
“For this, we must salute the government for the strong initiatives, the wise investments, and the strategic investment in developing and transforming Guyana,” he posited.
For any country undergoing development, he said, infrastructural advancement and transformation; and creation of opportunities for people to own their own homes, own their own assets, and improve their own equity position are important aspects of national development.
It is for this reason, he said, that signature projects such as the new Marriot Hotel, new airport, and the hydro-power plant are critical for the advancement of Guyana, and for the continuation of expansion of the building and construction sector.
He said part of Building Expo is to give persons “a sneak preview of Guyana in the next five years”.
Ali noted that, at the conclusion of Building Expo, there were more than seven international investment proposals for the building and construction sector.
He said a Chinese company wanted to invest here in a state-of-the-art industrial site, a modern housing scheme, and an agro-processing facility.
“They are proposing an investment of more than US$500M. This is the type of investment that will ensure the expansion of the building and construction sector, that would secure jobs, create new employment, and bring back our brothers and sisters here in Guyana,” the minister posited.
Toolsie Persaud Ltd., he disclosed, “wrote to the government expressing confidence in our economy”, and is proposing more than US$5M investments in the medium term.
Minister Ali said that having seen the opportunities available in Guyana, a Surinamese company, Hurricane Steel, is also presenting a proposal for investment.
He also saluted the private sector, disclosing that over the last year, private partners with the Central Housing and Planning Authority (CH&PA) had invested more than $6B in the housing sector; and this year, the private sector would invest a further $9B in the housing and construction sector.
Minister Ali further said that, last year, government invested more than $6.3B in the housing sector, creating more than 8,000 new house lots; and this year will invest a further $6B that will create another 6,700 lots.
“Guyana is on the move. This government will continue to make the investment where it matters, and that is in the advancement and development of the lives of our people,” he assured.
Touching on the Remigrant Housing Scheme, Minister Ali informed those gathered at the opening ceremony for Building Expo that more than 2,700 applications were received from “our brothers and sisters overseas, wanting to come back and build their homes here”.
He disclosed that more than 100 families will be pulling their lots at the Building Expo, while another 250 families will receive their lots in August, and 200 more in November.
“What this means is that, by the end of this year, because we are going to enforce the condition that every single one of those families must invest US$100,000 in the development of their homes within six months, what this means is that by the first quarter next year, these brothers and sisters will invest more than US$50M in the economy of Guyana. This is a further injection of expenditure in the tune of $10B,” he posited.
“I urge all our brothers and sisters to embrace development, confront challenges, and develop a business culture that will take Guyana forward,” he stated.