Jordi Boada, an international trade and investment consultant, in an article

Entitled: Why a national strategy to attract FDI is important, points out that nowadays almost every country and region in the world has an investment promotion agency that competes globally trying to attract Foreign Direct Investment (FDI) to its territory. Just Google “investment promotion agency” and you will find out how many countries and regions have their own agencies. The competition is growing stronger, more professionalized and with new players that boast more aggressive strategies and devote increasing resources to market new global locations. Charm is not enough anymore…at least to attract FDI.
“We all agree that FDI brings on many benefits: Creating new jobs; promoting technology transfer in the most advanced sectors such as biotech, nanotech or pharma; generating economic revenues via taxes and increasing exports, as these foreign facilities usually serve many countries. And let’s not forget that a big investor may also attract other foreign companies. The magnet effect is important. FDI also creates stable and long-term links between economies and enhances international economic integration,” Boada asserts.
He contends that if we check the selling points and incentives used by IPAs we will see that they are almost identical and the reasons to invest in a particular country are also very similar. So there should be an effort to differentiate our selling points and incentives from the rest and to sophisticate our offer, as investors are also more and more demanding and sophisticated. We should rely on a local marketing or advertising agency to direct our marketing efforts.
The magnet effect is key. Our OEMs and big companies are true magnets that can attract other related companies in the industries. Let’s work with them. Our natural resources are also magnets to attract potential investors.
“Our Offset regulations should be agreed and designed between the IPA and the National Institution in charge of regulating offsets and offset banking. To offer an offset banking strategy is becoming more and more important,” Boada advises.
Guyana has been pursuing investments in recent years, both local and foreign and has been reasonably successful and this no doubt has been a significant contributor to the robust economic growth we have been experiencing which has earned commendation from the IMF and elsewhere..
We have been able to attract investments in almost every sector including tourism, mining, agriculture, housing etc, In recent years we have seen an unprecedented interest in oil exploration-both offshore and onshore- which is an indication that there is a great likelihood of oil being discovered in commercial quantities. If this happens then we would see increased levels of investment into a new industry here.
Against this backdrop, President Ramotar was correct when he advised GO-INVEST officials to be more proactive in pursuing investments for this country.
Speaking at a retreat at the Guyana International Conference Centre, the President declared:“It seems to me — and I might be wrong — but it seems to me  as if (Go-Invest) just waits for someone to bring a proposal and then to give it an approval and disapproval… And it is not proactive, in the sense that I don’t think that there (are) enough linkages and relationships with the rest of the Government; with the private sector; with other areas within the society…’
The issue of being reactive rather than proactive is not only limited to GO-INVEST. It encompasses almost all sectors and organizations, administrators and managers. This is a weakness we need to urgently address.
The President also made another pertinent observation: that investment is really indispensable, and [is] something that we really have to pursue.