MINISTER of Tourism, Industry and Commerce Irfaan Ali urged entrepreneurs and companies in Florida to move quickly to capitalise on the wide range of investment opportunities in Guyana, which he described as the gateway for accessing the wider Caribbean and Latin American markets.

In a keynote address to the “Invest Guyana” Forum in Doral, Florida, Ali told US business representatives that Guyana has land, labour and access to capital, the three most important ingredients of interest to potential investors. He also gave the assurance that investors can expect a great return on investment.
Ali said the current Canada-CARICOM trade and development agreement currently being negotiated, will open up many new business opportunities and encouraged entrepreneurs present to act speedily to capitalise on these, since the incentive regime may be scaled down as more and more investors come on board.
He said Guyana, with less than a million people, can be the vehicle to target several lucrative markets. “Almost $US8 billion in untapped export business exists in Costa Rica for CARICOM exporters. Over $US7.2 billion exists in untapped trade exists in The Dominican Republic in areas such as gold, iron and steel, plastics, salt and perfumes,” Ali told participants in the Forum organised by the Caribbean Trade Centre in association with the Guyana Consulate in Miami.
Ali said over the past seven years, Guyana’s economy grew by an average of 4.5 percent, while other countries in the Region and North American and European economies are still reeling from the global economic downturn. He alluded to negative 0.73 percent growth in Trinidad and Tobago, 0.03 percent in Barbados and 2.82 percent in Barbados.
In outlining the significant progress that has been achieved over the past 20 years, he said that Gross Domestic Product (GDP) per capita moved from US$1,694 in 2006 to $US3,148 in 2012. As well, inflation, which was triple digit then, is now less than 4 percent.
He underscored the indicators of financial soundness such as an adequately capitalized banking system, which is ranked 30 out of 142 countries in terms of soundness in the World Economic Forum 2011-2012 report.
The minister reported that Foreign Direct Investment grew from $US102.4 million in 2006 to US$293.7 million in 2012.
Ali also referred to a 2012 survey by the United Nations Economic Commission for Latin America (ECLAC) that said the strongest growth will be posted by countries with natural resources endowments, especially Guyana and Suriname.
President of the Caribbean Trade Centre, Michael Matthews, said Guyana boasts a vibrant trade and investment environment. “With its investor friendly climate, Guyana welcomes foreign investment and has enacted appropriate legislation and concessions that serve to encourage new business partnerships”.
In her remarks, the Medical Tourism Association’s Executive Global Programme Manager, Cristina Cardona said Guyana was poised to reap significant benefits from getting involved in medical tourism and suggested that branding should be the next step.
One of the highlights of the event was the distribution of the “Invest Guyana” magazine and a presentation by the publication’s Editor Sandra Ann Baptiste.
The Deputy Mayor of Doral, Bettina Rodriguez Aguilera, was among officials attending the Invest Guyana Forum.
The event was sponsored by Seafreight, Laparkan, the Medical Tourism Association, Caribbean Airlines and Suriname Airways.