–Prime Minister tells 3rd World Tamils Economic Conference

PRIME Minister Moses Nagamootoo has said that Guyana can benefit from the immense capital and technological, cultural and human resources of the Tamil world, and he has invited Tamil investors to set up establishments here.The Prime Minister issued this invitation at the 3rd World Tamils Economic Conference in Chennai, Tamil Nadu, India on Sunday: “Your Excellency and esteemed participants, I have come here to have an honest conversation with you on how Guyana can share your vision…I want to assure you that you are welcome to invest in Guyana.”

In the global investment perspective, Guyana’s geographic location holds many attractions. Guyana is the only English-speaking country in South America, and is the gateway to this vast continental market. Sitting on the edge of the Atlantic Ocean, Guyana is a vital link to the Caribbean. Guyana is both a Caribbean state and a South American country. Foreign investors from as far away as Australia, Russia and China, who are active in our bauxite, gold and forestry sectors, recognise this link.

Mr. Nagamootoo pointed out that besides geography, Guyana also has rich deposits of oil and gas; and by 2020 or sooner, Guyana would start commercial extraction of the black gold.

Guyana, he said, is bigger than the United Kingdom, and some 85 per cent of its land is covered in virgin tropical rainforests. “It is also described as the ‘Land of Many Waters’, with major rivers and falls, with some 70 potential sites being identified for hydro-power generation.

“I invite you to dream with me; with a youthful population and a 99 per cent literacy rate, abundant energy, large tracts of arable agricultural land and vast water, forestry and mineral natural resources, Guyana could be a profitable hub for investors,” he said.

Indian scientific and technical assistance has already been sourced by Guyana for green and sustainable, economic ventures ranging from hydro, solar, and wind renewable energy; modernisation of rice and sugar cultivation, ICT, electronics, jewellery and furniture manufacturing, food production and aquaculture, among others.

ATTRACTIVE INVESTMENT REGIME

“Guyana has an attractive investment regime that includes tax holidays, waivers on industrial inputs, and no-hassle repatriation of profits. These concessions and benefits for investors exist in the mining, tourism, aviation, fisheries, manufacturing, forestry, wood products and ICT sectors. I ask you to surf the Web for our one-stop agency, GO-INVEST, for details,” the Prime Minister urged the gathering.

He also noted that there are investment opportunities to open up access to new lands for agriculture, industry and residential occupation.
He told the conference that plans are on the table for a road and rail link from the Guyana Atlantic coast to Brazil, South America’s largest economy.

Brazil shares a border with Guyana to the south, and the road link could be the highway to the vast South American market.

“Opportunities also exist for the construction of port facilities at our major rivers — one of which is populated by some 300 islands — as we prepare for oil and gas production,” the Prime Minister said.

Currently, India is partnering with the Government of Guyana in several infrastructural ventures, including a major highway link and to supply river and sea vessels to access remote parts of the country.

The Prime Minister also noted that, for any serious business, Guyana is a lucrative destination with its young, vibrant, educated, English-speaking population. “It is a haven for profitable call centre operations. Its 4GMT time zone is ideal for working with clients in Western countries. Large operators like Qualfon and Teleperformance use the Guyana base,” he said.