FOREIGN direct investments have a major role to play in the economic development of any

country, as they serve as a launching pad for increased capital. Countries with a healthy investment environment also see increased infrastructural, technological and other improvements in the economy.

One of the cornerstones of a healthy and robust economy is the creation and maintenance of a thriving business environment where entrepreneurs can prosper. This administration has, over the past two years, vigorously worked to create a safer and cleaner destination for investment while, at the same time, improving the quality of local products and services to achieve greater competitiveness in the higher-earning segments of the global market.

As part of achieving this vision, the Ministry of Business in 2015 launched a five-year Strategic Action Plan aimed at improving the ease of doing business; attracting increased foreign investment; supporting the development and export of value-added industries; increasing economic opportunities for and capabilities of vulnerable groups and increasing capacity to develop and promote sustainable business-friendly policies. Since then, Guyana has improved by 16 places on the World Bank’s Ease of Doing Business Index. This was the largest single improvement achieved in the country’s history of being on the Index.

Moreover, for the year 2016, Guyana’s total investments including foreign direct investments (FDI), facilitated by the Guyana Office for Investment (Go-Invest) was $114.8 billion, moving from $89.3 billion in 2015. To continue along this trajectory, Government must ensure that the legal, infrastructural and other important types of framework of the country are at internationally accepted standards. Efforts must also be made in ensuring that foreign investors are made aware of these developments.

In that regard, it becomes an utmost priority that all ambassadors and high commissioners be in the forefront finding markets for Guyana’s products and seeking out FDI opportunities. This is where the work of stakeholders such as the country’s foreign diplomats comes in. President David Granger has said that a very active foreign service is needed, as the country depends on the work of its foreign missions to promote tourism, trade, investment and other interests. “As far as the country is concerned, when we speak of the national interest we mean that the diplomats or foreign service officers must go out to the places where they are stationed and sell rice, sell rum, sell timber, sell Guyana as a tourist destination, bring in investors,” the President said.

The importance of encouraging investments was one of the core messages highlighted in April, at Guyana’s Heads of Missions Conference; a convention which brought together Guyana’s diplomatic representatives stationed in countries across the world.
At the opening ceremony of that conference, Minister of Foreign Affairs Mr Carl Greenidge said that Guyana has the obligation to strengthen the work of its missions in the pursuit of economic diplomacy within which, includes attracting investments. “We will have to think in terms of expanding our representation in areas where this could lead to greater economic exchanges or examining existing relations to see whether they can yield greater investments and economic dividends. Also, in putting “economic diplomacy” at the service of traditional diplomatic methods, we will be looking to the Guyanese Diaspora as an area for investment and human skills,” the Foreign Affairs Minister said.

The role of the foreign missions aside, Government has also continued in its foreign engagements to strengthen bilateral relationships and to increase the interest of foreign investors in Guyana. Most recently, President David Granger made his first official visit to the United Kingdom where several of his engagements promoted Guyana as a healthy destination for investors. Among those engagements was an Investment Seminar on Guyana hosted by the Caribbean Council. The event saw the attendance of several UK stakeholders, including oil companies and other agencies.

At the Investment Seminar, President Granger said that the administration is working to improve Guyana’s reputation as an attractive investment destination, particularly with regard to the legal and regulatory environment that will ensure the ease of doing business for foreign companies investing in Guyana. The President also highlighted that Guyana has many advantages and opportunities which can augur well for its investment potential. ““We have the land, we have an intelligent English-speaking population, we have the resources, and I think people who are looking for something different; something unique, will come to Guyana,” the President said. Added to that, the President said that Guyana’s common law, parliamentary system and institutional infrastructure are similar to that of Western Europe and other parts of the Commonwealth, which would allow investors from those areas some ease in doing business.

During an interview on the sidelines of that visit, the President said that Guyana’s future as an investment capital is promising, particularly given Government’s efforts to create a conducive environment for business and commerce. “I think now they are seeing greater transparency, they are seeing a respect for institutions, they are seeing the passage of legislations for anti-money laundering, they are seeing the arrest of former government servants who have been accused of committing offences. I think they feel that Guyana is a safer, cleaner destination for their investment and when people plan to come into a country, they would want to do reconnaissance, they would want to come and do feasibility studies and I think this is what has taken place now,” the President said.

The theme of investment rang through the duration of the President’s visit and was reiterated during his meetings with the diaspora and staff of the Guyana High Commission in London. The President highlighted that one of the main roles of foreign missions is to engage investors and other stakeholders and encourage them to invest in Guyana. Speaking to members of the diaspora, the President said that they can play a major role in plugging their own capital and knowledge into the economy of their homeland.

““What we need is investment and this is where you, who have saved your money, can look at Guyana as a safe destination; we have Brazilian investors, we have Chinese investors, we have Canadian investors, we have Russian investors and, in our minds, we are confident that if Guyanese see that the door is open to them too, they will see their homeland, their motherland as a safe destination for their investments,” the President said.

The President’s view of the pertinent role of the diaspora in contributing to the investment thrust is not limited to the UK, however. This message has been made to members of the diaspora during other official visits, including his most recent trip to The Bahamas in March, earlier this year. There, the President urged the diaspora to invest in Guyana, particularly in the areas of ‘green’ tourism, education and Information and Communication Technology (ICT). “You can set up tourist companies, help to invest in Guyana, help to develop information technology in Guyana to teach our children to move quickly into the 21st century of education, to develop infrastructure, so that we can be able to access some of these areas where we have our tourism potential and product, we need roads and highways and bridges and what we call ‘stellings’,” the President said.

The President has highlighted that Guyana is a country with an abundant amount of natural resources, adding that Guyana’s tourism potential is a source of wealth in itself. He stated, however, that investments are needed in order to convert that wealth into a good quality of life for citizens.
Added to that, the country’s future as a petroleum-producing state certainly places it in a pivotal position where foreign countries will now look to tap into the opportunities that will undoubtedly be created in the near future.,

During the 2017 budget presentation, Minister of Finance, Mr Winston Jordan, said that with the right amount of investment and technical expertise, Guyana can become a regional oil and gas services hub which would create a substantial number of skilled and semi-skilled employment opportunities for our people. However, these efforts to secure foreign direct investments have not gone without the acknowledgement of a series of difficulties facing the country, particularly in the area of infrastructural development.

President Granger has said that Government is focused on comprehensive development plans that include deep-water harbours, aerodromes and road and bridge networks that link the coastland to the hinterland.
As Government continues to create an environment that is attractive to investments, Guyanese can be assured that these efforts are being made with the country’s best interest at heart. In the near future, Guyana can become a land bursting with opportunities; a thriving hub in the Caribbean Region, where a good life is provided for every citizen.