— twin island business community told
GUYANA is open for business and there is huge potential for Trinidad and Tobago businesses here, Tax and Legal Services Leader at PricewaterhouseCoopers (PwC) representative Angelique Bart said.
Bart was at the time speaking at a breakfast seminar on expanding into Guyana at the T&T Chamber of Industry and Commerce, Westmoorings building on Friday. Guyana Office for Invest Chief Executive Officer Owen Verwey also took part in the discussions, the Trinidad and Tobago Newsday reported.
According to the report, Bart said cultural similarities, CARICOM incentives and geographic distance were among some of the reasons companies should look to Guyana for expanding.
“Some of you may have seen in the news there is some controversy surrounding its borders, particularly with Suriname and Venezuela. This could be an important issue if you are going into the market and do business, but I think it’s relatively safe to say there is a lot of respect for the boundaries as we know them,” Bart said.
Of course, from a Trinidadian perspective, language and culture are very big things, she said and added. “If you are based in TT and going in, it will definitely be a plus, because some of the nuances of working in a Caribbean market will give you some experience along those lines.”
Bart said with the discovery of a 10th oil well by the American oil giant ExxonMobil, Guyana is poised to become one of the largest oil-producing countries in the next five years and she urged T&T businesses to take advantage of this by expanding their operations through provision of financial and logistics services.
Commercial oil production is expected to start next year. Bart added that while the development of gas production was in its infancy, it was expected to begin within the next two years.
“Oil and gas reserves are estimated to be (worth billions of dollars) and production is expected to be between 500,000 to 800,000 barrels of oil per day. So in terms of energy-related activity, it’s been phenomenal in terms of what is available. There is a plan for gas to hit on-shore Guyana within the next two years,” she said.
During the event, Bart said one of the benefits of moving to Guyana, is the abundance of land for purchase and limited restrictions for property development. Commercial pricing, though, was on the rise.
Bart told the gathering that Guyana experienced an increase in the level of foreign direct investment from US $96.1 million in the first six months of 2017 to US $109.1 million for the same period in 2018. CEO of the Guyana Office for Investment Owen Verwey, who also spoke at the meeting, said businesses considering expanding to Guyana were doing so at a time of investment and prosperity.
