–will employ over 100 persons, service petroleum sector

THE favourable prospects of Guyana’s ever-growing economy has attracted yet another investor, Guyana Tractor and Equipment company (GUYTRAC), which is looking to construct a US$8 million (approximately G$1.6 billion) state-of-the-art complex at Prospect, on the East Bank of Demerara.

Known as a company with a stellar reputation for providing heavy duty equipment and spares to the Guyana market for over 20 years, GUYTRAC plans to include a warehouse and office space at its new complex, as well as residences for the directors, some of whom will be re-migrating to Guyana.

The complex, for which funds are being sourced through loans from commercial banks, will also house a training centre for employees and heavy-duty mechanics, and create employment for over 100 persons.
“The need for such a complex became essential as the company seeks to consolidate its operations to one central location. Furthermore, with the upgrade of the Sheriff Street to Mandela Avenue Road, the company sees the wisdom of moving out of a congested area to one which is more spacious and easily accessible,” Marketing Manager, Bony De Andrade, told the Sunday Chronicle.

GUYTRAC stands poised to provide products to the oil sector, keeping in mind the Government’s Local Content Policy, and has, over the years, supplied various brands of machinery to the country’s agricultural, mining and construction sectors. These include 22-to-40-tonne excavators especially suited for the mining industry and 5-to-15- tonne excavators; graders, compactors and rollers are readily supplied to the rapidly expanding construction sector.

De Andrade also spoke of plans to expand in providing all agricultural machinery to continually service this traditional aspect of the Guyanese economy. Plans are on stream to import various models of tractors that are well-suited for the tropical climate of Guyana as well as Rome ploughs, Harrow ploughs and Disc ploughs. GUYTRAC boasts an inventory of machinery and spares covering a wide range of heavy-duty machinery.

The company is in high praise of the Irfaan Ali-led administration as it continues to foster a favourable business climate. Confidence in the pro-business approach of the new administration has motivated the company to continually make substantial investments.

Despite the economic impact that the COVID-19 pandemic has had on the world’s economy, GUYTRAC said it recognises the potential for outstanding growth to Guyana’s economy and with confidence in the astute stewardship of the current government, the company has invested in 1000-tonne self-propelled barge, large cranes and a modern wharf at Friendship, East Bank Demerara to provide logistical transport to the ever-expanding oil and gas industry.

De Andrade, who is also tasked with coordinating this new building project, further highlighted that GUYTRAC is in the process of acquiring another plot of land on which a modern state-of-the-art factory, specialising in the manufacturing of preset concrete piles, slabs for bridges and utility poles, will be soon established.

This additional investment will be to the tune of US$3M and is further testimony to the company’s unwavering commitment to contribute to the modernization of the country’s infrastructure. This project is one in a slew of projects which are scheduled for this year.

Close to US$1 billion (G$215B) will soon be injected into Guyana’s economy in the form of world-class hotels which will be constructed across the country to cater for the anticipated increase in visitors, who are being attracted by the nation’s burgeoning oil and gas sector and its spill-off benefits.

A business-friendly climate supplemented by the anticipated economic ascension is being credited for the attraction of major players in the hotel industry, such as Sheraton, The Element, Delta Marriott, Best Western Hotels and Resorts, the H-Tower Luxury Hotel, the Marriott Courtyard, the Hyatt Hotels Corporation, the Radisson Hotels, and the Hilton Hotels and Resorts, among others.

This level of development is aligned with the Government’s vision, which was outlined recently by Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, during his presentation of the 2021 budget to the National Assembly.

The budget is aimed at ensuring that there’s a diversified and resilient productive sector by facilitating large-scale private investment in both traditional and new and emerging sectors, creating 50,000 jobs in the next five years, and promoting entrepreneurship at the medium and small-business levels.

Budget 2021 will also initiate investments in catalytic and transformative infrastructure, including energy infrastructure to ensure adequate supply at a competitive cost, and transport infrastructure to improve international connectivity, and unleash domestic production and productivity.

The year 2021, according to President Ali, will be the springboard from which Guyana will leap into recovery, rebuilding the economy, enhancing the people’s health and lifting up the vulnerable groups in society.

“We must not remain a rich country of poor people,” the President affirmed, noting that the bounty of Guyana must be shared across the population.

“Opportunities will be created to join in such work, and they will be made available to all. I recognise that there are communities within our society which, because of disadvantages of geographic location, will need more help than others to join our national advance,” President Ali reasoned.