GUYANA is on the verge of becoming a giant investment hub, as the government seeks to unfold opportunities to drive economic activities within the country. The discovery of oil here five years ago has led to the continuous creation of opportunities to enhance economic development in Guyana, and provide a significantly better standard of living for all Guyanese. This has prompted development of the Local Content Policy (LCP), which will aid in local businesses benefitting from Foreign Direct Investments to improve business operations. The LCP has been developed in relation to the petroleum sector, which is the main contributor to the exposure of the other sectors to additional benefits for the country. The policy allows for the Guyanese people to benefit from the petroleum sector, either directly through employment of our people and suppliers of local goods and services, or indirectly through the provision of training and services that will influence other sectors.

The Government of Guyana is committed, now more than ever, to driving economic activity within the country. Due to the many opportunities for Guyana to develop itself, the government seeks to provide assistance by putting measures in place to enable business owners to overcome their local trade barriers, and improve and increase their business operations.
The President and his team have outlined on many occasions that there are opportunities available in the health, education, service, tourism and hospitality, agriculture and infrastructural sectors. However, the private sector is expected to take the country to higher economic levels as it possesses the requisite talent, skills, knowledge and mindset to invest in big projects that will not only be profitable, but also create extended opportunities for Guyanese, such as high-quality goods and services and jobs.
The government is investing in providing education of higher levels and training for its people to be properly equipped with the knowledge and skills to contribute to the development of the economy.

As can be seen around the world, technological advancements are taking over business operations for their obvious benefits of efficiency and cost effectiveness. The world’s competitive nature will keep increasing, as innovative minds around the globe will generate ideas that will make life easier in ways for all which will come at a cost. These investments will also be in sync with the UN Sustainable Development Goals, which means that our traditional operating mechanisms will eventually come to an end, as the cost of maintenance will not be economically viable. Therefore, we have to prepare ourselves now to adapt to those changes that will be unfolded in the future, or we will be left behind. Guyana has to be able to become self-sustainable, and provide a better future for tomorrow’s leaders.
Bearing this in mind, Guyanese need to take steps in equipping themselves with the relevant skills and resources to take advantage of the opportunities that will unfold, and assist in developing the country.

The way in which business is currently being conducted in Guyana needs to be reformed. The traditional family-owned businesses that are solely operating to make ends meet for their homes need to think on a wider capacity of the country at large. These small-business owners must commit themselves to taking risks to expand and diversify their operations, and improve their standards and quality of outcome that make their services highly competitive in nature, while at the same time meeting the demands of local and international markets on a larger scale. If the small, family-owned businesses continue to operate on a lower scale, then Guyana will take a longer time to develop into a resilient country. Our people need to invest in innovative ideas that can help Guyana become less dependent on imported products, and provide a small margin for foreign companies to come into the country to provide services that can easily be provided locally.

The Government of Guyana will assist potential business investors by creating an environment where partnerships can be formed with foreign investors to fund the expansion projects.
For this reason, the Government of Guyana is also working towards providing access to education to Guyanese in every corner of the country, on all levels, so that they are properly prepared.
Young professionals need to do away with the idea of receiving a better life abroad, and remain in Guyana to contribute their skills in enhancing economic development. The young minds need to contribute to Guyana’s history by developing the country’s resources in innovative ways, and assist Guyana in adapting to the changes of the future.
The President has always emphasised that young professionals are our leaders of tomorrow, and so Guyana needs them more than ever in developing the country.