–with a flurry of activities, more jobs and widespread investments
BOOSTED by the emergence of a massive petroleum sector and rejuvenated productive sectors, Guyana is on the path to economic transformation even as the country, like many others, continues to contend with the direct and indirect effects of the COVID-19 pandemic.
Steered by attempts by the Government of Guyana to create an environment that is conducive to business, Guyana’s economy is on course to becoming an economic powerhouse, with investors, both foreign and local, already positioning themselves to benefit from the bounties and inspire local growth.
This attention, while customarily placed on Region Four, has not been centralised and this is evidenced by the Guyanese-owned energy company, Vas Energy Inc.’s plan to construct a US$100M state-of-the-art cement plant at La Resource, Essequibo Coast, in Region Two.

Chief Executive Officer (CEO) of Go-Invest, Dr. Peter Ramsaroop, had said that Guyana’s economy is currently booming and there are countless investment opportunities that are available.
He said that the ultimate goal of the People’s Progressive Party/Civic (PPP/C) government is the creation of jobs for the people. It is for this reason that he is proud of the investment that is being made to construct the cement plant.
“Although it’s a foreign investment, it’s a local investor and, recently, we put out an Expression of Interest for a hotel around Guyana, and what we are proud of is that the first two hotels that have started are local Guyanese investors,” Dr. Ramsaroop said.
According to Dr. Ramsaroop, the anticipated infrastructural boom in Guyana will create a high demand for cement. He told the gathering that the plant is being constructed at an opportune time.

He said with current investments, such as the construction of the plant, and other potential investments, Region Two will be positioned for massive development.
The Indian High Commissioner to Guyana, Dr. KJ Srinivasa, had said that the cost of importing construction materials is very expensive and once the plant becomes operational, Guyanese will benefit from reduced costs. The plant is expected to create employment for hundreds of persons.
“You are helping the local region to develop. I think that the scale of investment is what Guyana needs. These investments play an important role apart from the oil and gas,” Dr. Srinivasa added.
Just days after the sod turning for the cement plant, Cardinal Investments Incorporated, owned by Guyanese couple Roy and Denise Bassoo, turned the sod for the construction of a massive $4 billion Courtyard Marriott Hotel.
The six-storey, 140-room Courtyard Marriott will be constructed on 2.5 acres of land leased by the government, in the vicinity of the Cheddi Jagan International Airport (CJIA), just adjacent to the captivating Timehri roundabout. The project has an estimated construction period of 24 months.
According to President, Dr. Irfaan Ali, the environs of the CJIA is slated for mammoth investments and transformation.

The Head of State pointed to the fact that during his tenure as a Minister of Tourism, Industry and Commerce, he received plethora of complaints from organisers as well as local and international racers and fans who find it difficult to travel to and from Georgetown, during the hosting of events at the South Dakota Circuit in Timehri.
To this end, Dr. Ali assured investors that the intended 2023 completion date for the new hotel will coincide with the full transformation of the East Bank Demerara corridor.
“So, not only are we seeing the realisation of a hotel, but we are seeing a realisation of a new urban spread around the airport, and this area will become a major hospitality, leisure, and sports recreational area, in addition to the business segment,” President Ali said, as he pointed to the massive expansions ongoing at CJIA.
He added: “The type of investments that will be created around will only add to the success of this [Courtyard Marriott] project.”
As a matter of fact, Dr. Ali said that within the next five years, the government alone will be plugging billions of dollars into improving and modernising that catchment area.
“We are already talking to urban planners and our local planners. We have established a group looking at the development of Silica City and the type of infrastructure that will surround Silica City,” the President informed.

He said specifically that the administration wants to attract investors for a number of state-of-the-art projects, including the construction of a first-class marina in the Demerara River, a “world class” resort along the Linden-Soesdyke Highway and, a “super highway” to significantly reduce travel time between the CJIA and Georgetown.
As it is, President Ali said that in excess of 40 international investors “are knocking at our door for different investments in the airport; as a matter of fact, the airport authority is short of lands to facilitate these investments”
Countries the world over are still reeling from the effects of the COVID-19 pandemic, and while Guyana has been no exception, it has not only shown resilience but has been able to create an environment that has attracted a number of big investors. Currently, 25 projects are on-stream that will create over 1,600 jobs.
The importance of a job cannot be overemphasised, as it not only generates income to purchase basic necessities, but also imbues in one a sense of purpose, productivity and fulfillment.
And even as Guyanese continue to explore ways of coping with the pandemic and innovating to make ends meet, ongoing private projects are extrinsic motivation and evidence of an economy that has bright prospects.

Dr. Ramsaroop had said that within the period August 2020 to April 2021, approximately 25 projects were initiated, and these have the potential to create 1,678 jobs when completed.
Of the 25 projects which were initiated within the aforementioned period, 16 are local, six are Foreign Direct Investments (FDI), and three are joint ventures.
In speaking further about those projects, he said: “These projects have all started. Local investments presented the largest portion of this investment, and I am elated to make this point.”
Based on a breakdown of the local investments, four were in the agriculture sector; six in the service sector; two in light manufacturing, and one each in Information and Communication Technology (ICT), tourism, forestry and energy.
Of the six FDI projects, three are service related; two are in manufacturing, and one in agriculture. The joint ventures account for two in manufacturing and one agriculture-related project.
The employment opportunities created by those projects will be significant, especially since Guyana recorded a 12.8 per cent unemployment rate for the first quarter of 2020.