–with 48 private projects approved this year
–locals account for majority of investments

EVEN as Guyana continues to contend with the effects of the COVID-19 pandemic and other external shocks, there has been a notable increase in the number of opportunities for Guyanese, with the latest symbol of this being the approval of 48 private projects which, collectively, have the capacity to create over 2,300 jobs.

The Guyana Chronicle understands that the local economy has been a magnet for investors, who have expressed an interest to invest in massive projects across the various economic sectors.

Based on information shared with this publication, of the 48 projects which have been approved, 17 are in the services sector, 17 in the manufacturing sector, five in agriculture, four in mining, three in forestry, two in tourism, two in Information and Communications Technology and one in the energy sector.

Those project proposals signal the growing interest and confidence in the local economy, from both Guyanese and foreigners. Noteworthy amidst this advancement, is the fact that 33 of the approved projects are from locals.

Speaking during a recent interview on Globespan, Chief Executive Officer (CEO) of Go-Invest, Dr. Peter Ramsaroop, had said that 65 per cent of the private investments made this year were from locals.

Dr. Ramsaroop said that, even as the economy continues to grow, President Dr. Irfaan Ali, and, by extension, the government, are committed to having Guyanese benefit from the investment opportunities that are available locally.

“So, when people think the foreigners are coming in and benefitting, I can say that 65 per cent of my signatures on investment opportunities this year, through the Senior Finance Minister, Dr. Ashni Singh, have been local businesses,” Dr. Ramsaroop said.

He added: “We’ve got another 10-20 per cent from CARICOM, which we are proud of, too, and then the rest come from the rest of the world. But it will change over time.”

But even with this being the case, the CEO had assured foreigners that Guyana is also opened to them.

Their participation in local development was also visible this year, with some nine Foreign Direct Investment (FDI) projects being recorded up to this month, while there were three proposals from Guyanese in the diaspora, and six joint ventures.

In light of those and other projects, authorities have been investing in initiatives to enhance the skills of the local workforce.

Among the programmes the government has rolled out so far is the 20,000 Online scholarships initiative, which is being facilitated through the Guyana Online Academy of Learning (GOAL).

The objective of this and other initiatives is to ensure that every Guyanese of working age is equipped with the skills necessary for employment in the sector of his/her choice.

“An educated and highly-skilled workforce is critical to our competitiveness as a destination for investment, but also critical in ensuring that the Guyanese people are able to get jobs,” Senior Minister with responsibility for Finance, Dr. Ashni Singh, had said in a past interview with the Guyana Chronicle.

Further, he related: “We want to create an environment where every single Guyanese who is of working age is equipped with skills that make them employable. Every Guyanese of employment age should have access to opportunities to acquire skills that will make them employable; and we are planning to do this at every level.”

Dr. Ramsaroop too had said personal enhancement, whether through skills training or academia, will be crucial going forward.

LOCAL CONTENT
Former Head of the Department of Economics at the University of Guyana, Sydney Armstrong, has also been one advocate for local content to be on the front burner of every investment made in Guyana.

His view is that this increased attention that Guyana’s economy is witnessing is not unique, as it was observed in countries like Trinidad and Tobago, Nigeria, Ghana and even Suriname, where there have been discoveries of major oil resources.

“What you find is, generally, in countries which have discovered oil and gas, you would see a lot of businesses coming to their doorsteps… oil and gas is a lot of money and businesses are going to try to get in on that money,” Armstrong had said in a past report.

But Guyana, unlike other countries, has other lucrative resources like land, minerals, fresh water and other things which are very attractive to investors.

So, as Guyana prepares to absorb those opportunities and attention, Armstrong advised that the country must develop a local content policy, to serve as not just a safeguard, but as a conduit for persons to capitalise on the potential opportunities.

In a move which is in consonance with this advice and its own objectives, the government, on Thursday, tabled a Local Content Bill in the National Assembly.

In this bill, the government is proposing the establishment of a Local Content Secretariat. This secretariat, the bill outlines, will be established within the Ministry of Natural Resources and shall consist of a director and other members, appointed by the Minister of Natural Resources.

The functions of the secretariat will be to develop and maintain measures for the effective implementation of local content by contractors, sub-contractors and licensees; develop and implement strategies that will give preference to, or ensure equal treatment of, Guyanese nationals and companies; conduct market analysis, and make recommendations to the minister.

This new institution will also be tasked with developing formats for local content plans and reporting, and creating guidelines, including those for local content reporting, procurement, big evaluation, training, research and development, partnership and joint ventures, and financial and insurance services.

In addition, the secretariat will be tasked with developing and maintaining a Local Content Register of qualified Guyanese nationals and their companies; recommending for approval or refusal, local content masterplans and local content annual plans and proposals for modifications to the master and annual plans; develop auditing procedures and conducting regular audits for the purposes of monitoring and ensuring compliance with this legislation, and measuring and reporting on the local content performance of contractors, sub-contractors or licensees.