‘We welcome your investment’
President, Dr. Irfaan Ali
President, Dr. Irfaan Ali

— President Ali tells UK investors at Carlton House seminar

PRESIDENT, Dr. Irfaan Ali said Guyana’s future development trajectory is predicated on strengthening traditional sectors and building new ones, as he encouraged investors in the United Kingdom to be part of this journey.

The Head of State made this assertion while speaking about Guyana’s potential and investment opportunities during his feature address at the Guyana Investment Seminar, held at Carlton House, in London, England on Tuesday.

He agreed that while the UK has earmarked millions of pounds that Guyana can qualify for through investment, infrastructure development and infrastructure transformation, there is a lack of aggressiveness from the UK and EU private sectors.

“Many people ask sometimes why Chinese investors find the market faster than anyone else,” President Ali said, adding: “Well, I can tell you from our humble experience, their aggression is far different.”
He then pointed out the benefits of investing in a developing Guyana.

“Our development is about creating a broad platform for the future; a platform in which we are going to strengthen traditional sectors, make them more competitive… We’re going to go after new sectors,” he said.
Among the sectors he outlined included Information Communication Technology (ICT), education, healthcare and tourism.

ICT was described as one of “the new pillars” that will support the economy.  He also said that Guyana wants to create a health sector that is world-class, and a “knowledge sector where education will play an important role in the building of the new Guyana”. The President highlighted Guyana’s proximity to the US as a positive for visitors who are looking for an alternative in medical services, and the country’s geographic position of bridging South America with the Caribbean.

HOSPITALITY TRAINING IN CANADA
In the tourism sector, President Ali announced that Canada will help to train Guyanese in hospitality management.  He said that Guyana has launched a programme to get 6,000 Guyanese trained in the sector. This, he stressed, is necessary to not only create the opportunity, but to build institutional capacity and human capacity to meet the opportunities ahead.

While the President acknowledged the challenges facing the country, he assured his audience that “those are the challenges that we will confront boldly. And those are the challenges our development trajectory will address and must address.”

He pointed to the strides that have been made in the agriculture sector, and Guyana’s lead role in the Caribbean Community (CARICOM) in advancing the region’s food production and food security agenda.

“The heads of CARICOM came together, and we have decided that by 2025, we want to reduce the food import bill of CARICOM by 25 per cent. So, the initial target is 25 by 2025. And Guyana has leadership in ensuring this target is met,” President Ali said.

He noted that Guyana has presented an action plan to reach the target, while pointing to the importance of food security and agricultural diversification at the national level.

“We have some of the largest distribution companies now ready to bring in the capital to replant coffee and cocoa, to ensure that we become self-sufficient in corn and soya as input costs for feed production for poultry and livestock. And that is where the country is going. In just 20 months, we have embarked on a programme of crop diversification.”

Within two years, the President added, Guyana will produce all the corn and soya needed for the feed production for our poultry and livestock sector.

He also highlighted the collaborations with Barbados on creating the first Guyana/ Barbados food terminal as a pilot programme that will be replicated throughout the Caribbean, with Guyana becoming the food capital of the region, and working with Brazil to sign an agreement to enhance Guyana’s livestock breed, expand the production of mutton and mutton products to meet the full regional demand.

BUILDING A RESILIENT ECONOMY
“This is the type of transformation I’m talking about. This is where the revenues from oil and gas will go to build other sectors, ensuring other sectors are competitive; ensuring that those sectors are resilient.”
The President reiterated that Guyana and the opportunities Guyana presents existed long before the discovery of oil and gas.

He added that with 30 per cent of the world’s wheat taken out of the market, owing to the Russia-Ukraine crisis, global prices have skyrocketed, and countries that rely on wheat heavily, like Guyana, are feeling the brunt.

“We have just launched research on finding a wheat variety that can be grown in Guyana to satisfy our local demand to start with, so that the next generation of Guyanese must not be in a position that we are in today, where we are faced with these shocks and sudden increases in prices. And that is where the resources must go; building an economy that is resilient and sustainable.”

With regards to the energy sector, the Guyanese Head of State acknowledged that Guyana has the highest cost of energy in the region, which places the country at a disadvantage in the manufacturing and industrial sectors. He pointed to efforts underway to address this challenge.

“We have already committed that by 2025, the cost of energy must be reduced by 50 per cent. And by doing that, it will put Guyana on equal footing to compete with other countries where manufacturing and industrial development plays a vital role.”

He outlined an energy mix, including natural gas and other renewable forms of energy as the country’s future.

MACRO ENERGY POLICY
The President also disclosed that a major macro energy policy, which includes Guyana, Northern Brazil, Suriname and French Guiana is being crafted.

“We’re now studying whether we now have the potential to become an energy hub for the Guiana Shield, and create a new energy corridor that will supply northern Brazil. So, our energy policy is integrated into the regional energy demand.”

The President also outlined Guyana’s many attributes, including its natural resources, climate services and biodiversity. He said the investment forum is not only about understanding the opportunities that exist, but about understanding how to access those opportunities.

“We welcome your investment; we are open, and we are ready to have a conversation on how you can be part of Guyana’s development.”

The event was organised by The Caribbean Council, a trade and investment membership organisation that supports responsible and sustainable private sector-led investment and development in the Caribbean and Central America.
Tourism, Industry and Commerce Minister Oneidge Walrond and other government officials were also at the event. (Office of the President)

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