UK investors could benefit from regional investment framework
President, Dr. Irfaan Ali, addresses stakeholders at the Caribbean Council’s House of Lords Annual Reception, on Wednesday (Office of the President photo)
President, Dr. Irfaan Ali, addresses stakeholders at the Caribbean Council’s House of Lords Annual Reception, on Wednesday (Office of the President photo)

–President Ali says, talks up opportunities in trade, tourism, agriculture, energy

INVESTORS and business leaders from the United Kingdom (UK) were sensitised on the plethora of opportunities that exist within the Caribbean region.

President, Dr. Irfaan Ali, in his address to stakeholders at the Caribbean Council’s House of Lords Annual Reception on Wednesday, said that, as a tourism hub, and through its strategic location, the Caribbean has access to over 220 million people directly or through trade agreements.

“We have complete trade agreements with Venezuela, Colombia, Cuba, the Dominican Republic, Costa Rica, and of course, we are part of the economic partnership agreement,” Dr. Ali said.

He pointed to the region’s food-import bill and its market values. Among those listed by the President included palm oil which is worth US$142 million; cocoa worth US$48.5 million; spices worth US$10.6 million, and beef and beef products worth US$40 million among others.

The region’s food-import bill, he added, will grow to at least US$10 billion in the immediate future.
The President said that the region has the capacity to produce what it will consume and that it “has an investment framework that allows great competitiveness,” which would benefit the business community in the UK and the rest of Europe.

He told the group that the Caribbean is already looking to be more self-sufficient and to produce more.
He spoke about the 25 per cent reduction in the food importation bill that the region hopes to achieve by 2025.

He also proudly said that Guyana has a lead role and a lead responsibility in achieving that target and will host the inaugural Agri-Investment Forum and Expo this year from May 19-24.

RENEWED INTEREST
President Ali reiterated that the development and prosperity of Guyana must be the prosperity of the region—a region he said that is often overlooked.
On this note, he called for a new perspective and renewed interest in the region given the present global environment.

“What is needed now is a new development of the relationship and new perspective—a renewed interest in the Caribbean because there is tremendous opportunity and given what is taking place globally, the Caribbean is presenting itself as an interesting solution for investors and investments,” Dr. Ali said.

He told the gathering that despite Guyana’s growing oil and gas sector, the economy would be multifaceted.
Dr. Ali said: “We see ourselves as an economy in transition that is allowed this great blessing of oil as a mode of taking us into the transition we so want.”

The government, he added, will use the resources to invest in other sectors including infrastructure expansion, ICT, tourism, health and education under a “new wave of development.”

MIND-BLOWING OPPORTUNITIES
Within that context, he said the projection is that Guyana’s oil and gas sector will have a “long future,” which will provide the opportunity to advance the other sectors.
The President also outlined Guyana’s leading role in the environment, climate change mitigation and vast natural resources including freshwater reserves.

“So when we’re going to discuss climate change in the future, Guyana will be on the table; when we discuss oil and gas, Guyana will be on the table; when we discuss freshwater, Guyana will be on the table; when we discuss food sustainability and agriculture, Guyana will be on the table because we are working towards becoming the breadbasket of the Caribbean.

“When we talk about energy sustainability, Guyana will be on the table and when we talk about issues of regional integration, Guyana will be on the table,” Dr. Ali said.
He also spoke about the government’s plan to reduce the cost of energy by 50 per cent by 2025.

“When we do that, we now become competitive with any other producer in the region,” the Head of State said.

Despite Guyana’s potential, President Ali said that the most important asset the country possesses is its people.  He spoke about his government’s “One Guyana” initiative and the mission to include all Guyanese in the country’s development.

In closing, the President invited those gathered to travel to Guyana and examine the opportunities for themselves.
“There is a lot of possibility and a lot of resources available through the UK Government. Once you have a big idea, I can tell you, there is an opportunity,” Dr. Ali said. (Office of the President)

SHARE THIS ARTICLE :
Facebook
Twitter
WhatsApp

Leave a Comment

Your email address will not be published. Required fields are marked *

All our printed editions are available online
emblem3
Subscribe to the Guyana Chronicle.
Sign up to receive news and updates.
We respect your privacy.