THE government has laid out an array of areas for investment in Guyana’s non-oil sectors to the delegation of high-level public and private sector officials from the Kingdom of Saudi Arabia.

Infrastructure, healthcare, tourism, agriculture, housing, renewable energy and education were some of the areas highlighted by Senior Minister in the Office of the President with responsibility for Finance Dr. Ashni Singh at the opening of the Guyana-Saudi Arabia Investment Engagement at the Arthur Chung Conference Centre on Saturday.

Minister Singh told his guests that since taking office, the People’s Progressive Party/Civic (PPP/C) administration led by President Dr. Mohamed Irfaan Ali has sought to advance the relationship between our two countries; a relationship that began on February 22, 2012. He said that engagements like the Investment forum provide important opportunities for Guyana to deepen and strengthen its relationship with Saudi Arabia.

The delegates, who are being led by Deputy Minister for Investors Outreach Badr Al Badr were informed that Guyana is projected to be the fastest-growing economy in the world, largely due to its oil-and-gas sector.
And while Guyana may produce about 350,000 barrels of oil per day, and has a reserve that is the third largest in Latin America and the Caribbean, and the 17th largest in the world, Dr. Singh told his guests that it’s focus is not solely on oil and gas, but also on developing a strong diverse economic base by investing in its non-oil sectors.

“Our government, even in our earliest days of oil production, we have placed the highest level of importance on a strong non-oil economy. Our policies are focused on developing the traditional pillars of our economy, and catalysing a rapidly growing, and highly competitive non-oil economy,” he said, adding: “This is evident with Guyana’s non-oil growth projected at 7.7 per cent this year, building on the 4.6 per cent growth recorded last year, and over the medium-term, non-oil growth is expected to outperform regional and global averages.”

Led by President Ali, Dr. Singh noted that government has laid out a masterplan for the development of the country.
In the area of energy, the delegates were enlightened about the government’s ambitious plans for an energy mix that will not only reduce the cost of electricity by 50 per cent, but also energy emissions, as Guyana plays its role in protecting the environment.

Investments in the area of infrastructure include the construction of a high-span bridge across the Demerara River, a bridge across the Corentyne River linking neighbouring Suriname and Guyana, and the commencement of the first phase of the road linking Guyana and Brazil.

Opportunities, Dr. Singh said, are also available in the housing sector, as government intends to develop Silica City, a smart city, along with delivering 10,000 house lots to Guyanese per year.
There is also tremendous potential in the area of tourism as Guyana has untapped potential with its eco-tourism product. The visiting delegation was given a glimpse of what Guyana has to offer by way of the mighty Kaieteur Falls, and were encouraged to visit and see its potential. Government’s investment in agriculture is unprecedented as the aim is to become the bread basket of the Caribbean.

The minister also said it falls in line with the vision of CARICOM to reduce its food import bill by 25 per cent by 2025. He pointed out that while Guyana is ramping up its traditional agricultural sectors, investments are being made in areas such as aquaculture, and corn and soya production. (DPI)