–as Guyana becomes a ‘bullseye’ for business opportunities – GCCI President
GUYANA’S rapid economic progress has been creating opportunities which stakeholders in the local private sector are positioning themselves to capitalise on, President of the Georgetown Chamber of Commerce and Industry (GCCI), Kestor Hutson has said.
The country’s progress and the expansions in the oil and non-oil sectors are reflected in the GCCI’s business magazine, which was unveiled at the chamber’s breakfast seminar at the Marriott Hotel, on Monday.

Launched under the theme, “The Future is Now,” the business magazine primarily focuses on Guyana’s promising future and rapidly growing Gross Domestic Product (GDP).
Hutson said amidst the exponential growth, the GCCI is not only committed to creating opportunities for Guyanese businesses to foster partnerships, but also to assist private persons in recognising their rights at the regional level under the Revised Treaty of Chaguaramas (RTC).

Acknowledging the gap and the legal constraints, he said: “As part of our [GCCI] membership, we thought it best to have a committee set up to provide some clarity in any legal challenges that members will face.”
Hustson added that the GCCI’s legal committee aims to not only provide assistance, but to also release necessary information to its hundreds of members.

“As we look ahead, Guyana’s future appears to be incredibly promising thanks to the remarkable growth our economy is experiencing,” the GCCI President said.
Noting that Guyana’s GDP growth in 2022 was 62.3 per cent, with the non-oil sector expanding by 11.5 per cent, Huston said that this is a major achievement because most economies normally record GDP growth rates of one to three per cent.

Additionally, according to him, Guyana’s overall GDP is anticipated to expand by 25.1 per cent in 2023.
According to Hutson: “These figures are a testament to the tremendous potential that Guyana holds, and we are poised to take advantage of this growth to create a brighter future for our private sector.”

In order to continue this development while establishing an equitable and sustainable society, the GCCI President said that with the right policies and investments, Guyana will become a beacon for economic success in the region.
Additionally, while remarking that the private sector plays a key role in the growth of the economy, Hutson acknowledged that the country is becoming a bullseye for business prosperities.

He related: “As the oil and gas sector continues to rapidly emerge, our nation has become a hotspot for investment and the business landscape is filled with opportunities,” adding that: “This has led us to anticipate significant spending in various areas, including transformative infrastructure, small business support, youth development and skills training, agriculture and food security as well as health and education.”

Although Guyana’s oil industry is booming, it is quite noticeable that the local industries will not be left behind and such can be seen in multiple industries such as the agriculture sector, which has seen a surge in the demand for locally grown produce.
Hutson also commended the government for the well-crafted Local Content Act (2021), noting: “The Chamber is equally excited about the wealth of opportunities that await the local private sector through the Local Content Act (2021), and continues to lobby for an increase to the current 40 services which oil and gas companies and their sub- contractors must procure from Guyanese, as prescribed in the Act.”