President Ali says; maintains foreign, local investors being treated equally
OPPORTUNITIES for investment in Guyana are abundant, and officials here are creating an enabling environment through shared interest and collaborations with multinational states.
This was according to President, Dr. Irfaan Ali during a recent visit to the Dominican Republic, where he sat down with Mercado Media Network following discussions and the signing of several collaborative memoranda of understanding (MoU) with President, Luis Abinader.
“The work by President Luis and myself has been going on for a number of months, and we are setting the stage for massive collaboration between the two private sectors,” Dr. Ali said during his interview with the DR press.
Last week, Dr. Ali led a high-level delegation of the private sector and government officials to meet with his counterpart, President Abinader at the DR’s National Palace, where agreements for the oil and gas industry, the establishment of an oil refinery, a petrochemical plant, and a study for participation in Guyana’s Oil Exploration Block were signed by the countries’ respective representatives.
Agreements were also signed to enhance the two nations’ agriculture, tourism and trade sectors.
Underscoring the importance of governments creating an enabling environment, Dr Ali said it is imperative that leaders send the right signals and build trust and confidence among private sector bodies.
Dr. Ali reminded of Guyana’s growth trajectory and the potential the country has for diverse investments.
“Our oil is estimated at 11 billion barrels reserve now; by 2027, we will be producing 1.2 million barrels per day… those are massive expansions, so there is tremendous excitement and energy in the country,” he said.
He added that Guyana’s infrastructure is currently being rebuilt, referencing the ongoing construction of several new road networks and hotels in the country.
Dr. Ali said that investments are also being made to improve the country’s health and education delivery.
“We are creating an entirely new ecosystem to support the expansion of our country. We are looking to position Guyana as a leader in the world in energy, food and climate,” the Head of State said.
Speaking further on the country’s partnership with multinational nations, he reminded that Guyana is among first countries to enter into an end-user agreement on carbon credits with international oil co-operation, HESS.
He added that Guyana is creating a business environment in which private sectors can co-operate and conduct business in an efficient and enabling environment.
“Foreign investors are treated equally as local investors. In many other countries, there is a disparity between the treatment of foreign investment and local investors. In Guyana’s case, foreign investors are treated equally with local investors, but what we are looking at here is to create a new model, a model where foreign investors are local investors because of the way they partner with the private sector.
“So, we want to create a partnership for growth and development. That is why we have the private sector meeting together and collaborating,” Dr. Ali said.
He added: “We have a strong history working with multinationals and, you know, our credentials are very strong. At this time, one of the best destinations for your investment is Guyana.”
