-Natural Resources Minister tells investors
-urges stakeholders to seize opportunities beyond oil, gas
GUYANA has caught the attention of both international and local investors. In light of this, Minister of Natural Resources, Vickram Bharrat, is urging stakeholders not to miss out on this opportunity, emphasising the country’s stability and predictability.
While giving his address during the second day of the Guyana Energy Conference and Supply Chain Expo at the Marriott Hotel, on Tuesday, which is being held under the theme, “Fuelling Transformation and Modernisation,” the Minister did not fail to underscore that the nation is not revolving around oil and gas. Rather, it is nurturing the advancement of the traditional industries.
“We are Guyana…A country that is the new kid on the block. That is how we would like to be seen,” he underscored, while supporting Vice President Dr. Bharrat Jagdeo, calling out people for comparing Guyana to other nations.
Furthermore, it was stated, by the Minister, that, although Guyana is widely recognised for its oil, mining, and logging industries, it is imperative not to overlook the nation’s strong environmental credentials.
With Guyana being the second most forested country in the world, just after Suriname, he then stated: “Today our deforestation rate in Guyana is 0.036 per cent and we are working to even further reduce that through value added.”
Bharrat then expressed his gratitude to those investors for being interested in Guyana.
He said: “We thank you for that. It shows that you have the confidence in our country and the way in which the country is being managed and you have the confidence in the government of the day, and ensuring that your investment is secured.”
Adding: “There is stability and there is predictability in our country and that is something we can assure you of.”
In addition, the Minister underscored that the investments under scrutiny are not only intended to benefit investors, but also to enhance the livelihoods of Guyanese citizens. The People’s Progressive Party/Civic (PPP/C) Government aims to showcase Guyana not solely as an oil and gas nation, but also as a country with vast potential in traditional sectors.
He related: “… We see you as a partner in not only developing the oil and gas sector but we see you as a partner in developing all sectors across our beautiful country.”
Putting things into perspective, the minister touched on the agriculture sector and the way it will boost development.
He stated that the agriculture sector will play a major role in achieving ‘25 by 2025.’ For context, the ‘25 by 25’ initiative is a pledge by the Heads of Government of the Caribbean Community (CARICOM) to reduce the region’s food import bill by at least 25 per cent by 2025.
Research has shown that the region imports, from out of the region, approximately 80 per cent of the food that it consumes, which amounts to approximately US$4 billion.
Despite longstanding calls for increased domestic food production as a means to tackle the substantial food import expenses, the proposal gained renewed momentum within the governments of the region last year. This was in response to the severe repercussions of the food insecurity resulting from the conflict between Ukraine and Russia, which had a profound global impact.
The war had worsened concerns regarding food security amid the COVID-19 pandemic. Guyana is widely regarded as a prominent nation in the region, capable of bolstering regional production and addressing existing gaps.
In Guyana, the government has been committing a lot of resources, including land and funding, towards this initiative.
Moving onto the forestry sector, while labelling it “viable,” the Minister stated that the nation was supplying its lush timber to Caribbean nations and was even planning on expanding.
“…Through value-added, we can keep our forestry sector viable, which is so important because over 25,000 Guyanese are directly or indirectly employed in the forestry sector,” Bharrat explained.
As he went on to explore other traditional sectors, which have been flourishing since the PPP/C administration took office, the Minister remarked: “…We intend to continue our exploration and production of our natural resources in a responsible and sustainable manner because most of the employment that are created in these sectors will not be matched by the oil and gas sector.”
Shifting the presentation to energy security, the minister called for discussions to surround a just and equitable approach to the energy transition.
While the calls for fossil fuels to stop being used completely are loud, Bharrat highlighted that when it comes to making that a reality, investments are not being made as it should be.
The Minister remarked: “I want to urge that as industry leaders [and] as future investors in our country that you take note of what we’re doing as a country; take note of the model that we would’ve established.”
