-Urges Guyanese to pursue investments

WITH the goal of diversifying Guyana’s economy and utilising its abundant freshwater resources, President Dr. Irfaan Ali is turning his attention to the water market as a promising avenue for economic growth. He is urging local businesses to capitalise on this opportunity and make lucrative investments.

Speaking at this year’s Local Content Summit in Kingston, Georgetown, President Ali outlined a bold vision for leveraging Guyana’s abundant freshwater resources to tap into the growing demand for water in the region and beyond.

Guyana, which means ‘Land of many waters,’ boasts significant freshwater reserves, with an annual per capita water availability of 344,541 m3. The country is rich in freshwater resources, with an abundance of rivers, waterfalls, and rainfall. However, these resources are primarily used in agriculture, forestry, mining, fisheries, and service industries.

Against the backdrop of an oil boom that has the potential to transform the country’s economy, President Ali sees the water market as a valuable opportunity for diversification and expansion.
Addressing attendees at the summit, President Ali highlighted the potential for Guyana to become a key player in the global water market.

He stressed the strategic importance of leveraging the country’s geographic location, its burgeoning diaspora, and its proximity to regional markets such as North America, Brazil, and the Dominican Republic.

“We have the diaspora unit, the diaspora in North America, we have the regional market, and then we have Brazil. So, here is that we are building this huge infrastructure into northern Brazil. And then we have the DR, a huge market opportunity,” President Ali remarked.

President Ali outlined a pragmatic approach to seizing opportunities in the water market, citing the analysis of regional budgets to identify core areas of investment across neighbouring countries.

He underscored the demand for water-related infrastructure projects, revealing that many countries in the region are actively seeking investment in water and are prepared to offer agreements similar to power purchase agreements.

“How are we going to build the scale and capability that local content exposes us to, to now position ourselves in this market? Is it possible? Let me tell you how possible it is?” President Ali asked the audience.

“Recently, I took time out to go through the budgets of all the countries in the region,” the Head of State explained. “And would you believe it that many countries in the region are looking for investment in water and they are ready to give you, just like you have a power purchase agreement a water purchase agreement for investment in water?”
Illustrating the magnitude of investment opportunities in the water sector, he explained that the scale is a US30-50 million project.

As such, he proposed the formation of local business consortia to capitalise on these opportunities, leveraging the growing expertise in water treatment plant construction and management.
He highlighted the potential for Guyanese companies to transition from simply selling water to owning water distribution networks in neighbouring countries, thereby significantly enhancing their market presence and value proposition.

“Why can’t we get a group of local business personalities to come together in a consortium with experience that we are building, we are building seven water treatment plants, yes, many from external companies, but we are building up that local capacity, and go after this opportunity. Hopefully, we have encouraged enough of them to go after these opportunities.
“But you can transform overnight your portfolio from selling water to big companies, selling water locally to owning water distribution or owning 40 – 50 per cent water distribution in one of the countries. Imagine what that does to your company profile. Imagine what that does to your capability and your scale,” President Ali said.

While acknowledging the significant economic benefits of tapping into the water market, President Ali also stressed the importance of ensuring that such endeavours are carried out sustainably and equitably.
He highlighted the need to protect water security and uphold the human right to water and sanitation, emphasising the importance of affordability and accessibility for all, including the most vulnerable segments of society.

As such, President Ali reaffirms his commitment to a strategic approach to harnessing the country’s natural resources for sustainable development and prosperity.
Guyana is currently undergoing a significant economic transformation driven by its burgeoning oil industry. With vast freshwater resources and strategic geographical positioning, the country is well-positioned to capitalise on growing regional and international demand for water.

The sale of water presents an opportunity for Guyana to diversify its economy, create jobs, and promote technology transfer and knowledge exchange in the water sector.
However, government and stakeholders remain committed to ensuring that water resources are managed sustainably and that the rights of all citizens to access clean water are upheld.