CONNECTIONS were forged and partnerships were built at the AmCham (American Chamber of Commerce of Guyana) Business Brunch and Finance Seminar which was held at the Marriott Hotel in Georgetown on Saturday morning.
A collaborative effort between AmCham and the Women’s Chamber of Commerce and Industry, the event was celebrated under the theme, “Leveraging Your Assets for Sustainable Success.”
The seminar featured several impressive speakers who tackled different areas of business, finances, and entrepreneurship. Among the notable speakers was Tracey Smith, the Management Consultant at Bold Enterprise Solutions & Technologies, who facilitated a session on strategic planning and revenue analysis.
Smith, who has extensive experience advising both national and international clients, provided insights on financial health. Devindra Kissoon, Founding Partner of London House Chambers and President of AmCham Guyana was also a speaker. His presentation focused on safeguarding wealth, asset management, and protection. Moreover, Serah Radhaykissoon, the Chief Executive Officer of Drevait Inc., which provides management consultancy services, delivered an interactive session on how partnerships can unlock greater opportunities for entrepreneurs.
The keynote address was delivered by the Minister of Finance and Public Service, Dr. Ashni Singh, who explored the broader financial situation of the country, highlighting the unprecedented economic growth and opportunities emerging in Guyana.
“Over the last three years, 2021-2023, Guyana’s economy has grown on average by almost 40%, over 39% per annum, on average,” Dr. Singh revealed. This exceptional growth is projected to continue, with the economy expected to grow at an average of almost 30% per annum by 2027.
“There is no precedent that I know of, of any country in the world, any time in human history, that I’m aware of, that has grown at this extraordinary pace over a period as sustained as a year,” he added.
Dr. Singh attributed a significant part of this growth to the booming oil and gas sector.
“We moved from a point where we achieved first oil, and we had a single FPSO producing 120,000 barrels of oil per day, to a point where we now have three FPSOs producing just about 600,000, maybe a little bit under 600,000, maybe 560,000, 600,000 barrels of oil per day,” he detailed. The projection for 2027 is even more astounding, with expectations to produce 1.2 million barrels of oil per day.”
The rapid expansion in the oil sector has had a ripple effect on the demand for goods and services across the country. “What the commencement and growth in the production of oil has done in Guyana is that it has triggered rapid increases and expansion in demand for every single category of goods and services,” Singh explained.
This burgeoning demand underscores the vast opportunities available for businesses within the country.
Dr. Singh also spoke about the government’s national development priorities, which include significant investments in transport, energy, and social infrastructure. “The national development priorities have long been known: investment in transport infrastructure, investment in energy infrastructure, investment in social infrastructure, investment in infrastructure in the social sectors, schools, hospitals, health centres, clinics, etc.,” he outlined.
The revenue from the oil sector has accelerated the government’s ability to fund these projects. “The commencement of oil production and growth in oil production has enabled the government for us to do more and to do it more quickly,” he said.
Addressing the audience of business leaders and entrepreneurs, Dr. Singh emphasised the abundance of opportunities in Guyana.
“To young or new entrepreneurs, I say to them, there really is no shortage of opportunity,” he encouraged. He advised entrepreneurs to conduct thorough self-assessments to identify their competitive advantages. “You need to identify the niche in which you have a competitive advantage. What you know, and what you are good at, and what you will be able to do well,” he advised.
Dr. Singh also stressed the importance of competitiveness and skill development. “We are operating in an era today where you are competing, where your competition comes not only from next door, or not only from within Guyana, but you are competing with the rest of the world,” he said. “But in the long run, you will only survive and succeed if you are globally competitive.”
A significant part of Dr. Singh’s address focused on the importance of gender equality and inclusive participation in achieving national goals. “There is an abundance of literature, academic and otherwise, that documents very clearly how important gender equality and how important all participation by all genders are for the achievement of optimal outcomes,” he stated.
He emphasised the government’s commitment to full participation of all citizens irrespective of gender, ethnicity, religion, or geographic location. “We have recognised for the longest while that we can only achieve the objectives that we have set ourselves as a government and as a country if there is full participation of every single citizen of Guyana,” he said.
Dr. Singh praised the Women’s Chamber for its crucial role in supporting women-owned businesses. “The Women’s Chamber has an extremely important role to play in ensuring and supporting women-owned businesses through their establishment, their incubation, their growth, and their ultimate well-being and prosperity,” he acknowledged.
