-President Ali says, urges local private sector franchise to leverage financial power, market position
-as Banks DIH opens US$13M automotive subsidiary company

Given Guyana’s current status as a carbon negative state, there exists significant potential for the country to emerge as a prominent manufacturing center for electric vehicles (EVs). Thus, local investors are strongly encouraged to consider the development of a domestic brand.

This represents the vision of the country’s Head of State, Dr. Irfaan Ali, who, during the launch of Banks DIH Limited’s subsidiary company—Banks Automotive and Services Inc, encouraged the private sector franchise and other stakeholders to utilize their financial influence and market position in order to establish a domestic brand.
“EV technology has evolved to every segment of the market, from SUVs to bikes and we are now investing in a national platform, [a] network of charging stations to support those EV vehicles, we are hoping that everyone would embrace this policy of the government,” the President told those gathered at the launch ceremony at the company’s Riverview, Ruimveldt, Georgetown multi-million, multi-story parking lot.
“Just imagine, the major purpose of EVs is social consciousness in the purchasing of vehicles and caring for the environment at the same, then the environment must be the driving force that push the EV market. Just imagine the brand potential of selling EVs that manufactured in a carbon negative country like Guyana,” he added.
According to President Ali, this type of investment will evolve the way business is conducted in Guyana. There is also potential to broaden and create opportunities that will position Guyana globally.
Aside from this, President Ali noted that the local private sector must examine ways to secure franchise rights to major brands.
“You will find that a lot of the major brands, the rights to those franchise are owned by persons in the region …so that is what we have to learn from and as we grow our business and we have better opportunities coming towards us, we have to invest in these things,” President Ali posited.
Already he noted that several major automobile brands are being distributed in Guyana, however there is a potential to make the market more competitive.

‘INTERCONNECTING HIGHWAYS’
With infrastructure being a key function of the economy, President Ali highlighted that the government has been making massive investments to enhance throughways, creating interconnecting links.
“In less than three years we have built 16 new lanes from Mandela to Diamond and 24 new lanes interconnecting the existing highway here on the East Bank, with the Heroes Highway doing all the way to Diamond.”
The government he disclosed will soon expend more than US$250 million to expand the road from Timerhi all the way to Linden. Concurrently, work will soon commence in Region Six to expand a massive highway there.
Works have also picked up pace on the new Demerara Harbour Bridge, “The physical landscape is changing,” the Head of State said, and this, he noted, will prompt more businesses to make investments.
Meanwhile, Banks’ DIH Engineering Services Director, Shabir Hussein, noted that the US$13 million investment is the future in transportation and alternative energy, with the company set to soon purchase EVs.
The company, he noted, will be collaborating with Daikin, supplying a comprehensive range of products, including residential and commercial air conditioning systems.
As it relates to auto vehicles, the company is the official dealer of UniCarriers forklift trucks, SWM vehicles, Shineray Vans & Buses, Sportrak tyres and Keeway motorcycles.
Hussein boasted that the brand new vehicles will have a minimum of ten years of life with little to no defects.