SENIOR Minister with responsibility for Finance and the Public Service, Dr Ashni Singh, on Friday said that businessmen continue to invest significantly in the Region Two economy.

Minister Singh made this comment on the opening night of the Annual Agro and Trade Fair organised by the Essequibo Chamber of Commerce and Industry (ECCI) at the Anna Regina Secondary School ground, while highlighting the region’s growing appeal to investors.

He revealed that over $1.5 billion in private capital has been injected into the region’s economy.

The PPP/C government has introduced several incentives to support businesses and the private sector. In addition to the recently opened hotel by Ganesh Jaigobin, three more hotels which will meet international standards are currently under construction in the region.

Once completed, these hotels will offer over 200 rooms to Region Two visitors.

He said that the construction of the new hotels and the influx of private capital are strong indicators of economic growth. This growth he said has created jobs, increased demand for local goods and services, and has generally stimulated economic activity in Region Two.

The expansion of hotel accommodations is attracting more visitors to the region, thereby benefitting local businesses and the broader economy.

Minister Singh said more rooms mean more capacity to host tourists, which will lead to an increase in spending through dining, shopping, tours, and other services.

Additionally, he said that the expansion of the hotel industry is a government-private sector collaboration and that the government will continue to provide incentives and have a collaborative approach to stimulate economic development by creating a favourable environment for investment.
Further, the minister noted that the region’s ferry service offers convenience for business transactions and helps to boost tourism.

Meanwhile, Regional Chairperson Vilma De Silva said there is a current demand for accommodation in the region, noting the existence of numerous beautiful tourist-attraction sites including the Lake Mainstay Resort and at Capoey, Bethany, Mashabo, Tapakuma and along the Pomeroon River.