-President Ali says, points to gov’ts targeted policies

Guyana’s economic landscape is undergoing a dramatic transformation, fueled by an exceptional surge in foreign direct investment (FDI), President Dr. Irfaan Ali has said.
The Head of State during a recent statement, revealed that between 2021 and 2023, the country attracted a record-breaking $16.1 billion in FDI, marking a significant milestone in its development trajectory and underscoring the growing international confidence in its economy.
This figure represents a threefold increase from the FDI inflow, a remarkable achievement that positions Guyana as a standout performer not just in the Caribbean, but across Latin America and the Caribbean as a whole.
In 2023 alone, Guyana received $7.198 billion in FDI, marking a 64 per cent increase over the previous year. The United Nations Economic Commission for Latin America and the Caribbean (ECLAC) recently recognized Guyana as the sixth-largest recipient of inward FDI in the region, underscoring its rising importance as an investment hub.

This growth, he said, must be attributed to the confidence international investors have in Guyana’s public policy and government, particularly under the People’s Progressive Party/Civic administration, which is credited for fostering a strong economy, beneficial private sector policies, and job creation.
“This is the confidence in our country. This is the confidence in our public policy and our government.”

“This is the confidence we’re talking about. This is what we bring – strong leadership, strong policies. Good began, good for the private sector, good for job creation and good for our country,
During a previous broadcast, the Head of State had examined the impacts of his administration’s policies and programmes from 2020 to 2024, President Ali noted that there are various comparative advantages in the region and his government prides itself in developing strategies that carry very low operational costs among other things.

Against this backdrop, he said that one of the indicators of confidence in the economy and how the private sector perceives the economy, one must look at private sector credit.
Providing figures comparing the previous APNU+AFC tenure in government to the current People’s Progressive Party/Civic’s (PPP/C) term, he noted that, under the previous administration, there was very low confidence in the policies of the government.
Pointing to a comparative graph, Dr Ali highlighted that a flat period can be seen in relation to private sector growth and private sector credit and very flat investment or credit to the private sector.

The President emphasized that the government’s focus on creating an enabling environment for businesses, along with sound fiscal policies, has created an attractive destination for investment in key sectors such as oil and gas, infrastructure, agriculture, and renewable energy.
The government’s efforts to strengthen public-private partnerships, modernize infrastructure, and diversify the economy have been pivotal in catalyzing this investment boom.

However, the government has also been keen to ensure that the benefits of this influx of capital are felt across the economy. Dr. Ali pointed out that the expansion of the private sector, driven by foreign investments, is generating thousands of jobs and contributing to an overall improvement in the standard of living for Guyanese citizens.