PRESIDENT Dr. Irfaan Ali said that, since taking the helm of Government in 2020, the local private sector has grown significantly, resulting in his government’s commitment to creating more than 50,000 jobs being surpassed.
Speaking on the achievements of his administration during a live broadcast, President Ali emphasised that robust policies, strategic investments, and a business-friendly environment have fostered unparalleled growth across multiple sectors, strengthened investor confidence, and created sustainable employment opportunities.
“The private sector is the engine of economic growth, and my government has worked tirelessly to ensure the environment is conducive to its expansion,” President Ali stated. “This is reflected in the 60% increase in private sector credit from June 2020 to June 2024, which is more than three times the growth seen under the previous administration.”
PRIVATE SECTOR GROWTH AND INVESTMENT
According to the President, under his leadership, private sector investment has soared across key industries and sectors.
In agriculture, private investment grew by 97%, while manufacturing increased by 47%, and construction saw a 93% rise. Mining investment also recorded a 65% increase, while other services grew by 124%.
“These figures are a testament to the confidence the private sector has in our economy and policies. Our strategy is not just about growth; it is about inclusive and sustainable development, ensuring benefits reach every citizen,” the President remarked.
FOREIGN DIRECT INVESTMENT
Guyana’s attractiveness as an investment destination has reached historic levels. Between 2021 and 2023, Foreign Direct Investment (FDI) reached $16.1 billion, more than three times the total FDI recorded during the previous administration. Guyana has become the sixth-largest FDI recipient in Latin America and the Caribbean, with $7.2 billion in inflows recorded in 2023 alone.
“International investors are looking at Guyana and seeing opportunity. This is the result of deliberate efforts to position our nation as a hub for investment through fiscal incentives, a resource-rich economy, and access to global markets,” President Ali explained.
JOB CREATION
The President highlighted that the government’s job creation target of 50,000 jobs has been surpassed, with over 60,000 sustainable jobs created in sectors such as construction, forestry, oil and gas, tourism, and mining.
“From the start, we committed to building a strong, people-focused economy that generates employment opportunities for all Guyanese. The results speak for themselves,” President Ali said.
The housing sector alone has generated over 30,000 jobs, while the oil and gas sector accounts for more than 6,500 new positions. Other key contributors include tourism with 8,700 jobs and GUYSUCO, which rehired 2,000 workers.
“We are not just creating jobs; we are empowering people by creating opportunities that improve their livelihoods and their families’ futures,” President Ali concluded.
Guyana remains focused on driving economic growth, attracting investment, and creating opportunities to build a prosperous and resilient nation.