GAICO Construction Inc. has signed a Joint Venture Agreement with Caribbean Sugar Refinery Inc. to establish a new white sugar refinery in Guyana, marking a major development in the country’s ongoing efforts to modernise and expand its sugar industry.
The agreement was formalised during a signing ceremony held Monday evening at the Pegasus Corporate Centre in Kingston, Georgetown.
The Guyana Office for Investment (GO-Invest) congratulated the partners on the initiative, describing it as a significant step toward strengthening value-added manufacturing within the agriculture sector.
Chief Investment Officer and GO-Invest Head, Minister Peter R. Ramsaroop, MP, praised the venture as a strong indication of investor confidence in Guyana’s rapidly growing economy.
He said the project reflects the momentum driven by a combination of local leadership and strategic international partnerships.
Ramsaroop noted that government initiatives to reduce energy costs—particularly the Gas-to-Energy project—are central to enabling new industrial investments such as the proposed refinery.
Senior Minister within the Office of the President with Responsibility for Finance, Dr. Ashni Singh, delivered remarks on behalf of President Dr. Mohamed Irfaan Ali, stating that the project aligns with the administration’s commitment to revitalising the sugar industry through modernisation, diversification, and value-added production.
According to officials, the refinery is expected to enhance the competitiveness of Guyana’s sugar sector by expanding processing capacity, supporting export readiness and generating additional employment opportunities. The initiative forms part of broader national efforts to promote economic diversification and increase Guyana’s footprint in regional and international markets.
GO-Invest reaffirmed its support for investments that expand productivity and contribute to sustainable economic growth, noting that the refinery positions Guyana to become a competitive supplier of refined white sugar within the Caribbean and beyond.