-President Ali says, highlights diversification, investment, human capital and global partnership efforts

GUYANA’S future will not be measured by the discovery of oil alone, but by how the country uses that wealth to build an economy capable of lasting “100 years ahead”, according to President Dr. Irfaan Ali.

Speaking at the Maple Leaf Gala hosted by the Guyana-Canada Chamber of Commerce in Toronto, Canada, the Head of State said Guyana is pursuing a development model grounded in diversification, strategic investment, human capital and international partnerships, all steps towards positioning itself as a leader in energy, technology and sustainable growth.

As Guyana continues to gain recognition on the international stage, he emphasised that this recognition is built on more than the discovery of oil, but the development of structures, policies and an economy, which he said will last for decades ahead.

Turning his attention to the ability of small nations like Guyana, President Ali noted that with the discovery of oil offshore Guyana, the country has worked to ensure the stability of its future and economy.

“The next period of vindication is upon us. Vindication about what and for what? Vindication to the world that when we were blessed with this great resource of oil and gas, we built the strongest, most resilient and sustainable economy for 100 years ahead of us,” he said, adding, “This is our moment to vindicate what many believe a developing country or a country as small as Guyana cannot achieve. That is avoiding the resource curse.”

He emphasised that Guyana has made oil and gas a blessing through investment, diversification and economic expansion.

Speaking further on this diversification, the Head of State noted that Guyana’s economy is growing and open to new investors. As he explained, the goal for Guyana’s economy is not isolation, but interconnectivity and strong regional and international relationships.

“Guyana today is open to investment, open to innovation, open to partnership, and open to business,” he said, noting, “The objective today is not economic isolation. It is economic interdependence. Because we recognise that we live in an interconnected world. No country succeeds alone. The great economies of the world are linked through trade, investment, technology, talent, and collaboration. And the key to economic interdependence is through trade, investment, and people-to-people contact.”

Successful, sustainable development, he added, is backed by Guyana’s emphasis on vision and investment in people.

President Ali noted that Guyana, within less than a decade in oil and gas, has made some impressive strides, particularly regarding the country’s deep-sea training facility, adding, “A small country like ours, only just over a decade in oil, today we have one of the top training institutions in deep-sea facilities in Guyana. Countries that [are in this business for 50 years, 100 years, cannot say they have that. We have that not by accident.”

Moreover, he cited the investment in “a world-class tourism and hospitality institute” and a US$100 million state-of-the-art STEM training centre. This centre, he added, will be used by Guyana’s primary school children, who he said are “the next set of innovators, scientists, developers,” who “are going to come from these institutions because we are going to expose them, find their talent, and nurture their talent very early in the development cycle.”

These moves come as the Head of State emphasised that the world and the global economy are changing.

President Ali noted that development worldwide has also created greater connectivity and has pushed nations like Guyana to play on the international stage with new partners, adding, “The world today has taught us an important lesson. There is no one-track approach to development. You have to be able to operate on 10 tracks at the same time, with the same speed, with the same clarity.”

“So, you have to navigate trade decisions in Asia, in the Western Hemisphere, in Europe, all at the same time, without offending any of the trading partners,” he said.

Further, he noted that Guyana will have the “most competitive energy costs” by using technology to drive development, innovation and, more importantly, access through preferential trade arrangements to a market of over 450 million consumers.

This strategic strength is why President Ali said that Guyana is among the best places for new investors.

He stated that investors play a major role in the vision of making a Guyana that is not just for Guyanese, but for the world at large.

“We do not want to build a Guyana for Guyanese. We want to build a Guyana in which the world can enjoy, in which our standing forest remains the light upon which humanity survives, in which when the world loses 60 per cent of its biodiversity, we keep ours intact,” he said.

He added that Guyana’s leaders see industries like pharmaceuticals, scientific research and development as the future, adding, “When the world decides to drop out the most inefficient oil and gas producers, they’ll have to drop out those with the highest carbon footprint. And we know that when we get to that stage, Guyana will not be one of those dropping out. That is why Guyana is the most secure location for exploration and investment in oil and gas.”