–nation determined to translate growth into more opportunities for its people, Minister Ally tells stakeholders at IBC

GUYANA’S ongoing economic transformation took centre stage at the opening of the International Business Conference (IBC) in Georgetown, where Minister of Public Service, Government Efficiency and Implementation, Zulfikar Ally, reaffirmed the country’s commitment to ensuring that rapid growth is translated into real opportunities for its people and the wider region.

Delivering remarks on behalf of President, Dr. Irfaan Ali, Minister Ally, on Tuesday evening, told hundreds that Guyana is now positioned among the world’s fastest-growing economies.

However, he emphasised that the government’s focus is not solely on economic expansion, but on ensuring that this growth benefits all sectors of society and leads to long-term national development.

Ally said: “Guyana today is not the Guyana of yesterday. We are a country on the move, a nation of the fastest growing economies in the world. More importantly, we are a country that is determined to translate that growth into opportunity for our people, our region and our partners.”

The minister pointed out that Guyana’s growth trajectory is underpinned not only by its oil and gas sector, but also by the potential of that sector to catalyse wider transformation.

With strong medium-term economic projections, the government aims to use this period of opportunity to lay the foundation for a resilient and inclusive economy.

“Our economy is projected to enjoy sustained growth in the medium term, not just because of oil and gas, but because of what that sector enables. We must use this moment of strength to build the foundation for lasting prosperity. In other words, this is our window to transform short-term boom into long-term growth,” Ally said.

Cautioning against the mistakes made by other resource-rich nations where short-term gains were squandered, Ally noted that Guyana is actively steering a different course, one that prioritises sustainable and broad-based development.

He highlighted the potential for growth to positively impact a wide range of industries including construction, logistics, tourism, services, technology, and agri-business.

“We’ve all seen what happens when countries get it wrong, when windfalls are wasted, when wealth is concentrated, when development becomes distorted. This is not the path Guyana will take,” he said, adding: “Our goal is just not growth, but good growth that is broad based, inclusive and sustainable. The expansion of our economy will unlock tremendous opportunities across all sectors, from construction to logistics, from services to technology, from tourism to agri-business.”

He also underscored Guyana’s vision of regional upliftment. As the country advances, it is expected that neighbouring states and the wider Caribbean will also benefit through increased trade, investment and collaboration.

The minister stressed that each new industry or partnership formed in Guyana contributes to the region’s collective prosperity.

Ally said: “I would like to emphasise one simple truth; our growth is not just our own. As Guyana grows, so too does the Caribbean. Every new investment, every new industry, every new partnership that takes root here sends ripples of opportunity across our region.”

This year’s IBC, themed ‘Bridging Businesses for Regional Prosperity,’ aims to foster greater regional integration and economic cohesion.

The conference brings together key players from across the Caribbean, including Suriname and other neighbouring states, highlighting the importance of seeing the region not as fragmented markets, but as a unified economic space with shared goals.

Ally said: “It’s not about waiting for global investors to discover us. It’s about discovering each other. It is about seeing our region, not as a set of small, separate markets, but as one powerful economic space.”

The IBC, which focuses on regional advancement, is expected to continue with panel discussions, networking sessions, and business matchmaking opportunities that seek to strengthen ties across sectors and borders.