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Guyana was granted
independence from
the United Kingdom
in 1966 and became
a republic within the
Commonwealth in
1970. It is the home of the Caribbean
Community (CARICOM) Secretariat
even as it enjoys the unique position
of being the only English speaking
country in South America. It is by far
the largest country in CARICOM with
an area of 83,000 square miles and a
multi-ethnic, multi-cultural population
of approximately 766,200 of persons of
Indian, African, Chinese, Portuguese
and European origin, and indigenous
Amerindians. Ninety percent of the
population lives on the coastal strip
while the Amerindians reside mainly in
the savannahs and highland regions
and enjoy certain traditional rights over
the areas where they live.
With access to the CARICOM market
under the Caribbean Single Market
and Economy and as a beneficiary
under the Caribbean Basin Initiative
(CBI), many of the country’s products
gain preferential treatment into the US
and enjoy duty-free treatment under
THE COUNTRY
the Generalised System of Preferences
(GSP). Special access arrangements
are also in place to the huge European
Market under the Economic Partnership
Agreement (EPA), to Canada through
CARIBCAN and to other countries
through bilateral agreements.
Following decades of experiments
with socialist economic models,
the country in 1989 entered into an
Economic Recovery Programme under
which the corporate, fiscal and financial
systems have been systematically and
continuously revised, and all exchange
controls removed. These measures
have resulted in significant economic
growth, reduction of the external
debt through substantial debt-relief
and grants, all allowing substantial
investment in physical and social
infrastructure.
Guyana lies within the equatorial
trough zone and the seasons are
determined mainly by the variation in
rainfall patterns. In the Coastal Zone,
there are traditionally two wet seasons
from May to July and from November
to January and two dry seasons
from February to April and August to
October.
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The economy, because of the climatic
structure of the country is primarily
based on agriculture, eco-tourism,
forestry, fishery and mining in bauxite,
gold and diamonds. Efforts are in
progress to promote non-traditional
agricultural produce and aquaculture,
and a number of companies are
pursuing plans for oil exploration.
Under a Low Carbon Development
Strategy (LCDS) being promoted by the
Government of Guyana, the economy
will offer lucrative opportunities for
businesses in new and expanding
sectors that pursue environmentally
friendly activities.
To confirm its commitment to
fostering a favourable environment
for growth and creating opportunities
by improving its political climate,
maintaining a stable macroeconomic
environment, modernising the traditional
growth sectors and rehabilitating and
expanding the physical and social
infrastructure, the Government in 2004
passed the Investment Act setting out
the incentives and guarantees to both
foreign and domestic investors.