Download PDF - The Georgetown Chamber of Commerce & Industry

Administrative Regions of Guyana
Source: commons.wikimedia.org
T
here are four key words
to keep uppermost in our
minds when we characterize
the development of Guyana
- OPEN, COMPETITIVE,
DIVERSIFIED, SUSTAINABLE.
These words highlight the economic
strategy of the Government of Guyana
in partnership with the private sector
and international donor agencies.
The main goals of that strategy are to
achieve and maintain higher economic
growth rates and a better standard of
living for all Guyanese through a visibly
enhanced business climate.
Local and foreign investors can attest
to the on-going improvements in the key
areas of doing business in Guyana: (a)
the maintenance of political, economic
and social stability, (b) a strong
financial sector, (c) an expanding
modern infrastructure (bridges, roads
and telecommunications), (d) the
continuous reform of laws, regulations
and key public service institutions, (e)
the expansion and modernization of the
education, health and housing sectors,
(f) a growing local business sector,
and (g) a forward-looking International
outlook by the Government of
Guyana (particularly, the Low Carbon
Development Strategy).
Map Detailing Guyana’s Forest Cover, Protected
Areas and Logging Concessions.
Source: forestmonitor.org
FINDING THE INVESTMENT
Over the years, Go-Invest has
facilitated many projects and that trend
shows no sign of slowing, with the first
half of 2009 recording two hundred
and sixty-eight new and expanding
investment projects.
The sectors registering the fastest
growth in the first half of 2009 were:
Agriculture (with 88 new projects),
Services (with 65 new projects) and
Wood Products (with 36 new projects).
Taken together, the investment projects
in these three sectors comprise sixtynine
percent of the total number
of projects. The other thirty one
percent of the projects are in the Light
Manufacturing, Tourism, Information
and Communications Technology,
Mining and Alternative Energy
Sectors.
There has been great geographic
diversification of these new
investments, with one hundred and
sixty-five (62%) of the total for the first
half of 2009 being located outside of
Region 4, and in particular, Regions 1,
3, 4, 6, 9 and 10.
Diversity can also be seen in the origin
of those investments, with 146 projects
being led by local investors, 111 being
controlled by foreign investors and
17 joint ventures between locals and
foreigners.
Mineral Exploration Map of Guyana
Source: www.swissco-gold.com/
OPPORTUNITIES IN GUYANA
Over the last five years, although
the largest number of Foreign Direct
Investment (FDI) projects continues to
be from the USA and Canada, we have
seen an increasing number of FDI
projects from Brazil, China, India and
Trinidad and Tobago, as well as a few
projects from Russia, Ireland, Mexico,
St. Kitts, St. Lucia and the United
Kingdom. For the first half of 2009,
Go-Invest was facilitating one hundred
and eleven such projects.
Also notably, a significant number
of overseas based Guyanese in the
Diaspora are continuing to invest in
Guyana, with fifty-seven of the projects
in the first half 2009 being owned by
such individuals.
Guyana Business 2010 | 46 Guyana Business 2010 | 47
It is my belief that for the sustained
development of an economy, the
diversification of new investments and
re-investments as well as foreign and
local investments is essential.
Such a mindset and strategic
approach are enabling our country to
survive in these times of uncertainty in
the global economy and encourages
us to take advantage of the new
opportunities.
For further information contact:
Geoffrey Da Silva
Chief Executive Officer
Guyana Office for Investment
www.goinvest.gov.gy