Guyana has great potential for major investments
  – Barbados’ Deputy PM

Government, GINA, September 26, 2007

Government’s commitment to fostering an enabling environment for trade and investment in the country by both local and foreign investors was conveyed to participants of a seminar on ‘Doing Business in Guyana’ at the Grand Coastal Inn, Le Ressouvenir, East Coast Demerara.  
            Present were Deputy Prime Minister of Barbados Mia Mottley, Minister of Agriculture, Robert Persaud, Minister of Tourism, Industry and Commerce, Manniram Prashad, Brazil’s Ambassador to Guyana Arthur Meyer and Chief Executive Officer of GO-INVEST, Geoffrey Da Silva. There were a number of local and foreign investors from countries such as Brazil, Barbados and Trinidad and Tobago.
            Ms Mottley committed her country’s full support to fostering a better trading environment in Guyana.
            “Barbados and Guyana have always shared great ties and this seminar is evidence of the great opportunities for investment. It shows that we are cognisant of the difficulties which we have encountered in the past and are willing to work together in building the capacity of development which will benefit all stakeholders,” the Deputy Prime Minister said.
              “If we want to achieve our goals then we must be able not only to work together in identifying the opportunities, but also we must commit ourselves to exploring and developing these opportunities by strengthening the relationship between the Government and both local and foreign and investors.”
            The Deputy Prime Minister said at the administrative level, Government must be the key player in the venture as the right tax regime and legal framework are important in developing an investment and trading environment in Guyana.
            Today’s seminar focused on investment opportunities in two main areas of agriculture and tourism.
            Agriculture Minister Robert Persaud said Guyana is being developed as the gateway to CARICOM and is the only country in the region which enjoys food security which is an added encouragement for business.
            He presented the different opportunities in agriculture and reiterated Government’s efforts to further boost the sector which contributes 32 per cent to the country’s Gross Domestic Product (GPD) and 37 per cent of export earnings.
            Tourism Minister Manniram Prashad spoke extensively of the growing tourism industry noting that Guyana has been gaining international recognition and making significant strides to nurture different types of tourism activities which are being supported by the international community.
            He said that Guyana has some of the world’s most  beautiful attractions which over the years managed to sustain a steady number of foreign visitors who are not only coming for vacation and recreation but also to see what Guyana  has to offer in terms of sustainable economic ventures.
            Government is working closely with several CARICOM and neighbouring countries to boost tourism and agriculture activities.
            Brazil’s Ambassador to Guyana Arthur Meyer said his country will be discussing several projects aimed at strengthening the economic environment of the two countries, including a Brazilian consolidatory office in Lethem which is expected to come on stream next year. The Takutu Bridge is expected to boost trade between the two countries.
            Government has been asked by Brazil to submit a new list of products for preferential prices for imports.
            Opportunity for investment especially for exports was identified in the areas of rice and sugar cultivation, the production of fresh and processed foods, livestock and diary products, aquaculture/fisheries, vegetables, organic products and forestry. Agro energy has also stimulated some interest over the years especially from neighbouring Brazil.
            Government has over the years invested tremendously to make Guyana an attractive market for investment and has been exporting to countries such as Barbados, Trinidad and Tobago, St. Lucia and Antigua.
            Some of the major agriculture investment by Government includes a US$34M project to finance policy reforms which sought the involvement of several semi-autonomous agencies created to address land tenure, administration, food safety issues and operations and management of drainage and irrigation systems.
            Guyana is ripe for investments as it has the natural resources with vast areas of productive agricultural lands and forest, a prime location as gateway to CARICOM, an affordable and educated labour force, economic strength with an international reserve of US$224M accompanied by supportive Government policies.
            Investors are benefiting from duty-free access to some markets including the Unites States and the European Union. There is improved infrastructure to allow for easy access and transport of goods and services with a vibrant business environment in a market oriented economy and a well developed banking sector.      

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