Finance Minister Dr. Ashni Singh urged global businesses to invest in Guyana, highlighting the country’s rapid economic growth, strategic location, and diverse sectoral opportunities. He emphasized the Local Content Act, promoting local participation in the oil and gas sector, creating significant openings for Guyanese businesses. Singh noted that Guyana’s expanding economy demands a wide range of products and services, reinforcing its appeal as a prime investment destination.
At the Guyana Energy Conference and Supply Chain Expo, Finance Minister Dr. Ashni Singh highlighted Guyana’s emergence as a leading investment destination. He encouraged global businesses to explore the myriad opportunities within the nation’s flourishing sectors, emphasizing its rapid economic growth and advantageous geographic positioning.
Dr. Singh stated, “Guyana is the fastest-growing economy in the world, with a fantastic location, connected to Brazil, and adjacent to Suriname.” He elaborated on the country’s strategic importance, noting its proximity to CARICOM, which adds to its appeal for potential investors.
The Finance Minister reaffirmed that Guyana provides ample economic space and advantages through free trade agreements with major trading partners. “There are countless reasons to choose Guyana, with opportunities in every single sector,” he asserted, underscoring the broad demand for various products and services throughout the nation.
Illustrating the diverse needs of an expanding economy, Dr. Singh remarked, “Whether you supply bulldozers, hospitals, or hamburgers, there is demand for whatever you are producing or supplying.” He noted that opportunities span multiple sectors, including agriculture, forestry, tourism, and energy.
Focusing on legislation, he discussed the Local Content Act, implemented in 2021, which mandates significant participation of Guyanese businesses in the oil and gas industry. “That Act has identified 40 sectors where minimum percentages of business must be conducted with Guyanese nationals and companies,” he explained, identifying the positive effects on local commerce.
Dr. Singh further elaborated on the Local Content Register, which now lists over 1,000 businesses, highlighting that over US$1.5 billion in business opportunities have emerged for local companies since the law’s introduction.
He pointed out that the Local Content Act fosters partnerships between foreign and Guyanese businesses, with local firms required to hold at least 51% ownership in various service areas. This encourages collaboration, creates opportunities, and strengthens the local economy.
In conclusion, Dr. Ashni Singh’s address at the Guyana Energy Conference underscored the nation’s status as a prime investment hub. Guyana’s strategic location, supportive legislation, and expanding economy present extensive opportunities for foreign businesses. The Local Content Act is designed to facilitate local participation in the oil and gas sector, fostering partnerships that benefit both foreign investors and Guyanese enterprises. Dr. Singh’s insights position Guyana as an attractive environment for international investment.
Original Source: www.caribbeannationalweekly.com
