…says companies investing in Guyana can be assured of support, protection
Guyana’s economy is scaling new heights with its oil boom, and President Dr Irfaan Ali pushed the country as an attractive investment destination during the China International Import Expo 2022.
The fifth expo, which runs until November 10 in Shanghai, provides a vast platform for a whopping 145 countries to showcase what they can offer. Investors and major brands are also on board to promote their services, while simultaneously seeking new partners.
Ranked by the International Monetary Fund (IMF) as one of the five fastest-growing economies in the world, Ali highlighted during his virtual address that many factors make Guyana an ideal investment partner to the world. At the same time, they can be assured of support and protection.
“Guyana is a particularly attractive investment destination for several factors, including its rapid economic growth, resource wealth, multi-sector opportunities, its accessibility to regional and global markets, and favourable fiscal incentive regime for investors.
Companies investing in Guyana can be assured of support and protection,” he pointed out.
Moreover, the Head of State exalted the fact that oil and gas are becoming major players in the country’s rapid growth and allowing for development in other sectors.
“Our economy is expected to grow by 47 per cent this year. Guyana is now an oil-producing state, with an estimated 11 billion barrels of recoverable petroleum reserve; one of the highest per capita in the world. It is rich in gold, diamonds, timber, bauxite, fisheries, rice, and sugar. It is also diversifying and modernising its agricultural sector.”
Despite being an oil-producing State, he boasted of the country’s low carbon trajectory through effective management of the oil resources. At the same time, traditional sectors are being developed, with a tangible injection of funds in agriculture, health, and education. Low-carbon sectors, such and tourism, Information and Communications Technology (ICT), and aquaculture are also being elevated.
“Guyana’s Low Carbon Development Strategy promotes economic sustainability, diversification of the economy, investment in climate mitigation and adaptation, utilising carbon credits, enhancing biodiversity and transitioning into a clean energy future. Our objective is to reduce the high cost of energy by 50 per cent by 2025, thereby overcoming what has been one of the major impediments in development – high energy costs,” the Guyanese leader told the esteemed gathering.
As many as 284 companies that are on the Fortune 500 list or industry leaders will be present at the business exhibition, and hundreds of new products, technologies, and services will be exhibited at the six major exhibition areas, including consumer and agricultural products, cutting-edge medical devices, state-of-the-art technologies and facilities, and the automotive and service industries.
Speaking on China’s contribution to the world, President Ali expressed that Guyana remains deeply appreciative of the systems and collaboration offered throughout the years. He lauded the country’s emergence as a “global economic giant” and was hopeful for increased partnerships in the future.
“The country has emerged as a global economic giant; its economy is characterised by strong and sustained economic growth. These accomplishments have resulted in improvements to people’s living standards. China, in turn, has expanded its relations with the external world. It has intensified trade, investment, and developmental systems with other parts of the developing world, including my own country Guyana.”
He added. “There is an increase in human resource training and scholarships, medical cooperation, food security and agriculture; and technological and infrastructural transformation. I’m confident that this fifth China International Import Exposition will provide an unparallel opportunity for the promotion of business opportunities, increasing trade, and promoting greater economic collaboration between Guyana and China; and Guyana and the rest of the world.”