Guyana’s Finance Minister, Dr. Ashni Singh, speaking at the recently concluded Guyana Energy Conference and Supply Chain Expo, emphasized the country’s growing prominence as a prime investment destination, urging global businesses to capitalize on the abundant opportunities across various sectors.
Dr. Singh underscored Guyana’s rapid economic growth and its strategic geographical location as key advantages for potential investors. “So, to come back to the question I asked at the beginning, why Guyana? And I know many of you probably already know this, so I won’t repeat what you’ve heard before,” Dr. Singh stated. He then elaborated, “As you’ve heard time and time again, Guyana is the fastest-growing economy in the world, with a fantastic location, connected to Brazil, adjacent to Suriname, and as the capital of CARICOM, with the seat of CARICOM just 10 minutes away from here in Liliendaal, Georgetown.”
The finance minister went on to stress that Guyana offers vast economic space and benefits from free trade agreements with several key global trade partners. “There are countless reasons to choose Guyana, with opportunities in every single sector, regardless of the business you’re in,” Dr. Singh added.
He also emphasized that Guyana’s expanding economy creates a demand for a wide range of products and services. “Whether you supply bulldozers, hospitals, hospital beds, or hamburgers — it doesn’t matter. There is demand for whatever you are producing or supplying in every sector, whether it’s agriculture, forestry, tourism, energy, or beyond,” he said.
Dr. Singh further highlighted the country’s Local Content Act, introduced in 2021, which ensures that Guyanese nationals and companies participate in the oil and gas sector. The law mandates that a portion of oil and gas sector activities be conducted by local entities, creating valuable opportunities for Guyanese businesses.
“That Act has identified 40 sectors where minimum percentages of business must be conducted with Guyanese nationals and companies,” Dr. Singh explained. He also pointed out that the government has set up a Local Content Register, which now includes over 1,000 businesses. Since the enactment of the law, over US$1.5 billion worth of business opportunities have been created for Guyanese companies.
The minister explained that the Local Content Act provides strong incentives for partnerships between foreign and local businesses. Under the law, 40 service areas, such as rentals, supply of goods, accounting, catering, and welding, are reserved for Guyanese companies. Foreign companies wanting to operate in these areas are required to partner with local businesses, with the Guyanese partner holding at least 51% beneficial ownership, among other benefits.
Dr. Singh’s remarks reinforced the message that Guyana’s vibrant economy, strategic location, and supportive legislation provide numerous opportunities for businesses worldwide to engage with and benefit from the country’s growth.
