A Jamaican delegation is currently scouting for investment opportunities in Guyana, while noting potential for massive infrastructural and financial changes to accommodate the projected economic growth.
A 38-member delegation of Jamaican public- and private-sector stakeholders is currently visiting Guyana from October 2 – 7, hoping to be part of the projected economic boom in Guyana.
The International Monetary Fund (IMF) projected overall real GDP growth for the Guyanese economy to be 57.8 per cent in 2022. The massive GDP growth is expected to be fuelled by developments in the oil and gas sector.
However, the IMF projected that the non-oil economy will record impressive growth as well at 7.7 per cent. This will be driven mainly by rebounds in rice production, gold mining, and the continued expansion in construction activity, wholesale/retail trade and repairs.
Jamaican Industry, Investment and Commerce Minister Aubyn Hill believes his country has expertise that can greatly benefit Guyana.
“You have been small; you’re going to have a much bigger economy now. We are here already. One of our financial houses is here financing and bringing a Jamaican construction company and financing that construction company to build that 350 room hotel and upmarket residential arrangements and a big commercial centre. All that is being financed by a consortium led by a Jamaican bank for about 350 million US dollars. We have people that you don’t immediately have.”
Some of the expertise Jamaica believes they have that can be of value to Guyana include hospitality, Business Processing Outsourcing (BPO), export trade, financial structures, and financing for infrastructure.
The Minister emphasised that the two countries have maintained good relations over the years and further partnership can only help both countries moving forward.
“So we know Guyana is moving fast but you have so much to do. You’re going to have to put in infrastructure. You have road arrangements you’re going to have to put in. I see you’ve changed the airport but I look at the road system and I know in three to four years even you will not know what has happened to Georgetown, because it’s going to change so dramatically.