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Private sector should work together to make the economy competitive – Min. Bharrat

Minister of Natural Resources Vickram Bharrat says now is the time for the private sector to take the opportunity to build a strong vibrant economy for Guyana. To this end, the Natural Resources Minister is urging the private sector in Guyana to work together.

He noted that capital is very hard to access in Guyana but emphasised that partnership is important to ensure the sustainability of the economy.

Minister Bharrat was at the time delivering his remarks on the second day of the International Energy Conference and Expo 2022 at the Guyana Marriott Hotel.

Minister of Natural Resources, Vickram Bharrat

If we don’t come together in a consortium, in joint ventures, in partnership, we may very well miss the boat,”

he said to the private sector at the energy conference.

Minister Bharrat said with Guyana’s potential to become the largest oil producing country, the government remains resolute that greater benefits and shared value must continue to grow the domestic economy through local content.

In this regard, he urged investors to work with the private sector in business ventures, since he believes local companies are capable of becoming major players in the provision of goods and services to the oil and gas industry.

“This is poised to increase over time, through partnership, knowledge, skills, technology transfer, capacity development. This will ensure that a greater percentage of the value created remains in the country and forms productive linkages with other sectors of the Guyanese economy,”

he stated.

He reminded that while the oil and gas industry is new and exciting Guyana is a country of numerous resources with opportunities in agriculture, mining, and manufacturing among others.

“Guyana as you would realise by now is not only about oil and gas, therefore, we want to encourage you to take the opportunity to look at the potential to invest in the other non-oil sectors,”

Minister Bharrat said.

He explained that the Guyana we see now was built from the resources from the other non-oil sectors.

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