President of the Georgetown Chamber of Commerce and Industry (GCCI) Timothy Tucker is urging local businesses to make the best of the massive opportunities coming to Guyana.
Through consortiums with global businesses and government agreements with international companies, several mega projects are set to come onstream for Guyana.
One example is the model smart city, Silica City, which is beginning to be set up as a home for foreign companies to establish their headquarters and source human resources in this region.
With a modern Guyana in the making, the local private sector is urged to capitalise on opportunities for large-scale partnerships.
As such, Tucker urges businesses to start thinking big, so they won’t be left behind as the country develops.
“I don’t see them preparing themselves for it. I did say (at the Business Development Forum 2022) that Guyanese businesses need to start thinking at an international level. We are looking at the internationalisation of Guyana and the Guyanese economy,” He noted.
The global spotlight hit Guyana in 2015 following oil discovery by Exxon Mobil-led consortium off Guyana’s coast.
In fact, the country has turned into an emerging oil powerhouse with an estimated 11 billion barrels of recoverable oil discovered so far, which the International Monetary Fund (IMF) says is one of the highest levels per capita worldwide.
Guyana is expected to record 30 percent economic growth this year, with the non-oil economy projected to have a turnout of 9.6 percent for 2022.
Investors from around the world are seeking to be part of this rapid growth, which presents opportunities for local businesses to present proposals that can see both businesses benefit.
“Where prior we would talk about companies that are exporting versus companies that are doing business in Guyana, you’d say oh I don’t need to do this, I don’t need to adhere to this standard in Guyana because I’m not exporting. Gone are those days. Every single business in Guyana is doing business at an international level because the world is coming to Guyana. Based on our development, based on our growth trajectory, everyone is coming to take advantage of the opportunities here.”
President Irfaan Ali echoed similar sentiments last year when he charged the local private sector to stand ready to present business plans and feasibility studies to foreign investors to form partnerships, referencing the frequent trade missions to Guyana from around the world.
He acknowledged that this is new terrain for local businesses to navigate, with many of them having never been exposed to such high-level partnership and growth opportunities.
Finance Minister Dr. Ashni Singh recently set up a team to work with businesses to develop proposals and feasibility studies, as well as assist them in negotiating favourable terms and conditions for financing.