Friday, March 19, 2010

Guyana doing well in attracting siginficant investments

A trade delegation of 50 Brazilian businesses is expected in the country next week to explore business relations with Guyana, says Head of the Guyana Office for Investment, Geoff DaSilva.
This will be the biggest trade delegation to date, and the group will be looking to explore areas of investment in tourism and purchasing of building materials like cement and steel.
Speaking at a press conference hosted by the Private Sector Commission yesterday, DaSilva was of the view that Guyana is doing well in attracting investments, especially when taking into account that countries’ average investments dropped 60% last year in light of the global economic climate.
Some 457 projects were facilitated for investments by GoInvest last year to the tune of US$111M. This represents a steep drop from the previous year which saw investors filing proposals for US$168M.
On the international scene, Guyana’s rankings according to the Competitive Index jumped 22 places, a positive sign, the official said.
The 457 projects was the largest ever in one year, he stressed.
By far, the largest number of investments went into the agriculture sector - 152 projects. While there is still a way to go, DaSilva opined that things are looking good. Two new, modern supermarkets were opened recently in the Essequibo area and another major one is slated to be completed shortly.
Along with DaSilva at the press conference were Executive Director of PSC, Kenrick Rambarran, and Dr. Cecil Rajana, Head of the National Competitive Strategy.
According to GoInvest figures, there are increasing signs that the investments are being made across the country, especially in the Lethem area. Regions 6, 9 and 10 have seen significant growth. This year, working with the PSC, GoInvest is hoping to increase trade within the CARICOM region. Additionally, the office is working to launch its much-anticipated Guyana Trade Point, a data system that will disclose trading information for businesses, which want ready access for possible markets.
So far, with the majority of investors being overseas-based Guyanese, DaSilva said that his office will be working to attract other investors. GoInvest will also be collaborating with handicraft businesses and the trawlers association to increase exports.
Recently, the delegation from Mexico and Trinidad visited Essequibo to explore the possibility of opening call centres.
According to DaSilva, while call centres in Guyana employ 2,000 plus persons currently, it is the hope that this could be increased to over 9,000 individuals. It is a fast way to provide employment, he said.


  1. The investment future for Guyana is getting better and brighter and this is a very good for us has guyanese........glad to see that people are seeing the potential of this country.

  2. Indeed it is of great acknowledgment that Guyana is being placed on the bar for major investments...our country's resources are of significant interest. Definitely our country will be harvesting a brighter further in time to come

  3. what has taken place here is of great significance, to know that Guyana has met the standard of meeting other countries criteria for investments is one of true importance...everyone is receiving on the other end which is just great...just imagine Guyana in a few more years...development every where

  4. this is very smart and very briliant i think it is a good step for guyana and i c a good and bright future for guyana