Guyana looking to have most vibrant, competitive and sustainable non-oil economy – Ali

President Irfaan Ali said Guyana aims to “have the most vibrant, competitive and sustainable non-oil economy” during his address at the 32^nd Annual General Meeting (AGM) of the Private Sector Commission (PSC) at the Guyana Marriott Hotel on May 22. 

He lauded the “tremendous growth” of the private sector in Guyana while calling for more dynamism as the country continues a multifaceted approach in its upward trajectory.

Ali highlighted the commission’s crucial role in the country’s development and urged the private sector to seize available opportunities and invest further, emphasizing that their success directly translates to the success of the government and the country.

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“We want you to be successful. We want the private sector to be highly successful—we support private sector development,” Ali stated.

He stressed that the government focuses on manufacturing, industrial development, agro-processing, food production, and value addition on minerals, building an ecosystem to support these sectors.

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“We have the raw material, and this is what we are focusing primarily on, building all this ecosystem, building out the incentive regime, opening up these opportunities,” he said.

Ali noted significant growth in construction, transportation, communication, mining, real estate, and manufacturing. He cited a 14.7% rise in foreign direct investment (FDI) in agriculture, with overall FDI climbing to more than GY$7 billion (approximately US$33.6 million). 

He reiterated that agriculture is Guyana’s future and a massive revenue earner, with expectations that it will save more than US$150 million on imports by next year due to increased agricultural output.

Ali called on financial institutions to support new businesses by understanding and adapting to the evolving economy.

“The role of the bank is also to seek opportunities to understand where the economy is going, to create an ecosystem to support where the economy is going and to build upon what is happening in the country,” he said.

President Ali concluded by emphasizing the unique value of Guyana’s brand, stating that it can create numerous opportunities for the private sector.