HOUSTON, TEXAS – Georgetown Chamber of Commerce and Industry (GCCI) President Kathy Smith is pushing for greater investment in Guyana’s micro, small and medium-sized enterprises, arguing that many are already generating substantial revenues from opportunities linked to the country’s oil-driven growth.
She discussed this during her appearance at the Offshore Technology Conference’s Around the World Panel Series in Houston on Tuesday.
Smith told the audience that while major oil and gas projects often dominate discussions about Guyana, local businesses are expanding rapidly and creating new economic activity across multiple sectors. She said many professionals have retooled themselves to participate in the country’s growing oil and gas economy.
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“Our micro, small, medium sized enterprises, those individuals have been turning over revenues of a million US per year, half a million US per year, and some of them have been going above that,” Smith said.
She urged investors attending OTC to look beyond large corporations and engage directly with Guyanese businesses participating in the conference.
“I didn’t bring them here to show and to eat steak and to eat barbecue. We want to go back with business,” Smith said.
Guyana has emerged as one of the world’s fastest-growing economies since ExxonMobil’s 2015 oil discovery in the Stabroek Block offshore Guyana. ExxonMobil Guyana and its co-venturers Hess and CNOOC currently have four oil developments producing offshore, with a fourth project expected to start production later this year.
Smith said the country’s growth is visible across several industries, including construction, hospitality and agriculture.
Smith said GCCI has been helping smaller companies position themselves to compete by forming consortiums and expanding training opportunities. “We are currently incorporating seven consortiums in the GCCI,” she said.
The GCCI President also highlighted the role women are playing in Guyana’s expanding business sector, particularly in agriculture and manufacturing.
“Let me tell you something about the women of Guyana,” Smith said. “We know how to get the work done.”
She said financing and market access have also improved significantly, with local banks and government-backed initiatives helping businesses secure funding and expand internationally.
She also defended Guyana’s Local Content legislation, which was introduced to increase participation by Guyanese companies and workers in the oil sector. The law reserves specific services for Guyanese-owned companies and requires operators to maximize local participation.
“The local content legislation is not there to push you away. It is there for you to help support what is happening,” Smith told investors.
