GO-Invest makes pitch to oil executives for investments in support sectors

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Chairperson of the Guyana Office for Investment (GO-Invest) Board of Directors, Patricia Bacchus, on Wednesday made a pitch to international oil executives participating in the inaugural Guyana International Petroleum Exhibition and Summit (GIPEX 2018), urging them to explore investment opportunities in the South American country.

Bacchus was adamant that the South American country has long recognized the need for a more diversified economy – an objective that can be realized with the resources promised from the emerging petroleum industry.

She told the hundreds of international business executives gathered for the Petroleum summit oil and gas represents a significant step in the nation’s economic diversification efforts.

The GO-Invest Chairperson also impressed on the visiting delegates and potential business partners to view Guyana’s “gap in our economic activities not as a shortcoming but as an opportunity.”

GIPEX 2018, according to Bacchus, provided a forum for which Guyana’s oil sector can be explored with a view to seeing opportunities in the value chain, particularly in the downstream services.

She was adamant that while oil is new to Guyana only Guyanese can truly understand the local economic and legal framework and as such GIPEX anticipates the cultivation of alliances between overseas and local counterparts to ensure an optimal blend of expertise in pursuit of mutually beneficial activities.

GO-Invest’s Chief Executive Officer, Owen Verwey, speaking on Day 2 of the summit, presented an overview of the agency’s operations and outlined facilities available for those looking to invest.

The CEO in his presentation used the opportunity to walk potential investors though the incentives available for investments in, for example, pioneering industries in hinterland regions.

Representing the business community at the forum, Private Sector Commission Chairman, Eddie Boyer had during the opening session also opined that GIPEX 2018 served as a critical forum for putting the spotlight on investment in Guyana’s emerging oil and gas industry.

Echoing the sentiments espoused by the GO-Invest top brass, the Private Sector representatives also labelled GIPEX 2018 as a networking opportunity for investors and accomplished entrepreneurs locally.

He was adamant that the Guyana Private Sector is eager to work through GO-Invest in facilitating the development of partnerships with international stakeholders.

According to the PSC Chairman, the local business community has not been sleeping but rather has been seizing every opportunity for “educating and informing ourselves about the new sector.”

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