Tuesday, September 27, 2022

Guyana foreign direct investment increased by 47.2% in first half of 2022

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Guyana’s foreign direct investments (FDI) have seen a 47.2% or US$629.7 million growth in the first six months of the year to US$1.964 billion. This was disclosed by Guyana’s Central Bank. In its latest report, the financial regulator said the increase is primarily due to the oil and gas sector.

FDIs are also projected to increase by year-end, in keeping with predictions proffered this year by the World Trade Organisation (WTO). In its 2022 Trade Policy Review (TPR) executed on Guyana, the WTO said the country is well positioned to attract increased long-term investments.

It said this will especially be the case for oil and gas-related services as well as other economic sectors such as construction and tourism. Additionally, the WTO said Guyana is desirous of widening the spread of investments in new areas. These include manufacturing for value addition, agriculture, and agro-processing industries, as well as information and communications technology (ICT).

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WTO was keen to note that the government continues to create a conducive environment for individuals to establish and thrive with their businesses in Guyana. It also noted that Guyana is open to foreign investments.

Furthermore, it was noted that Guyana has consistently been ranked very high in the United Nations Conference on Trade and Development (UNCTAD’s) FDI performance index during the 2022 review period.

Guyana’s economy, over the past three years, was ranked among the five fastest-growing economies in the world by Nasdaq, Bloomberg and the International Monetary Fund (IMF). Importantly, such forecasts came at a time when the rest of the world’s economy faced varying degrees of hardships. This was on account of the COVID-19 pandemic and the Russia-Ukraine war.

Guyana is also on the verge of becoming the largest oil-producing country in the world on a per capita basis. It is already preparing for this by putting in place the regulatory framework needed to effectively manage the sector and the investments that would follow.

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