The discovery of billions of barrels of oil equivalent resources has catapulted Guyana to the top of the list of places to invest in the Latin America and Caribbean region and the now almost 3-month old government has been making it clear that it is ready to do business.
Investors and governments from around the world have been discussing various opportunities with Guyanese authorities in recent weeks that could potentially see hundreds of billions of dollars being plugged into South America’s newest oil and gas hotspot.
Just this week, Guyana’s Prime Minister, retired Brigadier, Mark Phillips, met with Russian Ambassador to Guyana, Alexander Kurmaz, where the establishment of a multi-sectoral approach to business and development was discussed.
“Guyana is open for investment and Russian companies are free to approach us and invest in Guyana, whether it be in ICT, mining, or oil and gas,” the Prime Minister said. “There are a lot of possibilities for investment from Russian companies.”
Ambassador Kurmaz said he expects the existing relationship between the two countries to improve in the coming years. “…It’s necessary to think about your children and future generations and we have discussed also, opportunities to boost the relations and have a multi-sectoral cooperation between the two countries,” he said.
The Prime Minister’s comments come less than a week after President Irfaan Ali urged other foreign investors to tap into the growing opportunities the emerging oil and gas industry has brought to the country’s shores.
“Guyana is about to become the investment colossus of the Caribbean. It will become the region’s most exciting investment destination. Now, therefore is the right time to be doing business in Guyana,” the President said during an address to the Association of American Chambers of Commerce and Latin America and the Caribbean (AACCLA).
The President also said that the multi-billion-dollar investments into the offshore developments represent “a major business opportunity especially for businesses involved in this sector and those providing support services.”
Just last week, a Canadian business delegation held virtual talks with the Guyanese President. Mr. Ali also recently held discussions with the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani. All this coincided with a historic six-agency delegation visit to the country led by the U.S Development Bank, which is looking to move ahead quickly in making investments, particularly in the area of large infrastructure projects.
“Guyana’s constitution specifically protects the right of foreigners to own property or land in Guyana. foreign and domestic firms possess the rights to establish and own businesses, enterprises and engage in all forms of remunerative activities,” President Ali has said.
