When the World Bank released its latest global economic forecast, the President of the international institution David Malpass wrote that for many countries, “recession will be hard to avoid.”
In that same report, the World Bank projected that Guyana is anticipated to lead Latin America and the Caribbean with the highest growth in 2022. In fact, when it comes to this country, the World Bank said the oil-producing nation remains on track for a 47.9% growth rate followed by 34.3% the following year – still representing the highest growth forecast for the region. Based on this remarkable growth forecast, Chief Executive Officer of the Guyana Office for Investment (GO-Invest), Dr. Peter Ramsaroop says the South American nation should now be considered as the premier investment destination in the region.
“If you are an investor in the developed world and you start paying attention to the depression you’ll ask, ‘Where do I put my next set of money?’ Then Guyana becomes that next important destination. We are going to keep expanding… The future for Guyana is well-defined for the next few years,” Dr. Ramsaroop relayed when he delivered an address at the launch of the Georgetown Chamber of Commerce and Industry’s Investment Portal last Thursday.
The “well-defined” agenda that the Chief Investment Officer speaks to is one that the Irfaan Ali-led administration has been assiduously pushing since assuming office in August 2020. Along with ensuring that Guyana’s oil and gas industry is prudently managed for the benefit of Guyanese, the government has also been pushing investment in other key areas such as agriculture, energy, forestry and manufacturing – just to name a few.
In addition to being a resource-rich country, the Chief Investment Officer outlined multi-sectoral opportunities, fiscal investment and low operation costs as just some of the perks of making Guyana an investors’ destination. Now that the Chamber has launched its Investment Portal, this system now revolutionises, simplifies and expedites how investors and local businesses can partner to build relations.
“It is an exciting time, and this portal makes my job much easier… An investor or a business in Guyana can actually start studying what they want to expand in, and investors on the outside will be looking at how they can get in,” Dr. Ramsaroop stated.
He said with the local businesses putting this information out into the portal, it makes it so much easier to push for consortiums, joint ventures and various partnerships.
“This portal will support the government’s framework in attracting foreign investors,” de declared.