Oil & gas will create major opportunities for tourism, food and beverage sectors – Ramesh Persaud

Ramesh Persaud, CEO - Institute of Private Enterprise Development (IPED)

The Institute of Private Enterprise Development (IPED) in Guyana is encouraging entrepreneurs to examine opportunities that are aligned with the country’s emerging oil and gas sector and to see how best they can tap into those.

This view was articulated by IPED’s Chief Executive Officer, Ramesh Persaud during a recent interview at his office. He urged persons to think about pursuing business opportunities, perhaps in the tourism and hospitality, food and beverage and cultural sectors.

He said these sectors are important to support the major economic transformation that is likely to take place when commercial oil production starts in 2020 and beyond.

Persaud explained, “They are opportunities for us to fund all of those and also in the agricultural sector, the demand for food will continue to grow, but what we need is high quality and efficiently produced items and so individuals that are interested in employing technologies in that area will be a major benefit to the country.”

Speaking on the issues of the local contractors and sub-contractors getting jobs in the sector, Persaud said, “One of the things that they are working on getting loans for the contractors and subcontractors so that they would be available to fund the mobilization and the development of their projects, while they wait to get paid from whoever is buying the services.”

He said the modalities of offering this service is currently being worked out and should be ready in another few months.

Persaud said this is an area that is being looked at, because the institute has noted with some concern the difficulties that the contractors and subcontractors face when competing for jobs in the oil and gas sector.

IPED has also been working closely with ExxonMobil Guyana’s Centre for Local Business Development to provide its staff with the requisite knowledge in oil and gas business development.