International investors should waste no time establishing a footing in the fastest-growing economy in the world: Guyana. This was the assertion of President Dr. Mohamed Irfaan Ali on Wednesday at the launch of the International Building Expo, Pegasus Hotel.
The expo is making a return after a seven-year break.
Addressing investors directly, the President said, “the time to invest is now.”
“If you don’t invest in Guyana in the next year, it will be too expensive for you after that. It is just practical. Things are changing drastically… So, this is the year of opportunity, this is the year to catalyse the opportunities and make use of the developments in the pipeline,” the Head of State urged.
The International Money Fund (IMF) recently published that the global economic growth outlook is projected to slow from an estimated 6.1 percent in 2021 to 3.6 percent in 2022 and 2023, because of the ongoing war raging in Ukraine.
But despite this outlook, Guyana’s future remains bright owing to its successes in the oil and gas sector. The South American nation’s real Gross Domestic Product (GDP) is projected to increase by 47.2 percent this year – which aligns with projections made by the World Bank.
Looking ahead to 2023, the IMF projected Guyana’s economy will record a 34.5 percent increase and then in 2027, a 3.7 percent increase.
Those projections clearly outline the rapid pace at which Guyana’s development is moving and while President Ali’s call beckons international investors, he encouraged local investors to tap into the country’s business prospects too.
And the perfect avenue has presented itself – the International Building Expo.
This year, the Building Expo has returned under the theme ‘A New Frontier for Building a One Guyana’ and will put the country’s modern infrastructural transformation center stage.
“The development of our country and understanding the development of our country can be done through this Building Expo. It is an opportunity to narrate the future through planning and positioning, which is what Building Expo helps us do,” President Ali said.
The expo’s re-emergence comes at a time when oil is driving a construction boom in Guyana.
The Expo will run from July 22 to 24 at the Guyana National Stadium. A 3D Map of the venue was also unveiled at the launch with ministers of government, members of the diplomatic community, and the private sector present.
The first-ever International Building Exposition was held in 2010. It brought together homeowners, prospective homeowners, and entities from the construction, manufacturing, and services sectors.