Guyana’s Chief Investment Officer, Dr. Peter Ramsaroop, urged local entrepreneurs to align their ventures with the nation’s economic priorities, emphasizing strategy, passion, and readiness for growth.
He was speaking at the Georgetown Chamber of Commerce and Industry’s (GCCI) Business Development Forum at the time, where he delivered a candid address to young and emerging business owners. The Forum was held November 13-14 at the Pegasus Suites and Corporate Centre in Georgetown.
Dr. Ramsaroop, who is also Agency Head of the Guyana Office for Investment, noted that local producers must prioritize standards and certification to access regional and international markets. “GNBS is working to help transform us from merely producing goods to branding Guyana at the municipal level. When people see our products, they should say, ‘this came from Guyana’ with pride,” Ramsaroop stated.
He stated that every business should visualize what he called “the triangle” of success: political, rational, and emotional. “When you are selling or presenting your business, you must connect all three. People don’t just buy your numbers; they buy your passion. And they look at whether you can deliver,” he explained.
Ramsaroop also advised entrepreneurs to “follow the money” and focus their services on sectors identified by the government for substantial investment. “If you look at construction, Guyana will be a construction zone for the next 30 years. Are you in that business? Is your company ready to serve that market?” he asked.
He mentioned the President’s recent focus on agro-processing and tourism, adding that these sectors offer significant opportunities for growth and export.
Touching on his third key theme, “strategic selling”, he encouraged businesses to enhance their marketing and product placement. He said, “Sometimes it’s as simple as putting up a sign that says, ‘Stop here, this is the best cassava bread in Guyana’. Small actions can have a big impact.”
Dr. Ramsaroop stressed that preparation is vital for gaining financing through the soon-to-be-established Development Bank. “Want access to financing? Step up to it. Invest that initial dollar in planning and project management. Don’t try to cut corners,” he urged.
He underscored that government incentives are not free money. “If we remove all those taxes from your business, the government must make its money back eventually,” he said, reminding entrepreneurs to create solid business plans and calculate their return on investment.
The Chief Investment Officer reaffirmed that his office remains focused on both foreign and local investment. “Out of the 50 hotels the minister mentioned, half or more are locally owned and funded. That shows how powerful the private sector has become,” he noted.
In closing his presentation, Dr. Ramsaroop described the upcoming years as “the most exciting five years ever”, highlighting major developments in gas, energy, and infrastructure. “We are currently producing 900,000 barrels of oil a day, with plans to reach 1.2 million by 2027. Electricity costs will be halved when the power plant is completed,” he said.
He encouraged businesses to stay informed and proactive. “Study the budget. Listen to the President. You’d be surprised at the ideas you will come up with.”
