President Dr. Irfaan Ali has announced a significant policy change, urging international companies and regional manufacturers to invest in onshore production in Guyana. He warned that those who do not may lose access to the local consumer market. This statement was made during the commissioning ceremony of two new aircraft from Hindustan Aeronautics Limited (HAL) on Saturday.
In his address to corporate leaders and diplomats, President Ali expressed frustration with foreign partners who view Guyana merely as an import destination for finished goods. He emphasized the need for a shift towards value-added manufacturing and agro-processing within the country. “We don’t want to be a market that is only consuming and buying,” he stated, highlighting the importance of partnership and investment.
The President noted that the government has worked to eliminate regulatory and financial barriers, creating what he described as the most aggressive fiscal incentives for manufacturing and agro-processing in the Caribbean. He argued that there is no longer a valid reason for foreign companies to export fully finished goods instead of establishing local production facilities.
While reaffirming that Guyana is open to high-quality imports, he made it clear that long-term access to the local market will depend on a company’s contribution to the nation’s productive capacity. He stated, “If we are not good enough for you to manufacture and produce your goods by investing in our economy, then we are not good enough to consume your goods too.”
Additionally, he announced a partnership between local company Banks DIH and firms from the Dominican Republic to create a manufacturing hub for regional snacks. He also called on HAL to set up a technical and maintenance hub in Guyana for the Caribbean and Latin American aviation markets. This approach marks a pivotal moment in Guyana’s commercial diplomacy, signaling that investment in local infrastructure is now a prerequisite for entering the growing economy.
Source: hgptv.com
