Guyana: President Ali Encourages Foreign Investment in Guyana

President Irfaan Ali has communicated to international companies that Guyana is moving away from being merely a destination for imported goods. He stated that foreign brands must invest in local production to benefit from the country’s growing market. This announcement was made during the commissioning of BK Air/Jags Aviation’s new HAL Dornier 228 aircraft on Saturday.

Ali highlighted that Guyana’s development strategy is increasingly centered on manufacturing, agro-processing, and value creation, rather than just consumption. He expressed a desire for the country to not only be a market for consumption but also a hub for production.

According to President Ali, companies that wish to maintain long-term access to Guyana’s economy should also contribute to its productive capacity through direct investment. He remarked, “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.”

These comments come as Guyana experiences rapid economic growth, particularly due to the oil and gas sector, which has created new opportunities for consumer spending and industrial development. Ali noted that the government has implemented some of the most aggressive fiscal incentives in the Caribbean for manufacturing and agro-processing, aimed at removing barriers that have previously hindered companies from establishing local operations.

The country’s goal is to transition from an import-driven economy to a regional center for production and value-added industries. Ali cited a recent collaboration between local company Banks DIH and partners from the Dominican Republic as an example of the type of investment the government aims to attract. This initiative is expected to establish an agro-processing and manufacturing hub in Guyana focused on food production and snack manufacturing.

Ali emphasized that this project aligns with a broader vision shared with Dominican Republic President Luis Abinader to enhance regional economic integration through production and investment. While he acknowledged that Guyana remains open to competitively priced and high-quality imported goods, he stressed that the country’s long-term development relies on expanding local manufacturing. He stated, “We cannot go forward without value creation and manufacturing in this country.”

Source: hgptv.com