Guyana: President Ali Encourages Investment in Cuban Market

President Irfaan Ali of Guyana has urged local and Jamaican business executives to invest in assembly lines to capitalize on emerging market opportunities in Cuba following recent economic reforms announced by the Cuban government. This encouragement came during the launch of the Chinese-made Foton and Jetour brands of vehicles by CAM Motors in Guyana.

In his address, President Ali highlighted the potential for a joint venture involving CAM Motors, Jamaica-based ATL Automotive, Continental Group of Companies, and MMKJ Inc to establish an assembly line in Guyana. He mentioned that he had tasked Mr. Vishok Persaud of MMKJ Inc and his team to explore the possibility of making Guyana an assembly hub for the emerging brands.

Ali stated, “We have the ability to have an assembly line and we have the critical mass if we come together in upscaling the market, and we have to look ahead of us with Cuba opening up and Haiti opening up.” He also pointed out opportunities in northern Brazil and the Spanish-speaking Dominican Republic.

On June 18, 2026, Cuba’s President Miguel Diaz-Canel announced plans to expand opportunities for private enterprise and attract foreign investment, including from Cubans abroad. This could lead to private real estate development and the transformation of state-owned businesses into private ventures.

President Ali emphasized that a conducive policy environment, taxation, energy costs, technology costs, and government support would facilitate higher levels of manufacturing and assembly in Guyana. He remarked, “That is what is going to take our country beyond the shoulders of oil and gas. That is what is going to take our country beyond the shore of sustainability.”

MMKJ Director Persaud noted that the joint venture would support vehicle owners and enhance local content participation in the business sector. He stated, “We can basically realize our local content legislation, our local participation, and ensure that Guyana’s businesses and the private sector are participating in every aspect of the business sector.”

Furthermore, President Ali observed that with increasing disposable income, Guyanese consumers are purchasing fewer foreign used Japanese vehicles and are shifting towards brand new vehicles. He remarked on the growing market for new vehicles among both individuals and businesses. The government has also eliminated the 14 percent Value Added Tax on vehicles with an engine capacity of 1500 CC and higher this year.

Source: demerarawaves.com