Finance Minister Dr. Ashni Singh encouraged global investment in Guyana during the Energy Conference, underscoring the country’s rapid economic growth and strategic location. He highlighted the Local Content Act, which fosters partnerships between local and foreign businesses and creates substantial opportunities in various sectors. Guyana’s development in the oil and gas industry, along with demand for diverse products and services, makes it a prime destination for investment.
At the recent Guyana Energy Conference and Supply Chain Expo, Finance Minister Dr. Ashni Singh highlighted Guyana’s emergence as a leading investment destination. He encouraged international businesses to seize numerous opportunities available across diverse sectors. The minister pointed out the country’s exponential economic growth and strategic location as pivotal benefits for potential investors.
Dr. Singh noted that Guyana is known as the fastest-growing economy worldwide due to its advantageous position near Brazil and Suriname, as well as its role as the capital of CARICOM. He stated, “As you’ve heard time and time again, Guyana is the fastest-growing economy in the world, with a fantastic location.”
The finance minister emphasized the ample economic space in Guyana, bolstered by free trade agreements with significant global partners. He declared, “There are countless reasons to choose Guyana, with opportunities in every single sector, regardless of the business you’re in.”
Highlighting the diverse demands created by Guyana’s expanding economy, Dr. Singh stated that all sectors, from agriculture to tourism, require products and services. “Whether you supply bulldozers, hospitals, hospital beds, or hamburgers — it doesn’t matter. There is demand for whatever you are producing or supplying,” he asserted.
Dr. Singh also discussed the Local Content Act enacted in 2021, which mandates participation of Guyanese nationals in the oil and gas sector. He explained, “That Act has identified 40 sectors where minimum percentages of business must be conducted with Guyanese nationals and companies,” leading to over $1.5 billion in opportunities for local enterprises.
The Local Content Act incentivizes collaborations between foreign and local businesses, with regulations requiring foreign companies to partner with Guyanese firms for certain service areas. According to the law, local partners must maintain at least 51% ownership in these engagements, fostering growth for Guyanese businesses.
In conclusion, Dr. Ashni Singh’s address at the Guyana Energy Conference emphasized the country’s significant investment potential driven by its rapid economic growth, strategic location, and supportive legislative framework. The Local Content Act reinforces opportunities for local businesses and encourages foreign investment. The blend of demand across various sectors further solidifies Guyana’s status as an attractive market for global investors.
Original Source: www.caribbeannationalweekly.com
