Agriculture and Fisheries
Agriculture is a major export earner for Guyana and employs roughly 17 percent of the labour force. In 2022, the agriculture sector contributed approximately 25 percent to non-oil GDP. Agriculture will be a major anchor of the non-oil economy. Guyana is uniquely poised to take advantage of production and trade opportunities in food products. Guyana is committed to the CARICOM Twenty-
Five by 25 initiatives, which aims to cut the extra-regional food import bill by 2025. This regional commitment is, in fact, a
golden opportunity for Guyana to finally realise its potential as the breadbasket of the Caribbean. The low coastal plain is flat,
highly fertile, and below sea level. The well–established drainage and irrigation system supports the cultivation of rice, sugar cane,
fruits and vegetables, dairy and beef production. Fisheries play a crucial role to Guyana’s economy and its people: with the provision
of food security, employment, foreign exchange earnings and the development of both rural and coastal communities. This sector
also makes an important contribution to the national GDP. The Ministry of Agriculture is set to receive technical support from
the Government of India in various agriculture sub-sectors. These include the hemp, millet, aquaculture, livestock and other crops. Recognising that India is a powerhouse in millet production, the government is looking to gain expertise to advance the country’s
food security efforts. High commissioner of India accredited to CARICOM Secretariat based in Guyana, Indian officials has
announced that the Caribbean Regional Fisheries Mechanism (CRFM) has received a new fisheries assessment scientist on its
technical team from India, under its ITEC expert scheme.
Mining
Guyana is generally well known for its traditional mining and production of gold, diamonds, bauxite, stone and other quarriable
materials including sand and loam. There are several other strategic commodities that could benefit from capital investments
for exploration, refining and manufacturing development and export. Geologically, approximately 36% (76,600 sq.km) of Guyana
encompasses highly mineralized crust, the Greenstone Belts. Most of the small, medium and large-scale mining operations exist
within this terrain which structurally trends NW-SE. The manner in which the mining tenures of Guyana are structured allow for
projects directly focused on regional exploration (Permission for Geological & Geophysical Surveys, Prospecting Licences), which can lead to mine development, extraction, recovery and with emerging options for energy and power, refining with downstream
industrial scale manufacturing. There are also opportunities for joint ventures in mining at the more junior or medium scale level which have been reserved for Guyanese but do allow for capital input. Of late, Indian companies have shown increased interest in mining and forestry.
Information and Communications Technology (ICT)
The overall vision of the government is a knowledge-based society, which is globally competitive and productive, and giving rise to the
strategic placement of Guyana as a premier ICT hub in the region. The telecommunications market is anticipated to grow based on
demand from oil and gas, a growing migrant population, and the development of call centres and data warehouses. Firms interested
in applying for licenses should contact the Telecommunications Agency and the Office of the Prime Minister. Additionally, Guyana
is the only English-speaking country in South America with comparable wages to Latin America. Guyana’s labour force is suitable for both back office and front office functions. Call centres and telemarketing are the primary BPO services Guyana offers. The
labour force is relatively educated, speaks English, and Guyana has a high literacy rate. Additionally, Guyana passed an e-signature act in August, and opportunities for e-education via smart classrooms and e-commerce may increase as Guyana expands its digital
presence. Both the governments jointly inaugurated the Centre of Excellence in Information Technology (CEIT) on (20 June 2019), set up in the capital Georgetown by the Government of India.
Manufacturing
The manufacturing sector in Guyana experienced tremendous growth in 2023, generating $70 billion for the year. This marks a 25 per cent increase from $56.3 billion in 2022.This was revealed in the 2023 Annual Report of the Guyana Manufacturing and Services
Association (GMSA).This performance, the highest recorded to date, reflects a shifting dynamic within the sector, moving
away from traditional sugar and rice manufacturing towards the “other manufacturing” subsector. The “other manufacturing”
subsector includes a diverse range of products including spirits, beverages, processed foods, chemicals, pharmaceuticals, paints,
putty, metal fabrication, plastic, and timber products. Notably, the manufacturing subsector expanded by 31.8 per cent in 2023, driven by increased production of fabricated metal products and nonmetallic products. This growth underscores the influence of the energy sector and construction boom on manufacturing activities. Based on data provided in the Bank of Guyana September 2023
quarterly report, key developments within the subsectors include: Increased production of paints and putty, attributed to ongoing
housing developments. Growth in aerated alcoholic beverages production, particularly by major producers like Banks DIH Ltd and Demerara Distillers Ltd. Rise in production of edible fats and ice cream, with a focus on local consumption.
Tourism
Guyana is recognized as the world’s #1 Eco-tourism destination, Best in Sustainable Tourism, and Top 10 Sustainable Destination (2019). Not quite like any other country of the continent, Guyana is a destination for tourists who love wandering amid the nature and care nothing for the modern world. The sense of serenity and tranquillity is not just overwhelming but also something, one will cherish for lifetime. Like a dose of refreshing retreat, Guyana is a country lost in wilderness and raw nature located on the northeast coast of South America. Almost close to the size of Britain, Guyana still preserves its nature in an untouched way yet full of life and magic. Away from the touch of modernity and tourist infrastructure, the country offers plethora of natural wonders including lush rainforests, sandy beaches, snaking rivers, cascading waterfalls, and wavering savannahs. It also features richness in wildlife, rustic capital of Georgetown adorned with stilted wooden houses and vibrancy of West Indian culture that is clearly visible on streets and food of the country.
Oil, Gas & Energy
Guyana’s offshore oil sector is booming, with over 11 billion barrels of oil equivalent of resources discovered so far, and an Exxon Mobilled consortium advancing what could prove to be its seventh development in the region. With output rising, spot markets have developed, most recently for Payara, which started producing in mid-November. European refiners have been increasingly turning to Guyana’s crude grades, which also include Liza and Unity Gold, offering some competition to local grades, specifically Norway’s Johan Sverdrup crude. The positive outlook continues, with projections of GDP growth at 37.2per cent and non-oil economy growth at 7.9 per cent in 2023, as oil production increases, with two additional floating, production, storage, and offloading (FPSO) vessels expected to come online in 2023 and 2025. The sixth FPSO operating offshore Guyana, joining the Liza Destiny, Liza Unity, and Prosperity which combine for more than 600,000 B/D. Additionally, two other FPSOs are under construction to develop the Yellowtail and Uaru fields, with anticipated start dates in 2025 and 2026, respectively. India is aiming to strengthen its oil ties with Guyana, both in the upstream and downstream segments. India’s continued interest in Guyanese oil comes after it approved the signing of a five-year memorandum of understanding to cooperate in the hydrocarbons sector last. The countries have been in discussions about a potential bilateral relationship in the oil trade for more than two years. India’s continued interest in Guyanese oil comes after it approved the signing of a five-year memorandum of understanding to cooperate in the hydrocarbons sector last month. The countries have been in discussions about a potential bilateral relationship in the oil trade for more than two years.
Guyana’s offshore energy sector remains competitive for the global market and is an attractive investment opportunity. The Liza Phase 1 Project has a production capacity of 120,000 bpd utilizing 17 developmental wells. The Liza Phase 2 Project is designed to produce 220,000 bpd, utilizing 30 development wells and the first oil was extracted in February 2022. The gas to Energy project is expected to supply 300 MW of electricity to the national grid. The Gas-to-Energy project expected to be completed by 2025 will reduce the cost of electricity by as much as 50% and will support the creation of spin-off industries that will support further economic development. In addition to the abovementioned, renewable energy is likely to fill the additional energy needs of the country, particularly in the hinterland areas. The Amaila Falls Hydro Project is anticipated to contribute 165 MW of electricity by 2026.The largest current renewable source of electricity is biomass from sugarcane. The Government of Guyana is pro-business and therefore believes in creating an enabling environment to facilitate investments which will, in turn, spur economic growth in all sectors (traditional and non-traditional). The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the signing of Memorandum of Understanding (MoU) between the Ministry of Petroleum & Natural Gas, Government of India and the Ministry of Natural Resources, Republic of Guyana on cooperation in the hydrocarbon sector.
Real Estate & Construction
The Real Estate market in Guyana is expected to reach a value of US$23.62bn in 2024.Among the different segments, Residential Real Estate dominates the market, with a projected market volume of US$16.07bn in 2024.This segment is anticipated to grow at an annual growth rate (CAGR 2024-2028) of 5.82%, resulting in a market volume of US$29.62bn by 2028.When compared globally, China is projected to generate the highest value in the Real Estate market, with US$135.70tn in 2024.Guyana’s real estate market is experiencing a surge in demand due to increased foreign investment in infrastructure development projects. Accounting for over 10% of Guyana’s Domestic Product the Architecture, Construction & Equipment sector is a major contributor to employment and income generation in Guyana through continuous partnerships between the Government of Guyana (Ministry of Public Works) and private sector organizations. India and Guyana on June 24, 2022firmed up a contract for the construction of the Phase 1: East Bank-East Coast Road Linkage Project (Ogle to Haags Bosch, Eccles).The contract which was signed between the two countries in Georgetown at Mile 0 (zero) at Ogle is going to be fulfilled under the concessional Line of Credit of USD 50 extended by the government of India. Rail India Technical and Economic Service Limited, (RITES) Ltd., had prepared the detailed project report for this and has awarded the project management consultant contract for around USD 3 million.
Banking and Financial Services
A crucial sector in Guyana’s growth and development the Banking, Investment, and financial services sector consists of one central bank known as the Bank of Guyana and six commercial banks which are evenly distributed between foreign and local proprietors. Additionally, there are financial institutions that majorly contribute to this sector such as insurance companies, building societies, asset management companies, etc. Amidst an era of unprecedented growth and transformation, Guyana’s banking, investment, and financial services sector acts as a trigger for economic development, stimulating capital flow, motivating investment, and nurturing the entrepreneurial spirit that propels Guyanese businesses forward. From traditional banking services to cuttingedge fintech innovations, an array of financial solutions is the result of collaborative efforts by the industry experts, policymakers, and regulators who work in tandem to shape a robust and transparent financial vista. In 2023, Guyana took steps to develop a National Financial Inclusion Strategy to affirm equitable access to beneficial, secure, and affordable financial products and services. Alongside improving financial transactions, there is a focus on advancing financial literacy, and empowering and protecting consumers. The Export-Import Bank of India (Exim Bank) in March 2024 extended a $23.37 million (about Rs 194 crore) line of credit to the government of Co-operative Republic of Guyana for the procurement of two aircraft from India for the South American country’s defence forces. An agreement was signed on March 15 between Guyana’s senior minister in the office of the President with responsibility for finance and the public service, Ashni K Singh, and the policy bank’s deputy general manager Sanjay Lamba in the presence of High Commissioner of India to Guyana, Amit Telang.
Renewable Energy
Guyana, as a member of the Caribbean Community (CARICOM) has a target of 20%, 28% and 47% renewable electricity generation to be reached by 2017, 2022 and 2027. Guyana has significant potential for hydropower. Companies seeking to invest in Guyana’s renewable energy sector should contact the Ministry of Tourism Industry and Commerce and the Guyana Office for Investment (GO-INVEST) for information on tax concessions and other investment incentives for the adoption of renewable energy programs. The Guyana Energy Agency oversees feasibility studies for the integration of renewable energy programs in Guyana and has regulatory oversight over certain aspects of the energy industry, in addition to the Ministry of Public Works respectively. The Government intends to return to a strategy of decoupling economic growth from using fossil fuels for electricity by developing low-carbon energy resources (Solar, Hydro, Wind, Biomass, and Natural Gas) to meet rapidly rising demand and keep greenhouse gas emissions low. This is being done through a combination of: (i) Invesment in transformational energy infrastructure across the generation and transmission systems; (ii) Fiscal incentives and government policies to support the use of renewable energy at the level of households and businesses; (iii) Investments to improve energy efficiency With a view to reducing its dependence on fossil fuels to generate electricity, minimizing its carbon footprint and guaranteeing access to energy, the government of Guyana launched a solar power generation project. At present, 25% of the energy is generated from renewable sources. Implemented through the Ministry of Agriculture, the Ministry of Public Works and the Guyana Power and Light (GPL) Company, the initiative involves the installation of a network of solar panels at the facilities shared by the Inter- American Institute for Cooperation on Agriculture (IICA) and the Organization of American States (OAS). It aims to increase that percentage to 90% by 2050.