Guyana is the fastest-growing economy and the most attractive investment destination in the region. Oil production is transforming Guyana’s economy. Guyana’s commercially recoverable petroleum reserves is over 11 billion barrels, one of the highest levels per capita in the world.
The issuance of an RFP for the development of upstream gas infrastructure signals a pivotal step towards bolstering the downstream sector, fostering efficiency and reliability in supporting off shore developments.
Guyana is rich in timber, gold, diamonds, bauxite, manganese, sugar, tourism and the agricultural opportunities are phenomenal. Guyana is endowed with an extensive amount of vast arable land and massive hectares of organic cropland, water resources, and favourable climatic conditions provide opportunities for investors. All sectors are set to significantly expand and offer a broader scope of investment opportunities.
Guyana’s stable political climate and good governance, transparency, and accountability provide a conducive business environment for all investors. It’s strategic and geographical positioning to investors with its diverse trade relations and agreements promotes access to major markets and protects both local and foreign investors. With generous fiscal incentives, investors are permitted the unbridled repatriation of profits.
REASONS TO INVEST IN GUYANA
Economic Take-Off
Guyana has leapfrogged its growth and development which will spawn untold investment opportunities. Guyana, however, is not hedging its future only on oil. Guyana is modernizing its traditional economic sectors to ensure a more diversified and resilient economy. Guyana is also rich in agriculture, tourism, timber, gold, diamonds, bauxite, manganese, rice, and sugar.
Guyana’s impending economic transformation will see a rapid increase in the rate of growth and aggregate national output. This will set in train the modernization of the country’s infrastructure and foster technology transfer and promote innovation. Modernizing will ensure a more competitive and resilient economy that will emerge to balance and diversify the economy, including the manufacturing and services sectors.
Access to Markets
Guyana’s location, trade, and investment agreement facilitate access to key markets. Guyana offers geographic positioning to investors. The trade relations and agreements- regional, multilateral and bilateral, allow easy access to major markets and protect investors. Guyana is a signatory to several trade, investment, and economic agreements which facilitate market access.
- The Caribbean Single Market- provides
- Duty-free access for locally produced goods into the Caribbean.
- The Caribbean Basin Economic Recovery Act (CBERA) – allow for duty-free access to eligible goods.
- The Caribbean-Canada Trade Agreement (CARIBCAN) – provides non-reciprocal
- Duty-free access for eligible Caribbean goods into Canada.
- The CARIFORUM-European Union Economic Partnership Agreement- a major trade, investment and development treaty which promotes access of regional goods into the European market.
- The Guyana-Brazil Partial-Scope Agreement-fosters trade flow by offering tariff preferences for Guyanese goods entering the Brazilian market.
- The Caricom-United States Trade and Investment Framework Agreement- is aimed at the long-term development, expansion, and diversification of trade in products and services and at promoting and ensuring an attractive investment climate.
- The growth in the Americas Memorandum of Understanding- promotes greater US investment in Guyana’s energy, ICT, and infrastructure.
- Access to South American trade block MERCOSUR – Guyana is an associate member of MERCOSUR in 2013 and is committed to the pursuit of regional economic integration and to strengthen the political, social and economic ties with its South American neighbours.
EASE OF DOING BUSINESS
Improved Connectivity
- Liberalised telecommunications sector
- First-ever submarine fiber optic cable to Hinterland – Hinterland connectivity boosted with significant upgrade in internet and cellular services. Stronger connectivity, higher speed, greater reliability.
- Guyana’s first 5G VoLTE Mobile Cellular Network – unsurpassed service, speed, and technology by building Guyana’s first 5G VoLTE (“Voice over LTE”).
Strengths
- Significant oil and gas reserves, gold, bauxite, precious metals, and large-scale agriculture.
- Strategic geographical position, proximity to North American, and Latin American Markets
- Open market economy and diversified production base
- Parliamentary democracy and commitment to continued reform
- Integration with CARICOM markets
- Renewable energy, Natural Gas
- Eco-tourism Opportunity
- Logistics to connect the north of Brazil to the Caribbean Sea – Freeway and Port
GUYANA’S COMPARATIVE ADVANTAGE
- Economy
- Resource-rich country
- Multi-sector opportunities
- Low operation costs
- Ideal location to access global markets
- Fiscal incentives for investments
- Private sector-focused government
- Diverse cultures and heritage
ENABLING FACTORS
- Real GDP growth rate: 33% in 2023 & projected at 34.3% in 2024
- Exponential increase in GDP per capita from US$6,956 in 2020,
- Projected to US$23,000 in 2024.
- The Government is undertaking massive infrastructure development
- To support this growth, new roads, highways, bridges, ferry services,
- Air services, waste management, energy generation, etc. –
- Infrastructure, health, and education.
- Local content law providing JV opportunities for overseas investors.
- Guyana Office for Investment builds on the Fiscal Incentives being
- offered to potential investors to encourage and promote
- Development across selected sectors.