Guyana attracts billions in investments so far this year

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The Guyana Office for Investment (GO-INVEST) says it has attracted investments worth more than GUY$12.5 billion (One Guyana dollar=US$0.004 cents) during the first half of this year, as the country prepares to host its first ever business-to-business, Trade and Investment Exhibition (GuyTIE) in October.

GO-Invest chief executive officer, Owen Verwey, said the investments would result in an estimated 430 new jobs in the economy.

GO-Invest chief executive officer, Owen Verwey, speaking to reporters (News Source Photo)

“The agency was established with the mandate to promote and facilitate foreign investments in the country,” he said, noting that the new investments came from both local and foreign investors.

Verwey said he remains confident that GO-Invest will meet its target of GUY $107 billion for this year.

“There are quite a few projects that are in the pipeline, that we have been entertaining and facilitating discussions with,” he said, noting that many of the new investors are showing an interest in the agricultural sector and have been making efforts to procure land for large-scale agricultural activities.

He said there were also interests in the industrial and commercial land investors have also been looking at investment in Guyana, focusing on areas like Tuschen, Lethem and parts of the Berbice region.

Guyana said more than 50 exhibitors will showcase their products and services at the October 19-22 GuyTIE.

GuyTIE coordinator, Sukdeo Singh, the event is in keeping with the government’s aim of creating an enabling environment to foster business growth and development.

“In the whole process, we are currently working with the exhibitors to have them be prepared for the event. We are working specifically with companies that are export-ready. Part of the training sessions with the exhibitors are achieving successive tradeshows, tradeshow participation and export marketing which focuses on packaging and pricing,” Singh said.

He said that to date, 30 international companies have registered to participate in the event that would be used to will help to push micro and small enterprises to get to the export-ready stage to enable participation in future events.

“In the future, we plan to work and develop persons to bring them to the level where they are ready to export. We will use GuyExpo as a platform to promote our small businesses,” she noted.

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