Good Time To Invest In Fast-Growing Guyana, Says British High Commissioner.

Phot0: Pinterest. Guyana has some of the greatest resources in the world, for example water power, but it is not always easily accessible to the population, which lives mostly along the coast of the South American former British colony.
- Advertisement -

With the major transformation taking place, Guyana is seen as a place of bountiful opportunities for both local and foreign investors. At least that is the view from the UK perspective according to British High Commissioner, Jane Miller, as she spoke about the business relationship between Guyana and the United Kingdom (UK).

During a recent interview with the Guyana Department of Public Information (DPI), the commissioner stressed that Guyana is in an era where it is easy for foreign countries to invest, due to its rapid economic growth.

“It’s a super exciting time to be in Guyana, it’s the fastest-growing economy in the world and in terms of encouraging people to come here, the statistics speak for themselves. So, Guyana is selling itself with its economic growth,” Miller stated.

Due to this, the high commissioner said she has been encouraging businesses from the UK to invest in various sectors in Guyana.

According to Miller, in the last year, two trade missions visited the country which resulted in at least 50 per cent of them either establishing businesses or partnering with local companies due to the opportunities that they witnessed while exploring.

“It’s a good time to invest here because of the massive opportunities that exist…you just have to explore the country to see whether it be the infrastructure that’s happening, the new roads, new bridges, and of course agriculture and eco-tourism,” the High Commissioner underscored.

Moreover, Miller noted that the most important thing that Guyana has been doing is carefully using the resources that are generated from the oil and gas sector to build a country that will remain sustainable in the future.

As she credits Guyana for utilising every opportunity from other foreign countries, Miller noted that her country has supported this growth through academia.

This, she said, has helped to equip Guyanese who went abroad to attend the many prestigious universities to upgrade their knowledge and enhance their skills, aiding in the diversification of careers in the country.

However, the US State Department warns that though subsidies are available through the Guyana Office for Investment, or GOINVEST, processes including the government tender process are slow and often opaque, with some tenders expiring and being re-issued after a year passes without decision.

The State Department goes on to say that any businesses report their key challenges to doing business in Guyana include increasing crime, the high cost of electricity, unclear interpretation of the law or lengthy delays at customs, contentious tax issues, and access to land.

Sources: Guyana Government Information Services., US Department of State.
- Advertisement -