Guyana’s Finance Minister Promotes Investment Opportunities at Energy Conference

Dr. Ashni Singh, Guyana’s Finance Minister, addressed the Guyana Energy Conference, promoting the country as an investment hub. He highlighted the rapid economic growth, strategic location, and Local Content Act, which facilitates local participation in the oil and gas sector. Dr. Singh encouraged businesses to invest, citing vast opportunities across various sectors and the creation of over USD 1.5 billion in local business opportunities since 2021.

Dr. Ashni Singh, Guyana’s Finance Minister, addressed attendees at the recent Guyana Energy Conference and Supply Chain Expo, highlighting the nation’s emergence as a key investment destination. He encouraged global enterprises to explore the numerous investment opportunities available across multiple sectors, citing the country’s rapid economic growth and favorable geographical location as significant advantages.

Emphasizing Guyana’s status as the fastest-growing economy globally, Dr. Singh remarked on its strategic location near Brazil and Suriname and its role as the host of the CARICOM secretariat. The Finance Minister encouraged potential investors to consider Guyana, noting its extensive economic space and free trade agreements with various international partners.

Dr. Singh articulated that the expanding economy generates substantial demand for diverse products and services. He asserted, “Whether you supply bulldozers, hospitals, hospital beds, or hamburgers — it doesn’t matter. There is demand for whatever you are producing or supplying.” This highlights opportunities in agriculture, forestry, tourism, energy, and beyond.

The Finance Minister also discussed the Local Content Act, established in 2021, which ensures participation of Guyanese citizens and businesses in the oil and gas sector. He explained that the Act mandates local involvement in specific business sectors, effectively creating jobs and opportunities within the local economy.

“The Act has identified 40 sectors where minimum percentages of business must be conducted with Guyanese nationals and companies,” Dr. Singh noted. He also mentioned the formation of a Local Content Register, which currently includes over 1,000 businesses. Since the Act’s implementation, over USD 1.5 billion in business opportunities have arisen for local companies.

Dr. Singh highlighted that the Local Content Act fosters collaboration between foreign and local enterprises. It requires that foreign companies seeking to operate in certain service areas partner with Guyanese businesses, maintaining at least 51% beneficial ownership by the local partner.

In summary, Dr. Ashni Singh’s address at the Guyana Energy Conference underscored the numerous opportunities for investment in Guyana, fueled by its burgeoning economy and strategic location. The Local Content Act promotes local participation in the oil and gas sector, facilitating foreign investment while strengthening local enterprises. Overall, the Minister’s insights reinforced the potential for global businesses to thrive in Guyana’s evolving market.

Original Source: www.caribbeannationalweekly.com