A new era is dawning for Guyana as it rises to the challenges of a rapidly changing world. The Guyana-Brazil Highway will become one of the major gateways for products and services to move between South America and the rest of the world. Guyana with its diversified natural resources, developed human resources and its strategic location providing access to the Caribbean and the Americas, holds enormous potential for investors, both domestic and foreign. The Government welcomes investors. Since 1989, Guyana has implemented wide-ranging reforms to improve the business and economic environment for private sector investment. In particular, the Government has maintained a sound macroeconomic framework, which has resulted in price and exchange rate stability, lower fiscal deficit and sustainable balance of payments. Further, the Government has introduced far-reaching regulatory reforms.
With a small population, export growth is essential. Guyana is looking outward. That means moving the economy toward those products and sectors which have the brightest future. Innovation, new product lines and new levels of product quality are being aggressively stimulated so that Guyanese products can achieve greater competitiveness in the higher-earning segments of the global market.
Accordingly, in an attempt to provide a level of comfort to investors, the Government prepared an Investment Code which, in addition, to the existing Investment Guide brings together the incentives, the regulations, the facilitation and the protection of private capital, both domestic and foreign. (see Go-Invest website, www.goinvest.gov.gy)
The objectives of the Code are to further the socio-economic development of Guyana by attracting and facilitating investment through:
A ) Providing legal protection for investment
B ) Increasing the predictability, stability and transparency of the legal regime for investment
C )Promoting the development of international best practices regarding investment; and
D )Providing a framework for fiscal incentive for investors.
Based on its location and its natural and human resources, the Government is developing competitive advantages and seeking to encourage investment by local and foreign investors in the following areas:
- Agriculture and Agri-Business – processed foods: fish factories, fish, shrimp, poultry, cattle farms, milk plants, and canning factories
- Fishing and shrimping including aquaculture
- Fresh Food – citrus and greens, organic fruits and vegetables
- Garments and textiles – fabric and clothing
- Wood processing – furniture, logging, saw-milling
- Minerals and energy - gold, diamonds, sand, bauxite, kaolin, crude oil, hydropower
- Eco-Tourism and hotel development sector – lodges, hotels, marinas, entertainment parks
- Travel and hospitality
- Manufacturing sector – pharmaceuticals, fibreglass, concrete blocks, packaging, paper, metal windows, and vehicles
- Infrastructure – roads, ports, bridges, buildings and houses
- The housing sector
- Information and Communications Technology – call centres, data processing and Internet Providers.
AGRICULTURE AND AGRI-BUSINESS SECTOR:
The main crops are sugar and rice, grown on the coastlands. Coconuts, the third most important crop, have vast potential for investment. The government is developing the Intermediate Savannahs comprising 600,000 acres of virgin lands with good agricultural potential and excellent investment opportunities for the production of beef, milk, mutton, citrus, legumes, dairy products, orchard crops and any combination of these. There has been an expansion in orchard crop production including avocados, citrus fruits such as oranges, grapefruit, tangerines, limes and exotic fruits such as mangoes, sapodillas, papayas, pineapples, and passion fruit. Organic crops are gradually being introduced and the Essequibo region has been earmarked for the development of this sector.
There is potential for exporting small farmer root crops such as yams, sweet potatoes, cassava and eddoes, herbs and spices such as hot peppers, eshallots, celery; fresh vegetables such as cucumber, pumpkin, sweet potatoes, melon, plantain, same, bora, calaloo, etc. In addition, efforts are being put in place for increased production for the exportation of jams, jellies, sauces, processed spices and fruit puree blends. There is also potential for the production of meat (beef and mutton), poultry products, milk and milk products including cheese.
Fish and Shrimp
With the 200-mile coastal zone, deep-sea fishing provides species such as gillbacker, snapper, trout, cavalli, shrimp, prawns, etc. There is tremendous potential for fresh water fish and prawns of the Malaysian type. The development of aquaculture is also being encouraged since there is great scope for rearing of species such as hassar and tilapia for local and export markets.
Rice and Sugar
Good opportunities exist for joint-venture arrangements in the export of rice. Potential exists for rice to be used to manufacture items such as breakfast cereals for export. Opportunities exist for processing of sugarcane to crystallised sugar.
Species include anthuriums, orchids, calla lilies and heliconias; and foliage items such as croton, ficus and leather leaf ferns.
A broad classification of the sub-sectors in this sector includes wood and wood-related products, food and food processing, beverages (alcoholic and non-alcoholic), livestock-related, textiles, chemicals, paper and paper-related, leather, fabricated metals, and refrigerators and stoves; and agriculture and manufacturing incentives for projects in Linden and surrounding areas.
Investment opportunities in this sector for manufacture include high quality wooden furniture in both finished and knock-down forms; fitted kitchen furniture; standard size doors, windows, panels (groove & tongue), and other household fittings; plywood veneers; wooden garden furniture; prefabricated wooden houses; and parquet material and floor tiles.
Opportunities exist for processing, canning and bottling of agricultural products; manufacture of chemical products; packaging, jewellery, leather craft, ceramics and non-metallic minerals, textiles, etc.
Investment opportunities exist for the manufacturing of packaging materials and containers for transporting of finished products; of jewellery and ornaments based on gold, diamond and semi-precious stones; leather products and souvenirs, articles based on clay, kaolin and silica sand; garments and textiles for local and export markets; and production of building materials such as stone, cement, clay blocks and tiles, and the manufacture of glass.
Guyana’s principal wealth is the natural resources both inland and offshore along with its forest and the assets therein. Guyana's vast forest resources cover over three-quarters of the 83,000 sq miles landmass and consist in excess of 1,000 species of trees. The species which are intensely exploited include greenheart, mora, baromalli, purpleheart, crabwood, kabakalli and womara. Opportunities exist for the production of furniture, plywood and veneers, parquet, floor tiles, kiln drying and wood preservation activities.
The Government has been able to sustainably manage Guyana’s forest to derive economic benefits for the economy and create livelihood opportunities for the people while at the same time maintaining one of the lowest rates of deforestation in the world. In doing so a new economic opportunity has been created through avoided deforestation (REDD+) for which Guyana is one of the first countries to be paid.
Several economic minerals are exploited in the Guiana Shield. The main minerals or those with potential are gold, diamonds and bauxite. Other mineral resources include laterite, manganese, kaolin, sand resources, radioactive minerals, copper, molybdenum, tungsten, iron, nickel, etc. There are prospects for oil in the Takutu Basin.
Guyana offers a distinct product that tourists can enjoy; vast open spaces, savannahs, virgin rainforests, mountains, huge rivers and waterfalls, the most famous of which is the Kaieteur Falls known to be the highest single drop waterfall in the world. There is scope for investment in accommodation (particularly in the hinterland); recreational facilities (could include rafting, boating, tennis, horseback riding and golf), transport (international airlines, charter services, boat and car rental services), restaurants, craft shops, and integrated project (development of the Kaieteur Park area as a major tourist destination.
Trade & Investment
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