‘Guyana poised to become top investment hub for manufacturing’ – President Ali
Ahead of the highly anticipated International Business Conference (IBC) 2024, President Dr. Irfaan Ali has outlined his administration’s vision for Guyana’s manufacturing sector.
As the country prepares to host the IBC in October, President Ali emphasised the vital role the conference will play in fostering partnerships between regional and international stakeholders to drive growth and development in the sector.
Speaking passionately about Guyana’s historical strengths in manufacturing, the Head of State pointed out that the government has been investing in continuous upskilling of the local workforce, as well as welcoming skilled and specialised labour from abroad to complement the nation’s efforts.
“We have always been competitive in manufacturing,” the Guyanese Leader posited. “But now, with the impending reduction of energy costs by half and the improvement of energy reliability through new power plants, Guyana is poised to become one of the most competitive locations for investment in manufacturing.”
The Guyanese Leader further elaborated on the government’s commitment to addressing key challenges that have historically hindered the sector’s growth, particularly the high cost of energy.
He noted the government’s plans to launch a second power plant soon, which will ensure not only the availability but also the affordability of energy—a game-changer for manufacturing businesses.
In outlining the opportunities that make Guyana an attractive destination for manufacturing investment, President Ali emphasised the nation’s geographic advantage and expanding trade relationships.
“Our geographic positioning also offers us easy access to Brazil, and right now, we are investing in infrastructure to integrate northern Brazil with all of Guyana,” he said.
The President also highlighted the importance of bilateral trade agreements within the wider region, adding that “the ease and access to markets is becoming much simpler, less bureaucratic.”
A key highlight of the President’s vision is the strategic integration of local and international businesses, particularly through partnerships that combine local knowledge with foreign technology and capital.
“The IBC provides the perfect platform for these partnerships to flourish,” President Ali explained. “This conference gives local companies the opportunity to collaborate with international businesses that bring advanced technologies and resources. Together, we can build stronger, more competitive companies that will drive Guyana’s manufacturing sector forward.”
The President also touched on the nation’s burgeoning agro-processing industry, pointing to significant investments in areas such as dairy production, poultry, and aquaculture.
“The entire policy framework is designed to support agro-processing and manufacturing at every level,” President Ali added. “We are expanding cultivation, incorporating advanced technologies, and focusing on value addition, not just raw production.”
On the topic of creating incentives for investors, the President highlighted Guyana’s competitive incentive regime and the government’s ongoing work to establish special investment zones across several regions, including Regions Six, Nine, and 10.
These zones, which will offer special tax regimes and infrastructure support, are expected to further stimulate growth in the manufacturing sector.
President Ali strongly endorsed the International Business Conference 2024, encouraging local and foreign businesses to seize this opportunity to network, form partnerships, and tap into the enormous potential that Guyana offers.
“This conference is key, because it brings that local firepower and matches it with the international firepower and gives us an opportunity to build partnerships because that is what we want—partnership and creating that network.”
As the country continues its rapid development, President Ali’s closing remarks echoed a sentiment of urgency.
“There is no better place for investment than Guyana at the moment, and more importantly, if you don’t do it now, I tell people, in two to three years, it will be too expensive for you to do. We are building a diversified economy, and manufacturing and agro-processing are at the heart of that vision.”
He added, “As we build out this economy, I am very pleased that we are focusing on manufacturing and agro-processing because the diversification that we are seeking to achieve places these two sectors high up on the agenda.”
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