Guyana’s resources useless if unexploited – Pres. Ali tells Summit

Mar 18, 2021 News

President Irfaan Ali.

Kaieteur News – All of Guyana’s resources, the black gold in our Stabroek Block, our timber, gold and bauxite, would be useless to our development if not exploited says President, Irfaan Ali, as he gave an open invitation to foreign investors.
The President made those remarks and more yesterday during his key note address to the Guyana Basin Summit, a three-day virtual event bringing together industry executives, experts, government stakeholders and local business owners to devise development opportunities in the rapidly expanding Guyana-Suriname oil basin.
“Guyana is blessed with an abundance of natural resources that provides opportunities for every Guyanese. Few other countries in the world can boast of being home to gold, diamonds, bauxite, sugar, rice, cattle and other livestock, forestry, oil and gas, abundant agricultural lands, freshwater and tourism. There is no reason for our country to be poor, or for our people to want. We, together, have to take hold of these natural resources that have been gifted to us and turn them into national treasure,” President Ali told the Summit.
And with the growing oil discoveries, Guyana is poised for greatness, he added. “We welcome investment in the Guyana Basin as well as the multiple opportunities it will spawn within our economy. This Summit is an opportunity for investors to cement their participation in our economy, including in the non-oil sector,” the President said.
According to the Head of State too, Guyana is set to become an economic and energy epicenter in the Western Hemisphere and is destined to emerge as one of the most diversified regional economies providing a treasure-trove of economic opportunities.
He detailed as well that the manufacturing, knowledge services, health sector and agriculture sector will also propel the country, not just oil and gas.
“This dynamic transformation will be driven principally by the private sector. Local and foreign businesses, working in tandem and sometimes in partnership, will act as the main driver of economic output efficiency and competitiveness,” the Head of State noted in his address.
Pointing to the Guyana-Suriname basin, President Ali said that with the estimated double proven reserves, it solidifies Guyana’s position as a lucrative emerging petroleum state.
Continuing, the President stated that Guyana intends to maximize the many business opportunities that exist along the value chain of the country’s fledgling petroleum sector, with the added expansion of drilling, exploration, and production activities in the petroleum sector.

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