Pres. Ali boasts of Guyana’s diversified economic prospects

Dec 07, 2021 News

…tells Harvard Business Forum of potential revenue opportunities locally

Kaieteur News – Guyana has in abundance diversified economic opportunities, according to President Dr. Irfaan Ali, who on Monday addressed the Harvard Business School’s virtual faculty workshop, on the Microeconomics of Competitiveness (MOC).

President Dr. Irfaan Ali.

President Ali, who was invited to deliver the keynote address for the forum, spoke extensively on Guyana’s natural resources and the plans that his government have in train to further monetise the country’s resources.
“Our country is also blessed with tremendous deposits of gold and our volume of exports for 2021 is estimated at 500,000 ounces; so I’m just presenting to you the diversified economic portfolio of our country and the revenue generation opportunities,” Ali said.
In addition to Guyana’s gold, President Ali also used the occasion to highlight that the country is also blessed with diamonds.
According to the President, for the period January to September 2021, Guyana exported approximately 20,000 metric carats, and for the period October to December, a further 7,500 metric carats was exported.
President Ali also shared that the construction boom in Guyana has resulted in tremendous increase in the need for quarrying, sand and sand production.
To this end, he explained that this has led to remarkable increase in Guyana’s sand production from January to September 2021, with close to 3.5 million metric tons being extracted.
He further stated that the sand production is projected to reach more than 1.2 million metric ton before the end of the year.
When compared to the previous year, it was revealed that the extraction of sand grew by 96.8 percent.
“Now, this is to demonstrate to you what is taking place in the local construction sector. The extraction of sand grew by 96.8 percent compared to a year ago. We also have tremendous bauxite deposits, although our bauxite production is below what we have would have targeted,” Ali highlighted.
The President went on to explain that despite bauxite production not reaching its peak, “there are still numerous international interests in many reserves.”
To this end, he said, “…we were able to produce close to 452 metric tons of bauxite for the January to September 2021 period. It is estimated that before the end of the year, a further 170,000 metric tons will be produced.”
He disclosed too, that one of Guyana’s largest reserves of bauxite in the Corentyne corridor is where the Government is hoping to work with Brazil.
Moreover, he also, at the forum, boasted about the fact that Guyana has one of the lowest deforestation rates in world and noted that its forest stores almost 20 gigatons of carbon dioxide equivalent.
The President also explained that as part of his government’s Low Carbon Development Strategy (LCDS) 2030, they have established an International Centre for Biodiversity Research. He explained that the research centre was linked to improving the country’s competitiveness, human capita, innovation, research and development, as part of what is in store to be offered globally.
To achieve this, he said, “…we are seeking partnership with universities and research organisations to make this a cutting edge centre of excellence with focus on ecosystem services, forests and biodiversity watersheds.”
This led to President Ali extending an invitation to Harvard University, and other universities and research organisations in attendance, to come onboard with Guyana in the area of ecosystem services.