Latest update December 23rd, 2024 3:40 AM
Guyana rich in resources, come to Guyana – Pres. Ali tells US investors
Kaieteur News – On Monday during his keynote address as part of the Adrienne Arsht Latin America Center’s Leaders of the Americas series, President Irfaan Ali boasted about Guyana’s “prolific mineral resources” and encouraged the United States of America (USA) private sector to take advantage of opportunities to invest.
President Ali and a delegation including the Vice President, Bharrat Jagdeo; Minister of Foreign Affairs and International Cooperation, Hugh Todd, and Foreign Secretary, Robert Persaud, are presently in Washington for a series of high-level engagements.
President Irfaan Ali and Jason Marczak during their engagement on Monday
The Leaders of the Americas series focus on prominent leaders and provides first-hand insight into and analysis of key opportunities, recent developments, and regional trends.
In President Ali’s opening remarks, he noted that Guyana’s biodiversity and environmental wealth is well documented. He said, “Our forest stores 19.5 gigaton of carbons the standing value of our forest is over US$500 billion, our forest has the potential of earning in excess of US$100M in carbon credit in an annualise way, this alone can drive tremendous development.”
To this end, he highlighted that the opportunities Guyana natural resources sector holds are incomparable, “where 36 percent of Guyana comprises of highly mineralize area.” President Ali then noted that what that means is that, “We are very rich in minerals such as gold, bauxite, commercial deposits of copper. These are all areas that we can now support to be competitive with the investment necessary, whether it’s the roadways, the opening up of these areas in a way that is sustainable.”
While responding to questions from Senior Director of the Adrian Arch Latin America Centre, Jason Marczak, Ali noted that the Government of Guyana views the U.S as an important partner.
“That importance is already demonstrated in the contribution the US private sector has been making in the development of our country, their participation in the oil and gas sector and what we are seeking to do is to expand that participation in all the other sectors,” President Ali said.
Importantly, Guyana’s oil and gas sector is dominated by American oil giant, ExxonMobil’s subsidiary Esso Exploration and Production Guyana Limited (EEPGL). EEPGL is the operator of the country’s richest oil block which is estimated to hold nearly 11 billion barrels of equivalent of oil.
In making further comments, President Ali noted that his government wants to see the U.S private sector play a greater role in Guyana’s economy. He said, “We want the U.S private sector to play a greater role, to go after great opportunity; we want all the different departments within the United States system to understand the full potential and to participate in unlocking the opportunities that comes with those potential.”
According to the president, emerging from the meeting with the U.S department of commerce, they were able to identify low hanging fruits, and areas that they can immediately target to support the aspirations of Guyana while at the same time creating opportunities for the U.S private sector.
“In just the first day in the U.S, we have been hearing about much trade delegation, private sector delegations that are planning to be in Guyana, we encourage this. We want to see collaboration between the U.S and Guyana private sectors,” President Ali said.
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