Jamaican delegation looking to seize business opportunity in Guyana

Oct 07, 2022 News

– Identifies finance, construction as key areas of interest

Kaieteur News – In light of the economic boom in Guyana owing to the country’s new found oil and gas resources– Minister of Industry, Investment and Commerce of Jamaica, Aubyn Hill and a delegation are wrapping up a visit to Guyana during which they sought business opportunities and partnerships.

Minister of Industry, Investment and Commerce of Jamaica, Aubyn Hill

The Jamaican delegation comprises of about 38 businesses from the public and private sectors. The team visit commenced on October 2, and will conclude today. Some of the key areas the trade the delegation has identified for collaboration include financial services, infrastructure, manufacturing, professional services, and agri-business.

During an interview with reporters on Wednesday night at the Guyana Marriott Hotel Minister Hill stated that as the Minister with responsibility for investment and commerce in Jamaica, one of his main job is to make sure that his country’s economic growth progresses. He said it was also vital to continuously open new doors for opportunity.

“We know Guyana is moving fast but there is so much to do… the amount of commerce and traffic that is going to come in,” Hill noted.

The Jamaican Minister pointed out that with the large amount of minerals Guyana has the country needs the immediate cash flow from the oil and gas resources to propel other sectors. As such, the Minister stated that Guyana is a natural fit for Jamaica economically, socially and politically.

“So we are coming back in another two and a half months. I had a very good discussion yesterday with your Finance Minister, Dr. Singh and we are coming back with contractors and financiers. So the contractors can do the work and the financiers can provide the money,” Minister Hill disclosed. The Minister explained that added to Guyana’s oil and gas resources the country is also blessed with a lot of minerals but only a few people. He then compared Guyana 800,000 population to Jamaica which has a population of approximately three million people. To this end he said given Guyana’s lack of human resources, Jamaicans are willing to head to Georgetown to fill the gap.

Chief Executive Officer (CEO) of NCB Capital Markets Limited, Steven Gooden

Moreover, Minister Hill stated that he wants the banks in his home country to use their “big capital to assist your banks as you have to invest because everything you going to do now money is big.”

As it relates to finance, NCB Capital Markets Limited, is hoping that within the next few months they will be able to have a physical presence in Guyana. NCB Capital Markets Limited is the investment banking arm of NCB Financial group – Jamaica’s largest financial provider. The company offers a range of equity, money market, bond and mutual fund products, as well as corporate finance and portfolio management services for individual investors.

The company already has a presence in Trinidad and Tobago (T&T), Barbados and Cayman Islands. According to Steven Gooden, the Chief Executive Officer of NCB Capital Markets Limited, “we have been doing quite a bit of business in Guyana over the past few years. We have financed the agricultural sector, we have financed construction and we recently provided $10 million US in support of the Guyana Shore Base and we are looking to provide another US$110 million…so we are very, very active in Guyana,” he said.