Latest update December 16th, 2024 9:00 AM
PM urges overseas based in Georgia to grasp investment opportunities
Kaieteur News – Prime Minister (PM) Mark Phillips has urged Guyanese living in Georgia, United States (U.S.) to return home and invest as the lucrative oil industry continues to attract major foreign interests.
The PM made the call during his inaugural address to Guyanese in the American state last Friday, at a well attended “Guyana Independence Day Diaspora Outreach” held at the Four Seasons Hotel in Atlanta.
The attendees included Guyana’s Ambassador to the United States and former Prime Minister Samuel Hinds, Honorary Consul Marva Jacobs, ExxonMobil and Hess representatives and other special invitees.
PM Phillips told the attendees that as Guyana observes its 57th Independence, the country continues to be blessed with resources and revenue from the oil and gas industry. He said that before first oil in 2019, Guyana was able to develop its other resources, but now has a lot more revenue from the new sector that could go towards the development of citizens.
Guyana’s Ambassador to the United States and former Prime Minister of Guyana, Sam Hinds during his speech.
Further, Phillips told the guests that President Irfaan Ali has also made it clear that the revenue from the oil and gas industry would aid in Guyana’s development and its people thus creating a ‘One Guyana’ concept. Under this ‘One Guyana’, he said revenues are being utilised to “bring development to all the people, under a people centred plan.”
The Prime Minister disclosed that the government has a three prong plan that involves energy and food security as well as environmental conservation. The PM said that energy security is an important focus for the government and Guyana is already a leader in this area.
“There is no discussion about energy that can go on in our hemisphere without the mention of Guyana,” the PM asserted. He said that the country is currently producing some 392,000 barrels of oil per day with an 11-billion-barrel equivalent within the block.
He added that with the exploitation and discovery of new oil resources, Guyana is likely to own more than what was previously stated.
The PM added that while the government is focused on securing the energy sector, it is also looking to utilise its resources to diversify the agriculture sector, an area where he said Guyana is also leading. He pointed to the Caribbean’s 25 percent by 2025 initiative where Caribbean Community (CARICOM) member states aim to reduce its food import bill by 25 percent by 2025.
In relation to its climate change response and protection of the environment, PM Phillips said that Guyana is again leading in the protection and conservation of the environment.
“So you have a government that is focused on the development of Guyana and leading in the three areas mentioned; energy, agriculture and the protection of the environment.” He said Guyana has a government that has embarked on an accelerated development program leading to the improvement and transformation of Guyana.
Prime Minister Brigadier (ret’d) Mark Phillips during his address in Atlanta.
The PM urged therefore, that Guyanese in the Diaspora remain connected to Guyana. He explained that prior to oil discovery, at one point when some resources were not doing as well, the country saw its highest foreign exchange earner coming from remittances from the Guyanese in the Diaspora.
“We ask you to continue being connected to Guyana and also use this opportunity to invest in Guyana because Guyana has the fastest growing economy in our hemisphere and opportunities for investment are limitless at this stage in Guyana.”
A section of those who attended the outreach in Atlanta, Georgia, U.S.A
“We have many companies from all over the world coming to invest in Guyana and we humbly ask that our Guyanese in the Diaspora be part of that investment,” the PM said.
Meanwhile, Ambassador Hinds in brief remarks pointed to the work being undertaken by the government and the transformation that is taking place in the country. He noted the success that Guyanese continue to have aboard and the advances that they continue to make. The Ambassador urged that the Diaspora continues with its valuable contributions to the country.
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