‘Best incentives in Guyana’ – Pres. Ali tells EU investors

Nov 23, 2023 News

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Kaieteur News – President Irfaan Ali earlier this week told a visiting European business delegation that Guyana offers the “best incentives” for foreign investors.

During a forum at the Marriott Hotel in Georgetown on Monday, he specifically highlighted lucrative opportunities in healthcare, tourism, and various sectors, urging European companies to explore and capitalise on these prospects.

President Ali underscored Guyana’s potential as the world’s premier eco-tourism destination, emphasising the unparalleled incentives for companies to invest in state-of-the-art facilities.

The head-of-state pointed out the unique advantage of Guyana, coupled with substantial government incentives, making it an opportune time for European investors to participate and reap the rewards. “Let me say to companies here, you will be losing the greatest opportunities to participate in the world best eco-tourism destination if you don’t do it today, mark my words, if you don’t do it today, it will be too expensive for you to do it three years from now, all the incentives you need…”

Ali continued, “You go to Costa Rica to pay US$5000 per night for glamping, beautiful facility between 2 to US$5000 per night in a Spanish environment. You come to Guyana, you build a facility, the glamping facility, in an English-speaking environment (and), you get the greatest incentives you can ever imagine of for investing here and reap the rewards.”

Addressing the potential for bilateral cooperation, President Ali illustrated the economic benefits of partnerships, especially in healthcare. He outlined scenarios where European hospitals, attracted by incentives, could collaborate with local counterparts to provide specialised services at significantly reduced costs, fostering long-term cooperation and cost savings for both parties.

“That is why governments are important because if a European hospital comes here and invests with a local hospital in providing a specialised service and that country, which they have invested in based on incentive mechanism can provide a surgery for $10 that costs $50 in Europe, those governments must then be willing to say we are ready to pay the $10 in that contract for the service. That is what defines bilateral cooperation because the country is saving in its long-term health care rather than paying $50, you’re paying $10.”

Furthermore, President Ali shed light on the evolving landscape of healthcare, highlighting the aggressive recruitment of healthcare personnel from the region by European countries. He emphasised the need to dispel misconceptions.

In conclusion, President Ali welcomed the European delegation, inviting them to capitalize on existing local opportunities and collaborate for mutual growth.

He said, “We are here to tell you in a convincing way that the door for our opportunities is open so that it become your opportunities also, do not believe that you need to do it alone.”

President Ali assured the EU delegation that Guyana’s private sector is becoming more sophisticated, presenting immediate opportunities for strategic integration.

“We have been growing our local private sector, our local private sector has been taking up this challenge. They are becoming far more sophisticated. They’re becoming far more focused and strategic in outlook and they present an immediate opportunity for you to upscale on, if I was in your shoes, I will look at who exists in the market and to see how I can work in upscaling their operations by integrating my operation,” Ali said.

To this end he stated, “If you’re looking to do a private hospital, first examine the local private hospitals, see what they’re doing and then work to see if you can upscale what they’re doing. To me meet the international standard or standard for which your market opportunities are and that brings a shorter lag time from conceptualization to project outcome and project management as much as we reduce the lag time, we are getting faster to results.”

Notably, Guyana offers incentives to foreigners to encourage investment and economic development. These include tax holidays, duty-free concessions, and other benefits in sectors like mining and other sectors.  Australian company Troy Resources received $2.5 billion in tax breaks in Guyana from 2016 to May 2018, excluding additional concessions on fuel and machinery. Meanwhile, Chinese firm Zijin Mining Group, which acquired a major gold mining operation in Guyana, benefits from import waivers for itself and subcontractors due to a contract signed in November 2011 with the original owners, Canada-based Guyana Goldfields.

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• European, healthcare, investors, lucrative, Marriott hotel

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