Pres. Ali unveils plan for special investment zones

Sep 16, 2024 News

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– promises attractive tax regimes, infrastructure support for manufacturing sector

Kaieteur News – Ahead of the inaugural International Business Conference, which will be held in October, President Irfaan Ali has laid out his administration’s vision for the manufacturing sector, urging local and international stakeholders to seize the opportunity to invest in the nation’s booming industries.

According to a press statement by ActionInvest, during an exclusive interview, the head-of-state underscored the critical role the IBC 2024 will play in fostering strategic partnerships to drive growth and development in the manufacturing sector. “We have always been competitive in manufacturing,” said President Ali. “But now, with the impending reduction of energy costs by half and the improvement of energy reliability through new power plants, Guyana is poised to become one of the most competitive locations for investment in manufacturing.”

The President also highlighted the government’s focus on addressing long-standing challenges, particularly high energy costs, which have historically hindered manufacturing growth. He pointed to the second power plant as a game-changer that would ensure affordable and reliable energy for manufacturing businesses.

President Ali underscored that Guyana’s geographic positioning and expanding trade relationships are key factors driving the country’s growing appeal to investors. “Our geographic positioning also offers us easy access to Brazil, and right now we are investing in infrastructure to integrate northern Brazil with all of Guyana,” he said. The President also highlighted the importance of bilateral trade agreements within the wider region, adding that “the ease and access to markets is becoming much simpler, less bureaucratic.” A significant part of the President’s vision involves partnerships between local and international businesses, through partnerships that combine local knowledge with foreign technology and capital.

“The IBC provides the perfect platform for these partnerships to flourish,” President Ali explained. “This conference gives local companies the opportunity to collaborate with international businesses that bring advanced technologies and resources. Together, we can build stronger, more competitive companies that will drive Guyana’s manufacturing sector forward.” Moreover, President Ali also spoke about the growth of Guyana’s agro-processing industry and outlined significant private investments already flowing into sectors such as dairy, poultry, and aquaculture. These investments, along with the government’s focus on value-added production, position Guyana to become a major exporter of processed food products.

“The entire policy framework is designed to support agro-processing and manufacturing at every level,” President Ali added. “We are expanding cultivation, incorporating advanced technologies, and focusing on value addition, not just raw production.”

Notably, to attract even more investment, President Ali said the government is offering a competitive incentive regime, including special investment zones in Regions 9, 10, and 6. These zones will feature tax benefits and infrastructure support to further stimulate manufacturing growth. With the International Business Conference just weeks away, President Ali urged local and foreign businesses to act quickly, warning that investment opportunities may become less affordable in the near future.

“This conference is key because it brings that local firepower and matches it with the international firepower and gives us an opportunity to build partnerships because that is what we want—partnership and creating that network.” The IBC 2024 is expected to be a defining moment, bringing together local and foreign investors to tap into the country’s vast potential and drive its transformation into a leader in the global manufacturing and agro-processing sectors.

“There is no better place for investment than Guyana at the moment, and more importantly, if you don’t do it now, I tell people in two to three years it will be too expensive for you to do. We are building a diversified economy, and manufacturing and agro-processing are at the heart of that vision.” He added, “As we build out this economy, I am very pleased that we are focusing on manufacturing and agro-processing because the diversification that we are seeking to achieve places these two sectors high up on the agenda.” The IBC will be held at the Guyana Marriott Hotel from October 15th to 17th, 2024, at the Guyana Marriott Hotel in Georgetown, under the theme: “Guyana: The Gateway to Opportunities.

 

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• ActionInvest, Business Conference, local knowledge, Marriott hotel, President Irfaan

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