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‘Guyana is one of the most attractive places to do business’
– Ashni Singh tells Jamaica Stock Exchange Conference
Kaieteur News – Last week at the second annual Regional Investments and Capital Markets Conference, held in Georgetown, Guyana’s Senior Minister with Responsibility for Finance, Dr. Ashni Singh touted the country as one of the most attractive places for business investment in the world.
Senior Minister, Dr Ashni Singh
The two-day event was hosted by the Jamaica Stock Exchange (JSE) under the theme “Financing for Success: Where Passion, Prosperity, and People Align.”
Addressing investors and business leaders on October 9 at the Pegasus Hotel, Dr. Singh acknowledged the transformative impact of oil discovery in the country. However, he was quick to underline that Guyana’s progress began long before oil started being produced.
He emphasised that Guyana’s economic growth is no sudden phenomenon but the result of decades of strategic efforts, particularly under the People’s Progressive Party/ Civic (PPP/C) governments. “This isn’t a flash in the pan, this isn’t a bolt of lightning that has come from the sky, decades of work have gone into getting Guyana to where we are. Of course, the discovery of oil has helped, and I would not insult your intelligence to suggest otherwise,” Dr. Singh said.
“Of course, it has helped, but what it has helped us to do is to do more, to do it better and to do it more quickly,” he added. The minister told the investors that the government’s focus has always been on building a competitive and diversified economy, which has made Guyana an appealing destination for business long before oil was found.
He highlighted that Guyana’s economy has experienced unprecedented growth, with real Gross Domestic Product (GDP), increasing at an average annual rate of nearly 40% between 2021 and 2023. The finance minister projected continued growth at around 29% annually for the rest of the decade.
He also noted that there has been robust expansion of the non-oil sectors, which have grown at an average of 11% over the last three years, with further growth expected at 7-8% per year. “You can be assured and you need not be worried that this is a basket case that has just found some oil resources and needs to be cautioned to act responsibly,” Minister Singh said.
Reassuring investors that the government is experienced in managing the economy responsibly, Dr Singh said, “There is no example anywhere in the world, there is no example anywhere in the world of such astronomical rates of growth over such a sustained period of time, no precedent…but there really is no comparison.”
Moreover, he also highlighted the country’s Local Content Act, which mandates that the oil and gas sector source a portion of its goods and services from locals and local companies. He underscored that the enactment of the Act creates more opportunities for Guyanese businesses.
He outlined that demand for goods and services in Guyana, far outstrips supply. “I say to people that there isn’t a single category of goods or services for which demand does not outstrip supply in Guyana right now, I say to people that it does not matter whether you’re speaking of hotel room, hospital beds or hamburgers, hot dogs, doesn’t matter which category, goods and services, there is an opportunity in Guyana,” the minister noted.
Dr. Singh noted, “Guyana today is likely, possibly one of the most attractive places to do business in the world.”
To this end, he assured that Guyana is a stable and sensible environment for investment. Despite the rapid pace of development, Dr. Singh acknowledged that Guyana’s institutions are working hard to keep up, with ongoing efforts to modernize and digitize government processes. “I won’t also insult your intelligence and tell you that everything is perfect. We still have a lot of things to resolve, a lot of our institutions are still adapting to the pace at which things are happening in Guyana…” Dr. Singh added.
(‘Guyana is one of the most attractive places to do business’)
- Georgetown, Gross Domestic Product, Guyana’s, Jamaica Stock Exchange, Minister Singh, Senior Minister
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