Latest update August 4th, 2026 12:30 AM
Pres. Ali tells private sector: ‘Stop dreaming, start building new industries’
President Irfaan Ali
(Kaieteur News) – President Irfaan Ali has thrown down the gauntlet to the local private sector, challenging business leaders to move beyond the comfort of simply feeding off the booming oil and gas sector. He urged them instead to become the architects of entirely new industries that can sustain Guyana for generations.
The Head of State made the call on Thursday during his feature address at the inaugural Energy Insights and Breakfast Brief hosted by the Georgetown Chamber of Commerce and Industry (GCCI) at the Pegasus Suites and Corporate Centre.
Acknowledging that oil has fuelled rapid economic growth, President Ali said the private sector must shoulder its responsibility in ensuring that wealth, opportunity, and commerce spread across the economy. “Someone asked me recently if Guyanese businesses are ready for the oil economy. I told them, well, we are ready in spirit… But readiness is more than dreams. It is about skills, partnerships, and wealth creation. Otherwise, the opportunities will come and pass us by. We must prepare, not just dream,” Ali stressed.
Some of the business leaders who attended the event.
The President promised government support through favourable policies, infrastructure upgrades, and modernisation of the financial sector. He disclosed that Guyana will work with the private sector to build capacity in crude trading. “That is going to create enormous opportunities for us. And we have to short-circuit this,” he said, adding that government will bring in consultants to “work with us in transferring the knowledge. Maybe to enter a partnership for the next three, four, five years until we get the experience to do it on our own.”
Ali said these ‘bold’ moves are essential if development is to be inclusive, reaching villages, hinterland communities and closing the gaps between rural and urban areas. He reminded that oil and gas are “not ends in themselves, but a means to accelerate sustainable development.” According to him, discipline, planning and vision are needed to convert oil wealth into schools, hospitals, modern infrastructure and long-term opportunities.
Painting a picture of Guyana in 2030, the President said every household should have reliable, clean energy, regions connected by highways, and world-class healthcare and education. “Oil is temporary. But sustainability is forever. You must use oil to build for the future, not deny the future to spend oil,” he declared. The event was also attended by Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh; Minister of Natural Resources, Vickram Bharrat; members of the diplomatic corps; and business leaders.
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