President Irfaan Ali yesterday promised “fiscal incentives” and “boundless” investment opportunities to participants at a Guyana-European Union Investment Conference.
“Investors doing business with Guyana can be assured of an ever-improving enabling environment for business. They can be sure of a growing economy which will support business expansion… They can look forward to improvements in ease-of-doing-business and respect for property rights and the rule of law. Guyana offers a number of advantages for European firms” he declared.
According to a statement from the Office of the President (OP), Ali made the comments during his presentation to the inaugural Invest in Guyana virtual Forum hosted by the Delegation of the European Union in Guyana in partnership with the Caribbean Export Development Agency and the Guyana Office for Investment (GO-INVEST).
The one-day event targeted European investors with the aim of increasing their interest in opportunities for investing in Guyana, in particular in resort and hotel development, mining, oil and gas, agriculture, forestry, logistics and the infrastructure sector. OP said that 500 delegates from 47 countries were present.
The Head of State is said to have reminded these delegates that Guyana has been engaged in an economic partnership with Europe for the past 45 years and therefore has well-established investor relations. He said that Guyana offers a number of advantages for European firms and is also strategically located and offers access to key markets, including the Caribbean while noting that Guyana welcomes investors from Europe and looks forward to European foreign direct investment and for Euro-based firms to partner with local companies in seizing the unfolding economic opportunities.
“Guyana is pursuing a transformative agenda which will require significant investment. The European Union, in turn, is charting its post-pandemic reopening and recovery, and this will drive the bloc to explore new trade and economic opportunities for enhancing its global reach and influence”, he said, adding that the Conference is taking place against the prospects of a renewed long-term partnership between Europe and the African, Caribbean and Pacific Group (ACP).
The event, Ali added, provides the opportunity to reposition Guyana-EU relations.
“This Conference must [become] a pacesetter in encouraging greater investment flows from the European Union to Guyana. In doing so, it will serve to reposition Guyana’s long-standing ties with the EU,” he said
The statement added that the President used the opportunity to reiterate his appreciation for the stance by the European Union during last year’s election and expressed gratitude for the continuous support for private sector development as well as its role in supporting climate adaptation and mitigation.
It was explained that through the European Development Fund and its support for Guyana’s National Indicative Programme, the EU has made a significant contribution to the country’s efforts to reduce poverty and build greater climate resilience.
Also speaking at the event were the EU Ambassador to Guyana, Fernando Ponz Cantó who said that the participation of close to 500 delegates from 47 countries is proof of the potential and the importance of Guyana as a business-friendly destination.
He added that it is only the beginning of Guyana’s potential, given that it is the fastest-growing economy in the hemisphere and one of the fastest-growing economies in the world.
In his remarks, the Executive Director for the Caribbean Export Deve-lopment Agency, Deodat Maharaj, pointed to the ‘spirit of optimism and possibility’ that pervaded the event.
He reiterated the Agency’s commitment to partnering with Guyana to promote investment opportunities in Europe and the wider world.
The day’s session included discussions and presentations from several Guyanese, including the CEO of the Guyana Office for Investment (GO-INVEST), Dr Peter Ramsaroop; Governor of the Central Bank of Guyana, Dr Gobind Ganga; past President of the Guyana Manufacturing and Services Association (GMSA), Shyam Nokta among other heads of Government Agencies and representatives from the Private Sector.
