Guyana’s President, Irfaan Ali told his Dubai audience yesterday that the country needs investment in order to convert its abundant natural resources into prosperity for all and have its citizens enjoy high standards of living.
The President at the time was speaking at EXPO 2020, a world expo currently hosted by Dubai in the United Arab Emirates from 1 October 2021 to 31 March 2022. Originally scheduled for 20 October 2020 to 10 April 2021, it was postponed due to the COVID-19 pandemic. Despite being postponed, organisers kept the name Expo 2020 for marketing and branding purposes.
Guyana’s theme at Expo2020 is ‘Home of Nature, Land of Opportunities’ and there was a cultural presentation yesterday by Guyanese artistes.
Ali opened his remarks by expressing his delight to be able to be in and experience Dubai, and thanked the UAE and organisers for facilitating his attendance and his country’s participation in the Expo. He referred to the Expo as an opportunity for countries to showcase their products and services and to establish connections and synergies with investors and suppliers. He also alluded to the prediction by some that Guyana could be the next Dubai and mentioned that he was inclined to caution those ‘seers’ that resources require investments to create wealth and generate opportunities for human well-being. “It is a vision that must be captured and embraced, and this is what this Expo2020 offers, an opportunity to showcase that vision and create a winning culture.”
Ali noted that Guyana was once described as the best-kept secret in South America because of the country’s stunning natural attractions and its unmatched biodiversity. Added to these blessings, the country is a net carbon-sink as more than 80 per cent of its surface is covered by forests.
However, it was pointed out that Guyana, however, is no longer the continent’s best-kept secret and is “igniting” excitement throughout the region with its economic transformation. With GDP growth at 43.5 percent, it became the world’s fastest-growing economy in 2020 and is likely to sustain high levels of growth for the next decade.
The president also spoke of the discovery of oil in 2015 and that after several successful explorations, Guyana is now ranked among the world’s top 20 countries in terms of oil reserves. He however stated that discovery of oil has not reduced the nation’s commitment to the preservation and protection of the environment.
“We will continue to pursue oil production offshore, but onshore we will definitely intensify the de-carbonisation of the economy. We will do so principally on an expanded Low Carbon Development Strategy, which will emphasise low levels of deforestation, biodiversity protection, freshwater management, the sustainable development of the marine economy and conservation.”
He also spoke of Guyana’s intention to become a leader in environmental issues and to align its development trajectory along a low-carbon pathway while aiming to become active in carbon trading markets and declared, “We take our responsibilities to the environment seriously.”
The president stressed that all development must be inspired by a vision and that his government has a vision for Guyana. “We have a vision for Guyana. I believe that Guyana is in its finest era. The country is being prepared for its fastest and most explosive economic and social transformation. We want to ensure a prosperous country where our people can enjoy high standards of living, including a 21st century education and world-class health services. I want Guyanese to enjoy these and other benefits in a healthy, safe, and secure environment. We want to see a modern Guyana which will mould the next generation of our children and provide them with the best that life that we can offer. We want to build a more inclusive society in which our diversity is celebrated”, he said.
However, the Head of State underscored the need for investment if Guyana is to convert its abundant resources, both material and human, into wealth and translate this wealth into human prosperity. He posited that EXPO 2020 provides Guyana with the opportunity to showcase not only its products and services, including its sustainable tourism, but also to underline its investment opportunities in infrastructure, housing, energy, information and communications technology, agriculture, manufacturing, and oil & gas, among others.
“We welcome you. We have an open economy and with investor-friendly policies in place, including attractive incentive regimes, laws which protect the right to property, and which also allows freedom to repatriate profits”, he urged.
Ali listed what he saw as some of the features that makes Guyana “unique” and attractive for investment.
• Guyana is on an irreversible growth trajectory. This fact alone should provide comfort to investors that they are entering an economy which is expanding and doing so rapidly.
• Guyana now has the resources which would allow it to do much more, better and much faster.
• Guyana is already becoming a beacon for investment. The oil companies are bullish in investing in Guyana and other companies are following their lead.
• Almost all our sectors have the capacity and potential for expansion therefore there is no crowding-out of potential investors.
• Guyana is the most resource-rich country in the English-speaking Caribbean.
