Ever since the Irfaan Ali-led government took office in 2020, Guyana has been hosting a number of foreign investment missions with very little to no announcements of actual investments.
For over two months now, Stabroek News have been trying to get the government to confirm whether the promised ‘Saudi Arabia Desk’ in the Ministry of Finance has been set up and what investments may materialize from the high-profile July 9th Guyana–Saudi Arabia Investment Engagement.
The aim of the engagement was furthering investments from the Kingdom in Guyana.
Over the last two months plus, three reporters from this newspaper, on several occasions, reached out to Senior Minister in the Office of the President with responsibility for Finance Ashni Singh for information on the promised ‘Saudi Arabia Desk’ and subsequent investments but he has thus far refused to answer the questions. Instead, he promised interviews that never materialized.
The latest encounter was yesterday at the Arthur Chung Conference Centre during which once again he promised an interview and refused to answer the questions. Instead, he said that the investments were “plenty” as he walked away.
Back in July, a delegation headed by Badr Al Badr, the Saudi Arabian Deputy Minister for Investors Outreach and including at least 65 members of the private sector and multinational companies, visited Guyana where they made a number of demands to facilitate investments here.
Al Badr had said that his country is keen on investing in the Caribbean and sees Guyana as a strategic partner. He stated that the delegation included decision-makers attached to some of the biggest investors from his country, before noting that they are ready to capitalise on the opportunities in Guyana.
“We believe in the opportunities and we very much want to develop the investments dialogue which we have recently begun with you. After all, one of the engines of growth for any economy is in investments. Investments lead to asset creation, which leads to enhanced production, employment and overall economic progress. And investments link the present with the future [and] investments now in productive assets will build the future and at the same time, stimulate current demand and supply,” he said at the time.
Al Badr had told President Irfaan Ali and several members of his Cabinet that while they are looking at investment opportunities in every sector they also want a special investment regime for their investors.
“We are coming with a club of businesses and large leading Saudi companies for the first time…what I’m asking is that we should really be getting special incentives, a special desk under your presidency or even in one of the ministries that handles Saudi investments and look after Saudi investors. Plus, we should be looking for also some type of terms and conditions that are tailor-made also for the Saudi companies,” he had said.
He added, “It is clear we have an excellent opportunity to work together and to build. We must not let these opportunities pass us by. We should capture this golden opportunity. We are looking forward so much to our discussions with you and with your team. So that together we can start to develop a roadmap. After these, visits, a follow-up is the key through an institutionally structured way and that’s why we’re doing a roadmap for Saudi Arabia and Guyana to work together and grow together.”
In response to the call, President Ali had committed to doing everything to facilitate the investment by the Saudis. He said that a ‘Saudi Arabia Desk’ will be established in the Ministry of Finance while going further to invite the Kingdom to set up a local embassy.
“…not only a special desk we want to create, but we also want to create a special presence with the establishment of your embassy. But in the meantime, consider it done. As of today, there will be a Saudi Arabia Desk in the Ministry of Finance. You can hire two to three Guyanese to be part of that [desk and] we’ll put counterpart officials.
“…terms and conditions for investment from Saudi Arabia, do not worry about this. I assure you that you will never be treated less than any other investor. You can be assured of that. You will not be looked at in a lesser manner or treated in a lesser manner. We want to partner with the world but you must understand that we also want to move quickly. We have an obligation to the people of this country to deliver to them as fast as we can,” he said at the time.
The President’s acquiescence to a desk in the Finance Ministry had been criticised as unheard of and out of kilter with norms.
