By Joseph Allen
Major, world-renowned European companies have shown a positive interest in entering the Guyana market where they expect to bring a high level of competitive spirit, experience, and quality.
The European Union (EU) Economic Mission to Guyana from November 20 to 22, comprised some 23 companies from ten countries with over $400 billion in revenue last year that employ some 500,000 people. The EU/Guyana Chamber of Commerce was also launched with businessman Gregory Dean as its head.
Stabroek News spoke with several of the company representatives who opined that now is the right time to invest in Guyana’s economy.
Nokia Technologies
Nokia representative Caesar Vasquez explained that while economies have been around for a while, the companies believe that now is the right time to partner with Latin America. “It’s not just Guyana, you know there are some countries in Latin America that are moving into this strategy and the right moment is now. Not before because the technology wasn’t available. The companies in the industries weren’t ready, so this is the perfect time,” he said.
Vasquez, when asked what the company will bring since there are already many other companies offering the same services, responded that Nokia was confident in its quality and experience. He added that the company will look to make an impact that will transform the Guyanese market.
“Nokia is a European company, a powerhouse in telecommunication and we are bringing in this occasion our expertise, in specific areas. We are interested in assisting the Guyanese companies in digital transformation, in oil and gas, mining, and utilities (especially power entities), as well as the Guyana Government knowing that Guyana is investing heavily in infrastructure, you will require a strong telecommunication system. So, we have a presence and we can help you out with the digital experience and with the digital strategy in transportation for example ports, and airports, and you are experiencing a digital transformation and logistics. We can be here with our portfolio; our experience will bring new-age technology to Guyana,” he said.
Vasquez acknowledged that while the company’s presence will not be fully felt until in the future, for now, information is being gathered.
“In these two days, we have met the authorities and they have offered us guidance on the sector and numbers requirement and after that we will be well equipped to start approaching the Guyana customers but at some point, we also know that we will require local partners to develop our strategy here in Guyana,” he added.
He also disclosed that the government was helping and has encouraged the company to invest in Guyana.
EDF Energy
EDF Energy representative Aurelien Hilt, who is also the Hydro Project Manager, said that the company which is based in France, provides services in the area of renewable energy and nuclear power plants.
According to Hilt, the company has done projects in Latin America, Asia, Europe, Africa and North America, but was now trying to enter the Guyana market since there seemed to be a need for increased energy supply.
“We are mainly interested in Guyana, because there is huge potential for growth and because there is a huge need for energy improvement of the electrical system, of the transmission line, et cetera. There are a lot of opportunities for us and we are here to see this opportunity and to better our possibility of doing business. We are quite interested in some hydro projects, like the Amalia Falls for instance, and in other renewable types of energy such as bio, solar, wind, and biomass and I think there is a market for us here,” he said.
Hilt stated that EDF Energy can bring a wealth of experience to Guyana’s power sector.
The Guyana Power and Light Inc (GPL) remains the main source of energy supply for the entire country. Under this heavy demand, GPL has been inconsistent with the supply of energy for decades.
Hilts noted that the company remains aware that such a fast-growing economy as Guyana’s needs more energy. And with the growth in Guyana, the company feels it is entering the market at the right time.
“It was not identified as a potential market for us until now, back then we didn’t see any potential growth. So, if we are investing in a country, it’s a lot of work, it’s a lot of time to invest in a country and we don’t want to invest in another country for just one project; we have to see other opportunities in the future that are there for us. So, this is what we are seeing now. There will be increasing demand and I think the forecast is very impressive and there will be natural growth,” he added.
SDV Energy Infrastructure
SDV Energy Director Giovanni De Biase explained that the company, based in Spain and specialising in transmission development projects, also operates in 12 other countries.
It will offer to strengthen the country’s grid which needs to be developed. As such, talks are ongoing with the authorities and other stakeholders.
“We want to work together with them and assist them in the development of that transmission system that needs to be strengthened and allow the country to develop. We cannot have oil and gas, we cannot have telecom without the energy, and we need the energy. Reliable energy and that will help all the sectors in the country,” he said.
DeBiase stated that he has seen the willingness of the authorities to work with the company.
