The forestry sector in Guyana has shown a significant recovery since the current government took office, according to Finance Minister Dr Ashni Singh and he said that two large-scale investments are expected this year.
Delivering the 2024 budget on Monday, Singh said that significant progress has been made with the forest inventory for the country completed in 2023. The final validation of this inventory is expected to be completed by the end of the first quarter of this year.
The Minister added that this inventory not only provides valuable data for forest management but new species suitable for construction purposes have also been identified. One of these species is currently being reviewed as a substitute for greenheart, which is a highly sought-after but less readily available wood variety. This discovery, Singh said, will help reduce investment costs for both existing and new investors in the forestry sector.