As much as anything else, Guyana’s now accustomed role as host to high-profile regional and global gatherings underscores the acceptance by the international community that the country’s new-found oil economy qualifies it as a place to be when matters of business and investment in the region are under scrutiny. Accordingly, the choice of Guyana as the venue for the July 2024 Caribbean Investment Conference has not found Guyanese surprised.
To state that ‘oil and gas’ has worked wonders for Guyana’s image, regionally and internationally, is to articulate the simple fact. While in terms of the infrastructure and the appurtenances associated with hosting significant international events, Guyana is patently not yet ready, the strategic significance of its petro economy to the potential well-being of the rest of the region has caused it to leap frog the rest of the region overnight. The ‘landmarks’ of an absence of full readiness is evidenced in the ‘chaos’ that attends the frenetic ‘makeover’ of the capital. On the basis of the available evidence illustrated in the country’s now exalted status as a ‘favoured destination’ the wider embracing of Guyana as one of the ‘sweet spots’ in a global society much of which is daubed with doom and gloom is evident.
The choice of Guyana as the venue for a forum out of which much is expected in terms of the cementing of investment and trade ties, was purely a pragmatic decision. Caribbean Export, the regional institution that seeks to allow the forum to provide a “high level” opportunity “to give investors the opportunity to explore the range of bankable projects” available in the country is only too well aware that much of the rest of the region (if not all of it) is enduring one socio economic ‘jitter’ or another, while for Guyana, the recent erratic re-assertion of its long-standing and decidedly spurious territorial claim by Venezuela, notwithstanding, has attracted a level of positive global attention that it had not previously known.
As has been the case for most of 2024 so far, as well as the immediately preceding years, potential investors have sent unmistakable signals that they are
prepared to ‘grin and bear it’ insofar as the assorted ‘makeover’ encumbrances are concerned. It is a sign that they have seen the opportunity and are likely to be in it for the long haul. The objectives of the Guyana forum as stated in the release are to:
1. Raise the visibility of the region as an investment destination
2. Attract investment into the priority sectors identified with a focus on those needed to support the transition of the region to a greener and smarter economy
3. Bring together the international investment community so that agreements can be forged on key priorities that will fast-track the region’s transition, and,
4. Work towards attaining the sustainable development goals focused on poverty, zero hunger, good health and well-being, decent work and economic growth, life on land and partnerships.
Since its inception in 2022 the event has secured the support of the European Union, the CARICOM Secretariat, and the Caribbean Development Bank. It has sought, its organizers say, to maintain a focus on investment opportunities in sectors that are critical to the well-being of Caribbean countries including AgTech, ICT, Renewable Energy, and Logistics & Transport.
One of the more significant facets of the event is its ‘Country Pitch’ showpiece which allows for investment promotion agencies from participating countries to present investment opportunities within their respective countries. In an environment in which CARICOM member countries continue to face challenges associated with climate change, food security challenges and declining levels in international investment, the region will be hoping that the dimension that is expected to be brought to the event on account of the ‘spark’ afforded to the region by Guyana’s relatively quick induction into the global petro community will redound to its wider gain.
