Dear Editor,
I am writing to express my thoughts regarding Banks DIH’s announcement at their most recent annual shareholders meeting, where the company’s CEO revealed plans to construct a new beer bottling plant instead of pursuing a project in the technology sector, such as a computer assembly plant or a facility for electronic and digital equipment.
While Banks DIH has long been a cornerstone of Guyana’s economy and a symbol of local entrepreneurship, this decision raises important questions about the direction of our nation’s industrial development. In an era where digital transformation is reshaping global economies, the choice to invest in a traditional industry like beverage production, rather than a technology-driven venture, feels like a missed opportunity to diversify and future-proof Guyana’s economic landscape.
According to the World Bank, the global digital
economy accounts for over 15% of global GDP, and this figure is expected to rise to 25% by 2025. In contrast, the beverage industry, while stable, is growing at a much slower pace, with global beer market growth projected at just 3.5% annually from 2023 to 2030. Furthermore, the Caribbean region has been slow to adopt digital technologies, with only 55% of the population having access to the internet, compared to the global average of 67%. This digital divide puts countries like Guyana at a competitive disadvantage in attracting investment and creating high-value jobs.
Guyana is at a pivotal moment in its history, with rapid advancements in oil and gas, agriculture, and infrastructure. However, the lack of significant investment in the technology sector remains a glaring gap. A computer assembly plant or a similar facility could have positioned Guyana as a regional hub for innovation, created high-skilled jobs, and provided a platform for young Guyanese to engage in the digital economy. For example, countries like Costa Rica and the Dominican Republic have successfully attracted major tech companies like Intel and Microsoft by investing in technology infrastructure and workforce development. These investments have not only created thousands of jobs but also boosted their GDP and positioned them as leaders in the region’s tech industry.
Instead, Banks DIH’s decision to expand beer production, while beneficial to the company’s bottom line, does little to address the urgent need for technological advancement and skills development in our country. According to the International Labour Organization (ILO), the demand for digital skills in the Caribbean is expected to grow by 30% over the next decade. Without significant investment in this area, Guyana risks falling behind its regional peers and missing out on the economic benefits of the digital revolution.
I understand that Banks DIH’s expertise lies in the beverage industry, and the new plant will undoubtedly contribute to job creation and economic activity. However, as one of Guyana’s largest conglomerates, the company has the resources and influence to lead the charge in diversifying our economy. Partnering with tech firms or investing in research and development could have been a bold step toward aligning Guyana with the demands of the 21st century.
Moreover, with the 2025 national budget allocating billions of dollars to education and healthcare, Banks DIH has a unique opportunity to contribute to these critical sectors. Moreover, get the peoples support for some of the billions that are being wasted on the sugar industry. The company could bid for contracts on a standalone basis or enter into partnership agreements to modernize educational infrastructure, such as equipping schools with computer labs and digital learning tools, or supporting healthcare facilities with advanced medical technology. Such initiatives would not only align with national development goals but also enhance the company’s reputation as a socially responsible corporate leader.
I urge Banks DIH and other major corporations in Guyana to consider the long-term implications of their investment decisions, including joint ventures with private or government. While traditional industries remain important, the future belongs to those who embrace innovation and technology. I hope that in the coming years, we will see more initiatives that prioritize sustainable, forward-thinking development, ensuring that Guyana remains competitive on the global stage.
Sincerely,
Keith Bernard
