Guyana a top investment destination – Min. Singh at PwC launch

Senior Finance Minister, Dr. Ashni Singh says Guyana remains a top destination for investment opportunities as the country undergoes significant transformation due to the booming oil and gas industry and the diversification of its economy.

The minister was delivering the feature address at the official opening of the PricewaterhouseCoopers (PwC) Guyana, at the Pegasus Hotel, Kingston Monday evening.

Guyana has seen 40 per cent economic growth over the past three years, and is projected to grow by more than 20 per cent over the next four years, according to the senior government official.

“Taken together, those developments imply that the Guyanese economy would have and will be growing by an average of more than 30 per cent annually, over seven years,” Minister Singh pointed out.

He said these projections are based on current proven oil reserves and current Floating Production Storage and Offloading (FPSO) vessels that are in production.

Minister Singh reiterated that the government led by President, Dr. Mohamed Irfaan Ali is committed to advancing the country’s economic landscape, even in its non-oil sectors.

“As a government, we are firmly committed to ensuring that we maintain, that we build a highly competitive non-oil economy because we’re entering oil production at a time when everybody who has entered oil production had a finite horizon because their resource was finite.”

He noted that the developments have brought many of the large top-tier oil and gas companies into the country such as Baker Hughes and Schlumberger.

“A number of those companies have said to us that they anticipate their Guyana operations becoming the hub for their regional operations, given the production trajectory and the anticipated scale of their own operations in the country,” Minister Singh added.