Local private sector could utilise EV manufacturing to boost economy, shape sustainable future – President Ali

– Opens US$13M Banks DIH automotive subsidiary company

The local private sector has the potential to harness Electric Vehicles (EVs) manufacturing for economic growth and sustainability, particularly since Guyana boasts a carbon-negative economy, President Dr Mohamed Irfaan Ali said.

According to the head of state, the vision of EVs goes beyond transportation; it aims to cultivate a sense of responsibility while prioritising environmental transportation.

President Ali said there is immense potential and encouraged the local private sector and banks to leverage their influence, expertise, and financial resources to engage with manufacturers to create a domestic brand.

By highlighting access to markets with over 300 million people and existing trade agreements, they can encourage manufacturers to invest in this market, he said.

President Ali delivered a keynote address on Friday evening at an event held to mark the commissioning of a US$12 million Banks DIH Automotive Subsidiary Company located at Riverview, Ruimveldt, Georgetown.

“This is the type of thinking that will build new businesses, and this is the type of thinking that will broaden and create the opportunities that will position Guyana in a better place globally. And that is where I think we should collectively work towards a-right positioning of Brand Guyana,” President Ali underscored.

The government, the head of state pointed out, is investing in a national platform network of charging stations to support the development of the local electric vehicle market. Additionally, the transportation network is being improved and expanded through the construction of several major thoroughfares.

In less than three years, the government has built 16 new lanes from Mandela to Diamond and 24 new lanes interconnecting the existing highway on the East Bank, including the Heroes Highway.

Another US$250 million will be spent to expand the road from Timehri to Linden while works will soon commence on a massive highway in Region Six.

“We are hoping that everyone will embrace this policy of the government, with zero tax on EVs,” he stressed, noting that the landscape is drastically transforming.

Furthermore, with several major automobile brands already present in Guyana, he said there is vast potential to make the market even more competitive.

The US$13M six-storey, 208,000-square-foot building, is a regional first and according to President Ali, Banks DIH is playing an integral role in the country in creating jobs for Guyanese.

“It was very important that Banks DIH found itself in a position in a changing physical landscape of our country because of the genesis of the company, because of the integration of the company in our country, and this modern building is an example to all of us…that Banks DIH is thinking into the future and has committed itself to the modernisation and expansion of Guyana and our economy,” he expressed.

Banks DIH Limited’s Engineering Services Director, Mohamed Shabir Hussain, commented on the difficult journey leading up to the commissioning of the project. He elaborated on the various challenges, particularly those related to the impact of COVID-19, which resulted in significant delays.

Despite these obstacles, he emphasised that the substantial multi-million-dollar investment represents a pivotal step forward in shaping the future of transportation and championing alternative energy solutions. The Banks Automotive & Services Inc. is now the official dealer for UniCarriers Forklift trucks, Daikin Air Conditioning units, SWM vehicles, Shineray vans and buses, Sportrak tyres, and Keeway motorcycles in Guyana.