$1.5B to advance construction of hospitality institute

The government has allocated $1.5 billion in the 2025 National Budget to accelerate the construction of the first National Hospitality Training Institution in Berbice, Region Six.

This initiative aims to support the expansion of the hospitality sector, which is witnessing significant growth with several new hotels currently under construction.

When completed, the institution will play a critical role in upskilling the local workforce and addressing the skills gap within the tourism and hospitality industries.

Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr Ashni Singh highlighted that this effort is part of the government’s strategy to revitalise the sector, which suffered from neglect by the previous administration.

Dr Singh made the statement while presenting this year’s budget in the National Assembly Friday last.

“First, we focused on expanding hotel room capacity inviting proposals for private developers to build new hotels. To date, over 560 rooms were added to the stock. In 2024 alone, 420 world-class rooms, many of which carry globally renowned brands, have been introduced,” he stated.

He noted that an additional 1,500 rooms from new hotels will be added to Guyana’s accommodation pool.

The senior minister said the government has initiated discussions with a prestigious luxury travel company to explore investment opportunities in 2025.

“This would catapult the Guyanese tourism product to the highest tier of the global market for premium eco-tourism experiences,” the minister stated.

Guyana airlift carriers are also expanding, with additional services for new routes to be introduced in 2025.

This includes the introduction of service by KLM, new routes by Inter-Caribbean Airways, and new long-haul charter operators.

Small business support

Another $3 billion has been allocated to support the development of small businesses operating in light, medium, and processing industries. This will accelerate the development of the industrial estates in Regions Two, Three, Four and 10.

An additional 3,000 entrepreneurs will also benefit from training opportunities in key sectors.

The senior minister informed the National Assembly that over 10,000 small business owners have been trained in financial management, business plan writing, and marketing fundamentals.