Invest in Guyana’s growth, development now – Min Singh

Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr Ashni Singh has delivered a compelling call to foreign and local investors to invest in the nation’s growing economy.

Guyana is already recording astronomical economic growth rates, with the overall economy growing approximately 40 per cent yearly from 2021 to 2024.

There is also a projected average of over 20 per cent annually for the rest of the decade.

In his remarks on day three of the Guyana Energy Conference and Supply Chain Expo at the Marriott Hotel in Kingston, Georgetown, the senior minister said the accomplishment in the growth rate indicates economic dynamism and resilience.

“The Guyanese economy at the end of 2024 was five times as big as it was at the end of 2019.  Our nominal GDP was just about GY$1 trillion or US$5.2 billion in 2019. Our nominal GDP in 2024 was over GY$ 5 trillion or almost US$25 billion. In per capita terms that means that in 2019 our per capita GDP was just over US$6500. In 2024 our per capita GDP was over US$ 30,500,” the minister highlighted.

The government is investing in diversifying and strengthening the non-oil economy, with robust growth across sectors, such as agriculture, construction and mining.

Speaking about transport infrastructure, the senior minister said the government’s investments in roads, deep-water ports, and similar large-scale projects will improve connectivity and reduce inefficiencies while unlocking newer business opportunities.

Greater connectivity with Brazil is already underway with the construction of the Linden to Mabura Hill Road, while the construction of a bridge across the Corentyne River is being explored to link Guyana and Suriname.  

Dr Singh also spoke extensively on the various initiatives revolutionising the energy landscape, such as the gas-to-energy project and climate-resilient ventures.

He mentioned the substantial investments being made to boost human resource capacity, and the government’s efforts in health, housing and water.

According to the senior minister, Guyana’s strategic geographic location and free trade agreements can equate to a big win for investors.

He pointed out that the country’s proximity to Brazil and Suriname and its key position in the Caribbean Community (CARICOM), provide access to a large regional market.

Investors can also leverage the country’s multiple trade agreements with major partners to expand their business reach.

“It does not matter what you produce or what you supply. There is demand for whatever it is that you’re producing or supplying in every single sector, whether it’s agriculture, forestry, tourism or energy,” Dr Singh stated.

Within the oil and gas sector, which is a major contributor to the country’s economy, Minister Singh reminded the gathering that the local content legislation creates opportunities for joint ventures and partnerships with local companies and nationals.

“If there is anybody still asking why Guyana? Where else but Guyana would you hear such a fascinating and factual story unfolding?” the minister added.