‘Now is the opportune time to invest in Guyana’- Merchant Bank owner

Owner of the New Hayven Merchant Bank, Floyd Haynes has emphasised that Guyana’s investment climate is favourable making it the one of the most sought-after investment destination in the world.

Against this backdrop, Haynes told the media during an interview on Thursday that this is the opportune time for stakeholders to invest in Guyana’s growing economy.

Coupled with strong pro-development policies implemented by the PPP/C Government, Haynes highlighted the administration’s efforts to create incentives aimed at diversifying the economy, using the revenues from the oil and gas industry to develop the non-oil sectors.

“The country is ripe for investment. You have a friendly government; you have a government that is prepared to offer incentives for investors and you have a country that is growing exponentially. When you bring those things together you have an opportunity where Guyana is probably one of the best investment destinations in the world,” he said.

To this end, the non-oil sector gross domestic product (GDP) has grown by 11.5 per cent benefitting from growth in the agriculture and construction sectors.

One key project that adds to the exponential growth is hydroponic farming, a leading initiative in the agriculture sector.

This project is part of the government’s aim of reducing the food import bill by 25 per cent by 2025.

Similarly, heavy investments were made to upgrade infrastructure through a public sector investment programme.

In addition, several tax cuts were implemented, to benefit importers and low-income earners.

The government continues to introduce a revised production-sharing agreement model, to increase the share it receives from oil exploration contracts to further diversify the economy.

Meanwhile, according to a recent International Monetary Fund (IMF) report, Guyana is projected to grow about 59.5 per cent this year with the potential to surpass this prediction due to achievements to date.