Guyana preparing for ‘Manufacturing Wave’

Guyana is currently engaging several international agro-processors as it prepares for the next phase of development, known as “the manufacturing wave,” which is set to take off with reduced electricity costs.

Chief Investment Officer and Agency Head of the Guyana Office for Investment (Go-Invest), Dr. Peter Ramsaroop told Ignite News that increased focus is being placed on creating value-added products from the country’s raw materials.

He indicated that while Guyana is currently focused on developing its product lines to meet international standards, with the necessary infrastructural facilities being put in place, it is also seeking to create partnerships that support this agenda.

“So, we are in conversation with Dole, Del Monte, and Tabasco; those are all companies we’re actively talking with to possibly set up manufacturing plants in Guyana, so that we can have local partners. This would allow us to grow large-scale farming and help farmers transition from smaller farming operations to large-scale farming.”

Dr Ramsaroop foresees a major “economic explosion” taking place over the next five years as Guyana, rich in oil and gas, develops numerous other industries such as agriculture and mining.

He noted that currently, several foreign products are available in Guyana, but those very items could be processed locally.

He emphasised that Guyana will continue to push its agro-processing capabilities, regardless of external assistance.

“Now that energy costs are coming down, I want to buy that can of pineapple juice… from Guyana. So, Dole has a choice: they can come in and help us do it, or we will figure out how to do it ourselves.”

The Chief Investment Officer also highlighted that while Guyana is engaging foreign partnerships, it is also setting the stage to facilitate smooth business operations.

He stated that investors’ money is safe in Guyana, and they should feel comfortable doing business here as they are protected by the country’s solid commercial court system, a strong local content law that facilitates meaningful negotiations, and the development of local investors who can understand and create successful partnerships with overseas investors.