723 new businesses registered in Regions 7, 8, 9 as Guyana’s economy expands

The Tourism, Industry, and Commerce Ministry highlighted Guyana’s significant strides in business development, tourism, and industrial growth.
Among the standout achievements is the registration of 723 new businesses in Regions Seven (Cuyuni-Mazaruni); Eight (Potaro-Siparuni) and Nine (Upper Takatu-Upper Essequibo) underscoring the government’s commitment to fostering economic inclusivity.

Some of the businesses registered are in the areas of agro-processing, small retail shops and salons among others.
Through its business registration hubs in the three above-named regions, the Ministry has brought formalized business opportunities to remote and underserved communities. This initiative has been transformative for local entrepreneurs, who can now access financing, contracts, and other resources previously out of reach.
“We are making history by ensuring that no matter where you are in Guyana, you have access to the tools needed to formalize your business,” subject minister, Oneidge Walrond stated on Wednesday.
“This is about inclusivity and economic empowerment for all Guyanese.”
In addition, the Small Business Bureau (SBB) has been instrumental in providing resources and training to new and existing enterprises. Over 2,000 businesses have benefited from workshops on marketing, bookkeeping, and customer service.
Additionally, 21 business owners with disabilities received collateral-free loans to start or expand their ventures. “When we invest in small businesses, we invest in communities,” Minister Walrond said. “This is about fostering resilience and creating opportunities that transform lives.”
The ministry has also made strides in industrial development. On this note, it was stated that the Lethem Industrial Estate allocated 43 plots to businesses focused on value-added production, such as cassava flour, which is poised to tap into the $85 billion global cassava market.
Agro-processors have produced over 8,000 pounds of cassava flour, dried fruits, and pepper using high-value equipment provided by the government.
“Industrial estates like Lethem are the backbone of regional development,” Minister Walrond explained. “By prioritizing value-added production, we are not only creating jobs but also ensuring Guyana’s competitiveness on the global stage.”
The estate at Onderneeming, West Bank Demerara (WBD) is 85 per cent complete and will host value-added and service-related businesses, while new industrial zones in Region 10 (Upper Demerara- Upper Berbice) are set to be completed by mid-2025.
It was further stated that the Ministry’s efforts, from tourism expansion to business incubation, are creating opportunities for citizens across all regions.
With the 723 new businesses and robust tourism growth, 2024 has proven to be a landmark year for the country’s economic transformation.
“Every initiative we undertake benefits the ordinary Guyanese citizen,” Minister Walrond concluded. “This growth story is not just about numbers but about lives transformed.”
The Ministry looks ahead to further achievements in 2025, promising continued support for local entrepreneurs and industries as Guyana cements its place on the global economic stage.