British investor seeks to transform local coconut industry

Having recognised a lucrative future for Guyana’s coconut industry, British business entity Duncan Turnbull and Associates has invested in the acquisition of a 1000-acre estate in the Pomeroon River, and has named the entity Pomeroon Trading Inc.
British entrepreneur Duncan Turnbull has said he intends to utilize technology to improve the value chain and transform the local coconut industry.
Pomeroon Trading Inc is in the process of rehabilitation, whereby some 5000 trees would be planted on a monthly basis, and innovative intercropping techniques are being experimented with.
Commenting on the venture, Chief Executive Officer of the National Agricultural Research and Extension Institute (NAREI), Dr Oudho Homenauth, indicated that he was more than happy to welcome the investors, whom he has no doubt would boost the nation’s coconut industry.
“The 1000 acres (estate) – which is very significant for the Pomeroon — was operating under capacity. It used to be flourishing, but with the decline of the industry years ago, it became semi-abandoned,” Dr Homenauth said.
He has applauded the manner in which the new investors went about executing their business plan.
Rehabilitation of the Pomeroon Trading Inc’s estate is a welcome investment which would help the estate to reach its full potential, Dr Homenauth has opined.
NAREI has pledged to the company its support in selecting the planting materials suitable for the Pomeroon area and providing training to its 30 workers.
“Our nursery at Charity will be supplying them with planting materials, and partnering with them on pioneering new intercrops that to date have not achieved scale in Guyana. The company is looking at crops that will have market value both locally and internationally… Pomeroon Trading Inc seems to be very progressive, and they have the necessary finances to do so, and that is why we are going to be partnering with them,” the NAREI CEO has indicated.
British investor Duncan Turnbull has said the company has secured sizeable investment from Europe, which would be poured into the local industry.

“We’ll be setting up a project to train more women to join the workforce, and (we’ll be) partnering with local schools on an education project,” said Turnbull, adding that the estate is constructing a seedling nursery to produce consistent supply of high-quality seedlings in tackling one of the most severe challenges faced in the local coconut industry.
According to Turnbull, existing estates are often ageing and unproductive, and cannot be revitalized without the right planting materials. The foreign investor believes the global coconut industry stands at a critical juncture, where there is a growing demand for the commodity owing to increased awareness of its health benefits, and stagnant supply from renowned exporters.