Finance Minister pitches investment opportunities in Guyana to UK investors

A British trade mission in Guyana for a visit to explore opportunities, on Monday met with Minister within the Office of the President, with responsibility for Finance, Dr Ashni Singh, during which he pitched investment opportunities available in sectors including mining and agriculture.
The mission was led by British High Commissioner to Guyana, Jane Miller. In a statement from the Finance Ministry, it was explained that Dr Singh participated in a round table meeting with the trade mission at the Marriott Hotel, where they discussed how the two countries could forge closer ties.

Finance Minister Dr Ashni Singh and members of the trade mission during the round table meeting

One such way is through investment. Highlighting Guyana’s attractiveness as an investment destination, Singh pointed out that as a result of its ramped-up oil-production, Guyana is now the fastest growing economy in the world, with growth of over 50 per cent now forecasted for 2022 and medium-term average annual growth projected at 25 per cent.
“He added that Guyana is considered as the premier investment destination in the world, attractive for investment in the oil and gas sector, infrastructure and requisite support services. There also exists avenues for investment and expansion in the non-oil extractives, such as gold, bauxite, agriculture, tourism and hospitality, ICT and energy.”
“Dr Singh also said that under President Ali’s One Guyana vision, Government is committed to leveraging the skills and investment potential of the Guyana diaspora in the United Kingdom as it continues to implement its aggressive development agenda,” the statement also said.
During the meeting, the Minister also alluded to Guyana and the United Kingdom’s longstanding relationship – a relationship grounded in diplomatic and political ties as well as economic ties through investment and trade, people and culture.
“It was pointed out that the British trade mission to Guyana presents an excellent opportunity for both Guyana and British companies to forge closer ties and look forward to the expansion of the British business presence and relations in Guyana.”
The British trade mission to Guyana is a partnership between the Department for International Trade of the British High Commission, the Caribbean Council and the Georgetown Chamber of Commerce and Industry (GCCI). Its aim is to increase growth in trade and investment between Britain and Guyana.
Guyana only recently collaborated with the UK Caribbean Infrastructure Fund with the latter providing US$66 million toward the US$190 million Linden to Mabura road project. The two-lane highway between Linden and Mabura Hill forms part of the arterial link between Linden and the Lethem Highway and links Georgetown to the Brazilian border.
Additionally, through the UK Export Finance (UKEF) the Government of Guyana is constructing a Paediatric and Maternal Hospital. The building and equipping of the state-of-the-art hospital will cost 149 million pounds.
Meanwhile, co-operation programmes/projects between Guyana and the UK also include the Diamond Diagnostic Centre, the Lethem Hospital, the Leonora Cottage Hospital, the Mabaruma Hospital and the Paramakatoi Hospital. As of November 9, through collaboration between the two countries, Guyanese are now able to visit the UK visa-free.
Both the Guyana Government and the private sector had been pushing for the removal of visa restrictions for Guyanese to travel to the UK for some time. The matter has been raised at diplomatic levels, during trade missions and when President Ali visited the UK earlier this year.
President Irfaan Ali had also previously stressed during announcement of this waiver on visas, that the two Governments aim to further expand bilateral relations with the hope of furthering investments, including expansion of Guyana’s tourism market. (G3)