GMSA outlines investment opportunities available in tourism, finance, logistics, ICT

Guyana’s proximity to the Caribbean, Latin-America and Guyanese diaspora markets, as well as its newfound wealth in the petroleum sector, presents many opportunities to invest in manufacturing and services. The Guyana Manufacturing and Services Association (GMSA), in its recently published 2023 Annual Report, outlined opportunities in the areas of export, tourism, finance, logistics, and information communications technology (ICT). With 729,680 passengers entering Guyana through the Cheddi Jagan International Airport (CJIA) in 2023, the GMSA noted, there are opportunities for tourism, hospitality and catering driven by increased international business activity and eco-tourism policy.
In the area of logistics and distribution, the report cited, there is a current demand for trucking and transportation services, with the energy and construction sectors being the primary drivers. “Going forward, Guyana is currently positioning itself to be a logistics hub with improved linkages to Brazil and Suriname in the pipelines,” the report pointed out.
In the finance sector, the association has said there is a need for more banking, insurance, and investment services; while ICT offers numerous opportunities for web design, network administration, software development, and IT consulting.
According to the report, “the manufacturing and service sectors offer many prospects for the GMSA’s members and the wider business community to benefit from. These sectors are driven by the changing dynamics of the Guyanese economy and the confidence of investors.”
The GMSA has said Guyana’s duty-free access to the Caricom market of almost 20 million consumers remains relatively underexploited. In this regard, it pointed out that there are millions of dollars in export potential for products, including rum/spirits, rice, fish, sugar, uncooked pasta, frozen shrimps and prawns, and sauces, among other products.
In 2023, the services industry generated over GY$500 billion, and expanded 10% when compared to 2022. The services sector contributed 13% of GDP and over 41% of non-oil GDP. The following subsectors saw significant growth rates: administrative and support services grew by 21%, wholesale and retail trade and repairs grew by 9%, accommodation and food services by 13%, and transport and storage by 12%.
Over the decade 2014-2023, according to the GMSA, tremendous growth can be observed across the selected services sector. The report stated that finance and insurance, accommodation and food services, information and communication services all expanded over 60%. Professional Services almost doubled, whereas administrative and support services rose by 74%. Whole and retail trade rose by 26%, and transportation and storage by almost 40%. These high growth trends are indicative of business opportunities.
Lending by commercial banks to the services sector has risen as well. According to Bank of Guyana data, private sector loan balances reached GY$133 billion by the end of December 2023. This marks a 133% increase in lending compared to the balance of GY$57 billion at the end of December 2014.