Govt pushing for more US investments in non-oil sectors – PM Phillips

– says Govt remains committed to creating attractive investment climate

While a United States (US) company, ExxonMobil, is the single largest investor in Guyana, the People’s Progressive Party/Civic (PPP/C) Government is also pushing for more American investments in non-oil economic sectors.
This was according to Prime Minister, Brigadier (Ret’d) Mark Phillips, while addressing the American Chamber of Commerce-Guyana’s (AmCham) 5th anniversary dinner and awards ceremony on Friday evening at the Marriott Hotel.
The Prime Minister emphasised the Government’s commitment not only to enhancing Guyana’s international connections and trade, something AmCham has played a key role in supporting, but also in facilitating investments.

“Our Government remains committed to strengthening our international ties, and AmCham has been playing a key role in promoting trade and economic relations between Guyana and US interests. We continue to encourage American investors to explore and look for opportunities in the various sectors and not just remain limited to oil and gas,” the Prime Minister said.
In his address, the Prime Minister also highlighted the success of AmCham since its formation in 2018, which, according to him, showcases the vitality of its membership base – a membership that spans various sectors, including manufacturing, construction, Information and Communications Technology (ICT) and tourism, among others. He further lauded AmCham for being a valuable partner in strengthening Guyana’s business landscape.
According to Phillips, the Government remains committed to ensuring a robust environment exists to support investors, including through its infrastructure development and updating its business-related legislation.
He also commended these companies for embracing their corporate social responsibilities and encouraged AmCham’s membership to continue providing opportunities through training and various educational and social programmes at the community level, since these initiatives contribute to enhancing lives.
“I take this opportunity to thank all of the companies represented here for not only investing in Guyana and Guyanese but for honouring your corporate social responsibilities and recognising the significant impact such responsibilities have on the lives of our people in Guyana,” the Prime Minister said.

Guyana has long been recognised as an attractive investment destination. With a projected growth rate of 37.2 per cent for 2023, Guyana is expected to continue its trend this year, of outpacing every other Latin American and Caribbean (LAC) country when it comes to economic growth. Additionally, the nominal Gross Domestic Product (GDP) has almost tripled in the space of two years, moving from $1.1 trillion in 2020 to $3.1 trillion at the end of 2022.
Guyana has also recorded the highest Foreign Direct Investment (FDI) inflows in the Caribbean. The United Nations Economic Commission for Latin America and the Caribbean (ECLAC) “Foreign Direct Investment in Latin America and the Caribbean” 2023 report stated that Guyana recorded FDI inflows for 2022 totalling US$4.389 billion. It is a similar result to the record inflows in 2021. All in all, Guyana played a critical role in the overall 55.2 per cent rise in FDI in the Caribbean – a historic rise.
According to the report, the rise in FDI project announcements in Latin America and the Caribbean was mainly a result of a higher number of projects in Guyana, Mexico, Brazil, and Panama. In Guyana’s case and the Caribbean in general, companies from the United States were responsible for a significant chunk of these investments.
Since its establishment in 2018, AmCham has sought to provide a network and support structure for US enterprises doing business in Guyana. AmCham Guyana’s main success has revolved around creating a platform for its members to collaborate, and explore potential partnerships.
This has been facilitated through business networking events, seminars, and workshops allowing US-based entities to connect with the local private sector, as well as the public sector. (G-3)