Guyana can learn from Qatar’s diversification of economy – Ali

…says Guyana on path to be among most competitive global economies

Notwithstanding its oil and gas sector, Qatar also has significant manufacturing capabilities and is a regional powerhouse in the production of steel. And according to President Dr. Irfaan Ali, there is much Guyana can learn from Qatar on diversifying its economy.

On Tuesday, Guyana’s embassy in Doha, the capital of Qatar, was officially opened. While addressing attendees, President Dr Irfaan Ali said that there is much Guyana can learn from Qatar.
For one, President Ali said that Guyana, which is on its own path of using its gas reserves to develop industries through the Gas-to-Energy project, can learn from the way Qatar diversified its economy.
“For us, Qatar has a lot of good examples that we can learn from. The way in which the resources was invested to diversify the economy and expand the reach of Qatar, into not only a state of influence but a state of prosperity, is one that provides a good example of sound leadership.”
“We are on a path of converting the revenues of the oil and gas sector, to advance our economy, diversify the economy and make it one of the most competitive economies globally,” the President further said.
The President also spoke about the strides Guyana is making right now, such as in the areas of the environment. He noted that with Guyana’s forest cover which stores some 19.5 gigatons of carbon, makes it the country with the second largest forest cover globally.
“The core issues of food security, climate security and energy security are paramount to the advancement of humanity. Qatar, showing by example through investment, technology, commitment and the training of their human resource potential, their commitment on all three fronts.”
“Guyana is leading on the issue of climate change, globvally. We’re the first country to deploy large scale carbon on the international market. We’re the first country to sign an end user agreement with Hess corporation and a bilateral agreement on the sale of carbon with the Kingdom of Norway,” he also explained.

Gas-to-Energy
The Gas-to-Energy project, on which work has already started, will see 50 million cubic feet of gas per day being pumped ashore for domestic usage. The gas will be utilized by a Natural Gas Liquid (NGL) and a 300-MegaWatt powerplant.
Qatar has already been providing technical assistance to Guyana to create a gas utilization and monetization plan. However, the government has already signaled areas of opportunity for Guyana to earn revenue from its gas supply.
Vice President Bharrat Jagdeo had recently revealed that Guyana already has both a domestic and international demand for gas even before the Gas-to-Energy project is complete. Among the areas gas can be used for is in the creation of fertilizer and cooking gas. Excess cooking gas can also be exported.
According to Jagdeo, cooking and propane gas can also be used for industries. He gave the example of the hinterlands, where power is being generated using fossil fuel. According to Jagdeo, they may be able to put propane in tanks and transport to those hinterland regions for use.
Additionally, there has been talk of a protein power plant being established in Region Three, which would be used to process gas into protein for animal feed. This would help in Guyana’s agricultural ambitions and goals of being the bread basket of the Caribbean.

Agriculture tour in Qatar
When it comes to agriculture, President Ali was meanwhile given a guided tour of the Baladna Farm in Al Khor, Qatar, on Tuesday. During the tour, the President was joined by Finance Minister Dr. Ashni Singh, Guyana’s Ambassador to Qatar, Safraz Shahood; Presidential Assistant and Personal Envoy to Greece, the Middle East and Africa, Ambassador George Hallaq and Director of Presidential Affairs, Mrs Marcia Nadir-Sharma.
Baladna is a 100 per cent owned Qatari business and is one of the largest cattle farms in the region. The farm can house up to 24000 cows in a comfortable and well-conditioned environment, allowing them to reach their production capacity comfortably. It is open to the public and features the region’s most advanced rotary milking parlour, as well as a restaurant, a carefully manicured garden, a children’s play area, and a petting zoo. (G3)