Guyana making significant progress in attracting int’l investors – US State Dept’s CIF 2024 report

– lauds recently launched single-window system

Guyana continues to make strides in attracting international investors according to the recently released Investment Climate Report (2024) which also lauded the government on the launch of the single-window system.

The report was released by the United States (US) State Department, which evaluates the investment climate of over 160 countries around the world and whether they have adopted Responsible Business Conduct (RBC) norms. In Guyana’s case, the report acknowledged the progress that has been made.
“Guyana aims to provide a welcoming business environment for international investors and has already shown some success. Business registration times have been reduced from three weeks to less than one week. And the Government of Guyana is developing a single window program for permits.”
This is particularly the case with the Ministry of Housing’s Central Housing and Planning Authority (CH&PA) single window system, which will see agencies such as the Central Board of Health, the River and Defence Board, the Guyana Lands and Surveys Commission (GLSC), the Environmental Protection Agency (EPA), the Guyana Fire Service (GFS), the Guyana Civil Aviation Authority (GCAA), the National Trust of Guyana, Guyana Office for Investment (Go-Invest), and the Deeds Registry also getting on board.
The single-window system features five key elements including one-window access to allow the CH&PA to be the point of entry for planning and building applications; as well as a dashboard to show the status of individual applications and generate progress reports, which can also be accessed by applicants. Another feature of the system is a time-bound element by which the relevant agencies will have to respond to applications otherwise they would automatically be considered approved.
Implementation of the single-window system forms part of the Government’s efforts to create a business-friendly environment and improve the ease of doing business through an electronic portal that allows investors to submit planning and building permits, and check the status of the permits from anywhere in the world.
The system would also allow Guyanese citizens to access information they need, through a hassle-free process and from any part of the country. While the CIF report gave due recognition to this initiative, it also highlighted the challenges that remain.
“Government processes remain slow and opaque, particularly public procurement, with tenders evolving and being re-issued. Many businesses find Guyana’s taxation system confusing. Some companies have found success in hiring local counsel and accountants and connecting with business support organisations like the American Chamber of Commerce (AmCham). Investors seeking to capitalise on the oil and gas sector are encouraged to review Guyana’s local content requirements,” the report states.
The executive summary of the report also spoke of Guyana’s export composition. While still dependent on extractive resources, the report noted the government’s efforts to diversify the economy and make investments in agriculture, energy, manufacturing, and information and communication technology.
“To that end, the Government of Guyana (GoG) is offering incentives for investment in agriculture, business support services, health, information technology, manufacturing, and energy, especially in outlying regions, through the Guyana Office for Investment, or GO-INVEST,” the report states.
When it comes to the Responsible Business Conduct norms, which include expectations that businesses will seek to avoid and mitigate any negative impacts from their operations, the report noted that most companies do conform to these responsibilities.
These include adherence to human and labour rights, information disclosure, protection of the environment and consumer interests, anti-bribery, science and technology, competition, and taxation. Further, these guidelines are outlined by the Organisation for Economic Co-operation and Development (OECD).

“Local companies have improved RBC as firms react to increased levels of competition, partly to compete or subcontract with companies in the oil and gas sector that emphasise it. Guyanese consumers are increasingly aware of RBC principles as the population becomes more sensitised,” the report explained.
In Guyana, GO-Invest has brought in 250 investments since 2020. Guyana has been extending ties around the world, and the Government has assured that investors can expect an enabling business environment.
In March 2023, the British Chamber of Commerce (BritCham) was launched in Guyana, coming months after visa restrictions were removed for Guyanese visitors to the United Kingdom (UK).
Then in April, the India-Guyana Chamber of Commerce (IGCC) was formed, thus paving the way for the facilitation of trade, investment, and cultural exchanges. In May, the Government of Ghana commissioned the first Ghanaian Chamber of Commerce in Guyana. There is also an American Chamber of Commerce (AmCham).
In November, a European Union (EU) Trade Mission arrived to explore opportunities, with a heavy focus on forging greater economic cooperation in the areas of health, climate, energy, and regional connectivity.