Guyanese Diaspora can play significant role in Guyana’s development – Ambassador Hinds

– says huge interest shown in real estate, other sectors

By Vahnu Manikchand

With Guyana now becoming an attractive investment destination due to the budding oil and gas industry, the country is now on an upward trajectory towards unprecedented economic growth and the Guyanese Diaspora can play a major role in this development.
This is according to former President and longest serving Prime Minister, Samuel Hinds, who now holds the post of Guyana’s Ambassador designate to the United States, which is home to the largest group of Guyanese living overseas.
Hinds departed for Washington, DC, on Sunday but prior to leaving, he was engaged in a series of engagements with Government Ministers and Heads of State agencies as well as private entities to discuss areas of interest and collaboration.
One such person with whom he met is Chief Executive Officer (CEO) of the Guyana Office for Investment (GO-Invest), Dr Peter Ramsaroop.
According to the US Ambassador designate, they discussed the possibilities for welcoming and attracting foreign investors from the North American country, including the Guyanese Diaspora.
“We do want and welcome Guyanese investments and investors from the diaspora… We expect they can have a significant role in the development of Guyana,” Hinds said during a recent interview with Guyana Times.
The current Irfaan Ali-led Government’s aim is to have the diaspora play a part in developing the country. It has established a Diaspora Unit within the Foreign Affairs and International Cooperation Ministry and even hosted a virtual conference last month to further push this agenda. The event saw participation by over 500 overseas-based Guyanese.
President Ali had charged the diaspora to use their influence, finances and expertise to help build the country and the lives of their fellow Guyanese.
“As we navigate into the future, we would like the hands of the diaspora to be a key element in the new Guyana that will bring with it great opportunities, great prosperity…. The unification and coming together of the Guyanese people is paramount to the prosperity we will achieve,” the Head of State said during the conference.
Nevertheless, Hinds, who had oversight of the diaspora conference, explained that coming out of the event is wide interest in not only the oil and gas sector but other areas that are as critical to Guyana’s development such as agriculture, education and health, among others.
However, the Ambassador designate noted that during recent engagements with Ramsaroop and Housing Minister Collin Croal, discussions were had on the interest expressed in the real estate sector.
“Guyanese [overseas] want to do real estate development in Guyana,” he stated.
According to Hinds, the main area of interest remains in the oil and gas sector and its support services, this new industry has created a need and demand for housing.
“People will come into the country and would need homes. I think this can be provided by Guyanese including returning Guyanese and ex-pats to provide residences for persons who’d be in the oil industry,” he posited.
The former Guyanese leader outlined that this demand is a significant progress from previous decades when senior foreign officials for mining company, Omai, were largely based in Trinidad and Tobago. He noted that the workers were in and out of Guyana, instead of staying here.
“But now we’re having a situation where managers [of foreign companies here] will be based in Guyana will be staying here. And this will create need for housing and food,” he noted.
To this end, he also highlighted the potential for investments in commercial agriculture as well as health services. In addition to attracting the Guyanese Diaspora, another major part of Hinds’ new role as Guyana’s Ambassador to the US is to also bring in investments from foreign-based investors.
“So, one of [my] main jobs would be to receive and welcome and encourage foreign participation in developing the economy and people of Guyana… Also providing people with realistic expectations so that their expectations for success and satisfaction are much greater,” he stated.
However, Hinds is of the view that this will not be an uphill task given the vast interests Guyana is already receiving. This, he added, is coupled with the fact that the current Government has been working to make the investment process hassle-free.
“Investors are looking for good opportunity and also for social and political stability …and I think that’s what PPP/C has already been trying to provide… We hold to our word in terms of our arrangements to attract foreign capital,” the Ambassador designate contended.
On this note, he said Guyanese here should not be afraid of foreign investors and feel that “Guyana is being sold.” He said it should be recognised that those investors have to get rewards for taking a risk and making investments here.
In the same breath, however, he insisted that both Government and the people need to be alerted so that the country is not taken advantage of by some investors.