Indian investors urged to explore investment opportunities in Guyana

…as GMSA signs MoU with furniture manufacturing firm in India

Guyana’s ability to provide climate services was one of several investment opportunities pitched by President Dr Irfaan Ali in his presentation to the Indian Private Sector when he addressed the inaugural session of the Global Investors in Madhya Pradesh, India.
President Ali, who is on a State Visit to India, on Tuesday received the Pravasi Bharatiya Award, which is given to Indian diaspora members for their stellar contributions to society.

On Wednesday, he addressed the Indian Private Sector at the opening session of the Global Investors in Madhya Pradesh, India. He highlighted Guyana’s resources, such as oil and gas, food production and, of course, its forests, for which carbon credits are fully certified and on the market.
“In relation to climate services, our forests store 19.5 gigatons of carbon. As a country, all of our carbon in that forest is now ART/TREE certified. Which means that entire carbon footprint is now available for sale. It has been certified, even to be used in the greatest sector, the aviation sector.
“As a small country, we have recently signed the first and largest deal on the global market for carbon credit with an end user, and much more than that, an end user who’s an oil company, Hess Incorporated,” the President said.
According to Ali, Guyana is positioning itself to be a leader in climate, ecological and biological services. He noted that Guyana does not just want to be a player, but to be a cornerstone in these areas, and more.

“And we invite you to be part of this transformation. Much more than this, because of our rich arable land, our abundance of fresh water, and our geographic positioning, we have the capability and opportunity not to be a player, but the leader in food production and security in the region Guyana sits. We invite the Indian Private Sector to look at this opportunity that gives them access to a market of more than 400 million people. We have all the investment vehicles and tools that you have here, and we’re ready to deploy it so that you can position yourself in a new market that offers exciting opportunities,” he added.

Last year, Guyana signed a historic, multi-year US$750 million agreement with Hess Corporation for the purchase of 37.5 million carbon credits. Guyana is, in fact, the first country to conclude the ART process of certifying its forest carbon. These serialised credits, listed on ART’s public registry, are available to buyers on the global carbon market, including for use by airlines for compliance with the International Civil Aviation Organization’s global emissions reduction programme, CORSIA, as well as for use towards voluntary corporate climate commitments.

MOU
The President’s visit to India also led to the Guyana Manufacturing and Services Association (GMSA), which was part of the Guyanese delegation, signing an agreement with Indian company Mehidpurwala Furnishers Pvt. (MFP) Limited during the Global Investors Summit.

According to a statement from GMSA, the MoU signed on Wednesday will facilitate the expansion of the furniture manufacturing industry in Guyana to meet rapidly growing demands in both domestic and regional markets. It will also allow both countries to access more opportunities for capacity-building, transfer of technology and skills, capital, and market development.
The MoU will also facilitate collaboration and support for other companies seeking to form consortiums in the furniture manufacturing sector. The agreement was signed by GMSA President Rafeek Khan, and Chief Executive Officer (CEO) of MFP, Adnan Raja.
MFP is one of several companies whose showroom Khan visited and engaged with at the summit. The showroom has various pieces of furniture pioneered by the company, that are utilised in the housing, hotel, hospital, educational institution, industrial, warehousing and other infrastructural industries.
According to GMSA, MFP is expected to use Guyanese hardwood species in its furniture products, the materials for which will in some cases be imported from India and finished in Guyana. This will therefore increase opportunities in Guyana’s forestry sector, and help build indigenous manufacturing capacities within Guyana.
Also present from the GMSA were Chairman of the Services Sub-Sector, Haimwant Persaud; Board Members Shyam Nokta, Rosh Khan and Komal Singh. Joining the delegation in India also is David Mahmalji of MHM Holdings Inc. who is also a member of the Association.
The Private Sector was a part of the President’s delegation when he was given a guided tour of Tata Consultancy Services (TCS) at its Special Economic Zone in Indore, Madhya Pradesh, India on Tuesday.
Tata Consultancy Services is one of the largest multinational IT service and consulting companies. It is headquartered in Mumbai, India, but has offices globally. TCS is well known in the e-governance, banking and financial services, telecommunications, education and healthcare markets.
With over 600,000 employees and a market cap of over $200 billion, it is a significant player in the market. (G3)