Jamaica pushing its Private Sector to tap into opportunities in Guyana

…eyes transport & logistics, ICT, timber sectors

Jamaica is looking to cement its presence in Guyana’s burgeoning oil and gas economy, and Minister of Industry, Investment and Commerce, Aubyn Hill, is encouraging Jamaican companies to take advantage of investment opportunities that are in Georgetown.
During a recent press conference in Kingston, Minister Hill spoke about efforts being made by the Jamaican Government to push STEM (Science, Technology, Engineering and Mathematics) education and build capacity of its citizenry. But, he said, with a three million-odd population, these skills have to be exported. Hence, he is urging Jamaican companies to explore the potential business opportunities in Guyana and tap into them.
“I know what’s going to happen in Guyana…Guyana has 11 billion barrels of oil that they have disclosed – Exxon is leading drilling arrangements. So, Guyana is going to have a lot of oil to sell. We have a great relationship with Guyana, and we should therefore be looking to sell services and making sure we expand our businesses,” he disclosed.

“We have the skills that they don’t now have. They have 780,000 people; that’s gonna grow by three or four times in five to seven years because the money is coming. We must be there,” the Jamaican Minister declared.
Minister Hill touted that one area that has scope for potential business opportunities between the two countries is transport and logistics. He explained that with some of the country’s agricultural produce practically “gone”, like sugar and bananas, they have to now look at ways to economically use the land, and are currently conceptualising economic zones and logistic hubs.
To this end, he is encouraging the Jamaican private sector to come up with a plan to take into this opportunity.
“The draft in Guyana – Port Georgetown – is four to six metres. You can’t take big ships in there. So where it must come from? Kingston! [We have to establish a] special economic zone. You guys get together, talk it out, and make sure people invest, because all the great bulk will have to happen here in Kingston. It might happen in Florida, but why Florida? Bring it here! So, we need to get that done as a growth area,” the minister posited.
Minister Hill went on to outline the trade potential with Guyana, citing lumber as an untapped commodity.
“We buy very expensive lumber from all over the place. Guyana and Suriname have all the lumber that we should want. Guyana has 215,000 kilometres of land… We need to make sure that we collaborate with them,” he stated.
The Jamaican Government has been looking to expand its economy through exports, and believes Guyana is an idea investment destination for its goods and services. As such, the Jamaican Government has fielded at least three trade missions to Guyana over the past few years, and already there have been successful business opportunities emerging from those engagements.
Minister Hill, who himself led those delegations, mentioned a businesswoman, Kareema Muncey, expanding her food product line – Home Choice Enterprises (HCE) – to Guyana. She was among the 35-member trade mission that the minister first led to Guyana back in October 2022, and has already set up operations in Georgetown.
Additionally, the Jamaican minister said, there is massive scope for growth and expansion in the ICT sector. In fact, Kingston-based ResolveIT Limited, a technology solution company, has also dipped its toes in the Guyanese market and has set up an office in Georgetown as well.
During the second mission to Guyana, in 2023, the 75-member delegation had over 250 business-to-business meetings with the Guyanese private sector, with several Jamaican companies securing export contracts, particularly in limestone aggregates and technology services.
The most recent trade mission was in May of this year, when Minister Hall led a 61-member delegation to Georgetown to scope out and explore investment opportunities here. That business delegation spanned a mix of small and large companies across priority sectors, including manufacturing, agro-processing/agribusiness, mining, technology, and the services industry.
Jamaican Government entities such as the Jamaica Special Economic Zone Authority (JSEZA), the Jamaica National Agency for Accreditation (JANAAC), the National Certification Body of Jamaica (NCBJ), the HEART/NSTA Trust, as well as Jamaica Promotions Corporation (JAMPRO) also participated.
During an event held at the Marriott Hotel in Georgetown, Finance Minister Dr Ashni Singh highlighted the country’s bright economic prospects, emphasising there is business to be done in Guyana in all sectors. He also placed on record that the Government of Guyana is committed to diversifying the economic base, and as such, placed the highest level of importance on a strong non-oil economy.
Minister Singh further reiterated that the Guyana Government would like to see more Jamaican companies setting up operations in Guyana and forging partnerships with Guyanese companies, fostering the creation of jobs and generation of wealth in the country. (G8)