Pres Ali advocates for Private Sector to establish electric vehicle manufacturing plant

– challenges Banks DIH to leverage its financial power, market position to exploit idea

With Guyana’s carbon-negative footprint and access to multiple markets, President Dr Irfaan Ali has pitched the idea for the private sector to look at the potential for an electric vehicle manufacturing plant here.
During Friday’s launch of the Banks DIH subsidiary Banks Automotive and Services Inc. (BASI), which has started to order electric vehicles for local consumers, President Ali has thrown out the challenge to the local private sector.
President Ali highlighted Guyana’s comparative advantages, including its carbon-negative environment and access to diverse markets. Added to this is the upcoming Gas-to-Energy (GtE) project which will see a drastic reduction in energy costs when it comes on stream next year.

“I say to manufacturers of EV’s. And this is where my thinking is. Why should we have EV’s imported, in a country that is carbon negative. Just imagine if the sole purpose of the EV’s is to develop a social consciousness in purchasing a vehicle and caring for the environment at the same time.”
“Then the environment must be the driving force to push the EV market. And if that is the case, just imagine the brand potential of selling EV vehicles that are manufactured in a carbon-negative country like Guyana,” the Head of State said.
Large companies
The Head of State also zeroed in on large companies such as Banks DIH, which he noted has the financial and technical capacity to pursue such a project.

“Here is where the local private sector, I think Banks DIH must leverage its power, its brain power, its financial power, and its market position, to go to the manufacturers of EVs and say listen, you come here, you have access to markets of over 300 million people.”
“Because those are markets, we have trade agreements with for goods and services. So, this is the type of thinking that would evolve the way we do business and broaden and create the opportunities that would position Guyana in a better place globally,” the president added.
He also referred to a trade house in Trinidad, which owns the rights to numerous fast-food franchises. He emphasised the importance of Guyana investing in its own local brand and securing ownership of multiple strategic franchises and brands.
“I believe that, from the little market research that I’ve done. We have Volvo, Ford, KIA, Nissan, Jeep, and Toyota…all of these brands are here. And now with this additional brand. The environment is becoming more and more competitive. What actually is the problem, is not the size or quality of the market.”
“As Mr. Reese and I discussed months ago, it is who owns the agency and rights to the market. And countries around us, when they were developing, they bought out the rights for almost every single franchise you can think of. So, you would find that a lot of major brands, the rights to those franchises are owned by persons in the region,” the Head of State pointed out.

Banks DIH
Meanwhile, at the event where President Ali spoke, local beverage giant Banks DIH Limited expanded into the automotive sector by launching a US$13 million subsidiary, Banks Automotive and Services Incorporated. This new venture will offer a variety of vehicles and air conditioning units.
Banks Automotive will operate from a new six-storey facility at Plantation Ruimveldt. The company has established several international partnerships, including with Sportrak for tires, UniCarriers for forklifts, and Keeway for motorcycles. Additionally, Banks is collaborating with Daikin Global to offer residential and commercial air conditioning systems, among other products.
When it comes to the motorcycles, Banks’ DIH Engineering Services Director, Shabir Hussein, explained that hundreds of these motorcycles have already been sold, demonstrating the demand for the product. A major selling point for their vehicles, according to Hussein, is the guarantee that customers can expect at least ten years of reliable performance from their brand-new vehicles, with minimal to no defects.
Hussein assured that Banks is prioritising Electric Vehicles (EVs) and has already placed an order for them in response to President Ali’s call for the local business community to invest in EV technology.
Meanwhile, Hussein revealed that the company is discussing possible collaboration with General Motors (GM). He also addressed the issue of why Chinese vehicles, noting that Banks DIH has also had talks with other brands, who all were hesitant over the size of the Guyanese market. (G-3)