Pres Ali announces State-backed diaspora investment vehicle for major projects at NY forum

– urges diaspora to join Guyana’s economic transformation

Echoing a longstanding position that his and the People’s Progressive Party/Civic (PPP/C) Government welcomes and supports the return of the Guyanese diaspora to invest and help develop their homeland, President Irfaan Ali on Thursday said that, with a number of transformative projects needing input, a dedicated state-backed diaspora investment vehicle will soon be launched. “We are going to launch very soon a special investment vehicle to mobilise resources in the diaspora, so that you too can invest in the fertiliser plant, the gas pumping plant with guaranteed returns from the Government. Guaranteed returns,” the President told a packed-to-capacity Queens, New York forum on Thursday evening.

The event was held at the Jericho Palace Banquet Hall in Queens, which quickly reached maximum attendance for the 7pm meeting and saw hundreds of others lined up outside, disappointed. However, the President took to the pavement and gave many a meet-and-greet opportunity. In his address to the diaspora, Ali explained that the proposal is only a microcosm of the Government’s development strategy for the country aimed at ensuring opportunities generated by this country’s rapid development are accessible not only to citizens at home but also to the diaspora. He also pointed to major investments already underway, noting that private investors continue committing hundreds of millions of US dollars to projects in Guyana. And with a number of massive transformation projects on the cards, he explained that the initiative would mobilise diaspora capital for ventures such as the planned fertiliser plant and gas-related infrastructure, thus creating an avenue for Guyanese abroad to share in the country’s economic expansion. The President reiterated that while critics attempt to portray Guyana negatively, the interest being shown by international investors, multilateral partners and foreign Governments clearly contradicts such claims.
“Why is Guyana such an important country to the US (United States), to the Middle East, to every international investor?” he asked. “And the answer is simple, because it is a country that possesses opportunities. It is a country that offers a future that is viable and sustainable.” He pointed to the steady flow of high-level US engagement as evidence that Guyana’s profile has risen dramatically on the global stage. According to Ali, the country’s strategic importance and investment prospects have attracted sustained interest from major international actors because of confidence in its future rather than uncertainty about its direction.

And the President also defended locals and pushed back against what he described as a tendency among critics to underestimate local capabilities or suggest that Guyana lacks the talent necessary to manage its own development.
“Whilst I have tremendous respect for the diaspora and the type of talent that you have here, that does not mean the diaspora must believe a set of fools are back home who don’t know what they’re doing,” he said. “That is not the case.”
Instead, he argued that development requires combining local expertise with global talent, technology and investment. Guyanese at home were also urged to match global skills and invest in developing themselves while being assertive of their own talents, knowing their Government will support them and not allow marginalisation. “If we are willing to bring in the best technology, we can’t be afraid of a sophisticated investor. We can’t behave every day as if we are a banga mary (fish) to be eaten by sharks. We have to lift our game up to play in the same field that the sharks are playing, and we have to be confident about that,” he asserted.
The Government ‘s policy of welcoming international investors was also explained as he said that countries seeking rapid development cannot afford to isolate themselves from global opportunities. “We are in a global community. When you put an expression of interest out, you have to welcome every single investor that participates,” he said. This country’s transformation, he reasoned, also depends on remaining open to investment and innovation. With a number of persons returning home to tap into cash grants and pension benefits, the President highlighted that the increasing numbers themselves see firsthand the transformation taking place. “The reality is most persons in the diaspora come back to Guyana today and enjoy themselves and leave with an understanding that the country is changing and things are moving forward,” he said.
“Why is it that they believe in this land, in Guyana, that they can invest safely more than 200 million US dollars in a hotel and convention centre?” Ali asked. “If things were so bad and this story is so bad, why?”
To critics, he said that he will not allow them to negatively influence the Government’s agenda and will press on, but he wants them involved too and that his Government is inclusive. He urged that they not stifle themselves in looking for specks to criticise when the larger country is developing.
“We cannot allow negativity to hold back the strain of development. We have to embrace that challenge but push forward the development and advancement of our country,” the Guyanese Head of State added.