Guyana’s growth hinges on strong partnerships – Min Bharrat
Strategic partnerships must drive Guyana’s economic transformation, stronger local businesses and investments that deliver tangible benefits to citizens, Minister of Natural Resources Vickram Bharrat has said.
Addressing the opening ceremony of the International Trade and Investment Conference at the World Trade Centre in Georgetown on Monday, the minister called on regional and international investors to capitalise on opportunities across Guyana’s established and emerging industries.
He pointed to the oil and gas sector as an example of how collaboration among government, international operators and local businesses can drive economic growth while expanding opportunities for Guyanese.
“I would like to highlight the opportunities that exist in our country today…it is about location, it is about strong leadership, it is about good governance and, importantly, it is about strong partnership,” he said.
Since the passage of the Local Content Act in December 2021, more than 1,200 local businesses have become directly or indirectly involved in supplying goods and services to the sector, while nearly 7,000 Guyanese have been trained and employed in the industry.
Minister Bharrat noted that these opportunities extend beyond oil production, benefitting farmers, transport operators, maintenance providers and other businesses that supply goods and services to meet growing demand.
The minister urged local enterprises to improve their standards and compete on quality and price, emphasising that local content policies are designed to increase participation while encouraging competitiveness.
“The main objective of a business is to satisfy your customers’ wants and needs with quality goods and products, and when you do that, you will make a profit,” he said.
Investors were also encouraged to explore joint ventures with Guyanese businesses in mining, forestry, agriculture, construction, manufacturing and information and communications technology.
The minister also believes artificial intelligence could help Guyana and other Caribbean countries address workforce limitations and improve productivity. However, he stressed the importance of equipping workers with the skills needed to adapt, ensuring unskilled and semi-skilled persons are not left behind.
Guyana is working to balance economic development with environmental protection through its Low Carbon Development Strategy (LCDS), forest conservation efforts and commitments to preserving biodiversity.
The conference, which runs from October 19 to 23, brings together business leaders and investors to establish commercial partnerships and explore investment opportunities across multiple sectors.
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