The Guyana Office for Investment(GO-Invest) has handled some 303 investment projects, valued at some G$50.4 billion,for the first halfof 2010. Accordingto the Private Sector Commission’s half-year Economic Report, 140of these were rolled overfrom 2009, while 163were new projects.A total of 99 new companies were registered,and 3,246 new business registrations were made out for the period under review, the report said.The projects are expectedto provide 4,313 localjobs. “Of the total numberof projects, 118 wereforeign direct investment,with 69 of theseoriginating from overseasGuyanese; while172 were from local investorsand 13 representedjoint ventures,”the report outlined.There were 100 agroprocessingprojects,with a total investmentof G$9.3 billion. These were said to have generated1,137 jobs. Sixteenprojects were in the information and communication technology sector;they totalled $G1.0 billion,and generated some758 jobs.In the light manufacturingsector, the report revealed, there were 29projects, with an aggregatevalue of G$7.5 billion.These are expectedto generate 685 jobs.Meanwhile, the energysector saw eight projects,with a grand totalof G$18.1 billion in projectedinvestments. A total of 294 jobs are expectedto result fromthese investments. Upto June 2010, ten projectswere in the pipelinein the mining sector,and were expectedto cost some G$4.4 billion.A total of 163 jobsare expected to flow fromthese investments.Another 433 jobswere to be created inthe services sector, as 63projects, valued at G$2.8billion, have been examined.In tourism, 35projects were on stream.These totalled G$3.6billion and are expectedto generate 298 jobs.Investments of G$3.6 billionfrom 42 projects areprojected for the woodproducts industry. Thesewill create 545 jobs.These projects arein keeping with government’spolicy on investmentas the country continuesto experience anupsurge in foreign anddomestic investments.Notwithstanding thisprogress, efforts continueto be made to improvethe business climate,and the NationalC o m p e t i t i v e n e s sStrategy (NCS) is playinga critical role in thisregard.The NCS wasdesigned to further improvethe investmentclimate and support theemergence of non-traditionalexport sectors,while continuing to fortifythe mining, sugar andrice sectors for whichGuyana is well known.International tradeMeanwhile, the PSCEconomic Report hassuggested that exportsof major commodities(by volume) in the firsthalf of 2010 have suggestedsigns of recoveryin some sectors. It alsostated that “the higherlevel of merchandise importsduring the reviewperiod mirrored to someextent increased levelsGO-Invest handled G$50.4B in investmentsfor first half of 2010of economic activity suggestedby the expansionof credit to the privatesector.Exports of sugar aresaid to have recoveredfrom the contraction of13.7 per cent in the firsthalf of 2009 to registera 17.4 per cent increaseto 88,500 metric tonnesin the first six months of2010. The sugar industrycontinues to be facedwith the prospect of thedepreciation of the euro,which should impact itsearnings, since a significantvolume of sugar isexported to Europe.Relative to rice, thereport revealed that exportsrose by 26.5 percent, or 32,956 metrictonnes, to 157,234 metrictonnes, mainly due toincreased exports to theEuropean Union. Thisperformance compareswith the increase of 37.6per cent achieved in2009. Opportunities forexpansion into new marketswill continue to beexplored as part of measuresto increase returnsto the industry. Bauxiteexports fell from 740,142metric tonnes at end ofJune 2009 to 598,367metric tonnes at end ofJune 2010. This is a 19.2per cent decrease, thereport said. Exports ofdried bauxite fell by 23.7per cent from 677,410metric tonnes at end ofJune 2009 to 516,820metric tonnes at the endof June 2010; while exportsof calcined bauxitegrew by 30 per cent to81,547 metric tonnes atthe end of June 2010.Gold exports, on the otherhand, rose from 4439kg in the first six monthsof 2009 to 4,723 kg at endof June 2010. This 6.4per cent improvementcompares with the 17.0per cent increase in exportsin 2009. Gold continuesto achieve consistentlyhigh prices on theinternational market.Like bauxite, exports ofdiamonds fell by 36.1per cent to 29,483 caratsat end of June 2010, followingthe 55.2 per centcontraction registered in2009, the report highlighted.These results arereflective of the miningindustry’s shift togold production as minerssought to cash in onthe high prices offeredfor gold on the internationalmarket. The PSCEconomic Report furtherstated that exports oftimber and plywood registeredstrong reversal offortunes in the first halfof 2010, as exports rose91.8 per cent to 85,782cubic metres. This suggestssome degree of recoveryin the global marketfor these goods, andfollows the 44.0 per centdecline recorded at endof June 2009.GO-Invest handled G$50.4B in investments for first half of 2010
The Guyana Office for Investment(GO-Invest) has handled some 303 investment projects, valued at some G$50.4 billion,for the first halfof 2010. Accordingto the Private Sector Commission’s half-year Economic Report, 140of these were rolled overfrom 2009, while 163were new projects.A total of 99 new companies were registered,and 3,246 new business registrations were made out for the period under review, the report said.The projects are expectedto provide 4,313 localjobs. “Of the total numberof projects, 118 wereforeign direct investment,with 69 of theseoriginating from overseasGuyanese; while172 were from local investorsand 13 representedjoint ventures,”the report outlined.There were 100 agroprocessingprojects,with a total investmentof G$9.3 billion. These were said to have generated1,137 jobs. Sixteenprojects were in the information and communication technology sector;they totalled $G1.0 billion,and generated some758 jobs.In the light manufacturingsector, the report revealed, there were 29projects, with an aggregatevalue of G$7.5 billion.These are expectedto generate 685 jobs.Meanwhile, the energysector saw eight projects,with a grand totalof G$18.1 billion in projectedinvestments. A total of 294 jobs are expectedto result fromthese investments. Upto June 2010, ten projectswere in the pipelinein the mining sector,and were expectedto cost some G$4.4 billion.A total of 163 jobsare expected to flow fromthese investments.Another 433 jobswere to be created inthe services sector, as 63projects, valued at G$2.8billion, have been examined.In tourism, 35projects were on stream.These totalled G$3.6billion and are expectedto generate 298 jobs.Investments of G$3.6 billionfrom 42 projects areprojected for the woodproducts industry. Thesewill create 545 jobs.These projects arein keeping with government’spolicy on investmentas the country continuesto experience anupsurge in foreign anddomestic investments.Notwithstanding thisprogress, efforts continueto be made to improvethe business climate,and the NationalC o m p e t i t i v e n e s sStrategy (NCS) is playinga critical role in thisregard.The NCS wasdesigned to further improvethe investmentclimate and support theemergence of non-traditionalexport sectors,while continuing to fortifythe mining, sugar andrice sectors for whichGuyana is well known.International tradeMeanwhile, the PSCEconomic Report hassuggested that exportsof major commodities(by volume) in the firsthalf of 2010 have suggestedsigns of recoveryin some sectors. It alsostated that “the higherlevel of merchandise importsduring the reviewperiod mirrored to someextent increased levelsGO-Invest handled G$50.4B in investmentsfor first half of 2010of economic activity suggestedby the expansionof credit to the privatesector.Exports of sugar aresaid to have recoveredfrom the contraction of13.7 per cent in the firsthalf of 2009 to registera 17.4 per cent increaseto 88,500 metric tonnesin the first six months of2010. The sugar industrycontinues to be facedwith the prospect of thedepreciation of the euro,which should impact itsearnings, since a significantvolume of sugar isexported to Europe.Relative to rice, thereport revealed that exportsrose by 26.5 percent, or 32,956 metrictonnes, to 157,234 metrictonnes, mainly due toincreased exports to theEuropean Union. Thisperformance compareswith the increase of 37.6per cent achieved in2009. Opportunities forexpansion into new marketswill continue to beexplored as part of measuresto increase returnsto the industry. Bauxiteexports fell from 740,142metric tonnes at end ofJune 2009 to 598,367metric tonnes at end ofJune 2010. This is a 19.2per cent decrease, thereport said. Exports ofdried bauxite fell by 23.7per cent from 677,410metric tonnes at end ofJune 2009 to 516,820metric tonnes at the endof June 2010; while exportsof calcined bauxitegrew by 30 per cent to81,547 metric tonnes atthe end of June 2010.Gold exports, on the otherhand, rose from 4439kg in the first six monthsof 2009 to 4,723 kg at endof June 2010. This 6.4per cent improvementcompares with the 17.0per cent increase in exportsin 2009. Gold continuesto achieve consistentlyhigh prices on theinternational market.Like bauxite, exports ofdiamonds fell by 36.1per cent to 29,483 caratsat end of June 2010, followingthe 55.2 per centcontraction registered in2009, the report highlighted.These results arereflective of the miningindustry’s shift togold production as minerssought to cash in onthe high prices offeredfor gold on the internationalmarket. The PSCEconomic Report furtherstated that exports oftimber and plywood registeredstrong reversal offortunes in the first halfof 2010, as exports rose91.8 per cent to 85,782cubic metres. This suggestssome degree of recoveryin the global marketfor these goods, andfollows the 44.0 per centdecline recorded at endof June 2009.
