Guyana investment seminar slated for June 27

TIMES INT'L

Guyana will be host to an investment seminar on June 27 titled “Maximising Investments and Opportunities in Guyana”, Head of the Presidential Secretariat Dr. Roger Luncheon announced on Wednesday.
It is coming at a time when the country is making significant achievements in foreign direct investments, owing to a favourable economic environment that prevailed even throughout the global and financial crisis.

Dr. Roger Luncheon
Dr. Roger Luncheon

The government has been saying that such achievements were influenced by a policy position to liberalise the economy, maintain exchange rate stability, low inflation rates, a manageable debt to Gross Domestic Product (GDP) ratio and healthy international reserves.
Investors like Jamaican billionaire, Michael Lee Chin, Portland Holdings chairman and the National Commercial Bank (NCB) Managing Director Patrick Hylton who came to Guyana in search of investment opportunities, said the country “has a long runway of opportunities”, with macro-economic stability, and growth that puts the economy on a good path.
During Wednesday’s post-Cabinet media briefing, Dr. Luncheon alluded to foreign direct investments last year and which were reflected in Guyana’s annual Gross Domestic Product (GDP) and seventh consecutive year of growth. In a United Nations Economic Commission for Latin America and the Caribbean (ECLAC) report, Guyana earned US$294M foreign direct investments. This figure represents a 19 per cent increase from the previous year’s US$247 million.
The search for oil over the last few years has led to major investments by CGX of Canada, Repsol of Spain, Exxon Mobil and Tullow Oil of the United Kingdom, through independent and joint venture pursuits.
Investments in the mineral sector have been historic, particularly in bauxite and gold and manganese.
The recent signing of the trade and investment framework with the United States, Dr. Luncheon said, has guaranteed broad-based donor support both for trade and investment and Guyana’s Financial Action Task Force on money laundering (FATF) obligations.

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