Jamaican billionaire eyes investments in Guyana’s banking, agriculture sectors

By Danielle Campbell-Lowe –

Jamaican financial mogul, Michael Lee Chin said that the prospects of setting up business in Guyana are tremendous given the country’s fertile investor climate and its phenomenal growth potential.
Wrapping up a two-day trip, the Canadian-based investor revealed that Guyana has now moved to a position of priority on the company’s radar due to its virgin nature and administrative openness and his group, Portland Holdings, is eager to find ways to enter the financial industry.

Chin disclosed that although the central bank has not issued any financial banking licences in the past 15 years, his company has found a foothold and will  manoeuvre  to gain additional latitude in this regard.
“So our banking expectations are temporary but we are optimistic because of the financial opportunities to bring products to Guyana which are relevant at this time.” Chin, who is chairman of Portland Holdings and founder of the National Commercial Bank of Jamaica, divulged that his interest ranges from telecommunications to agriculture and holds no barrier to any sector within his conglomerate.
“In relation to Portland Holdings, we have a more general approach to investing and we are looking at interesting choices and will narrow those down to the ones we feel most comfortable with based on our expertise,” Lee Chin said.
The business magnate pointed out that his hope is also to see more competition in Guyana’s telecommunications sector. One of his companies, Colombus Communications is active on a retail basis and holds 24 kilometres of fibre-optic cables which runs from Miami through Central and South America.
He added that on return to Canada, his team will assess Guyana’s potential in relation to the direction most likely to be taken. Questioned about a possible timeline, Lee Chin stated, “We are enthusiastic about these opportunities… but we are not bureaucratic.” He said he was impressed with Guyana, noting that the reality on the ground defies the general perception given about the country.
Commenting on his visit, Lee Chin said his delegation was met with a Guyanese hospitality, way beyond their expectations.
“Guyana is definitely open for business and the opportunities are phenomenal. We came open-minded and we are leaving optimistic and hopeful,” he said.
He added that the agenda was helpful in bringing to a conclusion, discussions on his interests due to what he termed a “tremendous runway of opportunities” in Guyana.
“We want to do what we can to create employment, generate wealth, grow our company and enhance the life of the Guyanese people.” Chin said he was impressed with the  calibre of ministers occupying various portfolios and the domain of their experience, knowledge and passion. “With this type of leadership, it is very easy to make a step of confidence to invest in Guyana. What we have seen is the result of hard work as a function of great leadership to bring macroeconomic finances to the point of growth.”
Chin met with President Donald Ramotar and Foreign Affairs Minister Carolyn Rodrigues-Birkett and has had several engagements with officials from ministries including the natural resources and the environment ministry.
Presidential Advisor on social development, Odinga Lumumba said Chin is an international finance and banking investor, who was invited to Guyana by former President Bharrat Jagdeo.
Lee Chin is a Canadian-based philanthropist and the founder of Portland Holdings, a private investment corporation which owns a collection of diversified businesses operating companies in sectors that include media, tourism, healthcare and financial services.
In 2003, he made headlines when he donated US$ 30 million to the Royal Ontario Museum.
He also provided a US$ 10 million gift to the Rotman School of Management at the University of Toronto.
Lee Chin’s wealth is worth an estimated US$ 2.5 billion in the past and he has been named by Canadian Business as one of the richest people in Canada.