Trade and investment opportunities are popping up all over the world, as technology makes it easier to communicate, conduct business transactions, and bring new services to closed markets. Guyana is the gateway to both the Caribbean and South America, and with its English-speaking population, it is a prime spot for investors to make a move. There are several investment incentives for potential businessmen and corporate expansions, and the country has committed to a tax regime and regulatory environment free from discrimination to foreign investors. This is an emerging economy whose potential has yet to be discovered.
Before you decide on where to move your company or make an investment into a new one, always review the potential safety concerns. These don’t just deal with personal safety, but the financial safety of your funds and investment and the future security and stability of business operations. When working in Guyana, you can invest with confidence, as the government has worked hard to stabilize inflation, strengthen the infrastructure, and reduce poverty among its people. There is access to secure financial institutions, like the GBTI Bank, which markets its products and services specifically to incoming investors and corporate businessmen. The overall investment climate of Guyana is hopeful and full of potential, as both public and private sector leaders are committed to making a mark in the ever-changing global economy. This involves responding to current challenges the country faces, but also jumping into new opportunities in non-traditional export sectors and oil drilling partnerships with several companies in the United States.
There are foreign and domestic investment opportunities that range from traditional industries like rice, sugar, or timber, to non-traditional export areas like light manufacturing, fresh fruits, agro-processing, and aquaculture. The service export sectors are also growing with tourism and IT-enabled services leading the way. The Guyana government has prioritized investment and export opportunities, negotiating for many products to be duty-free or have reduced-duty treatment in the destination markets. These are some of the more specific areas of potential.
- Seafood and Aquaculture. The Atlantic coastal zone around Guyana, and the network of rivers that connect into it, offer prime conditions for a thriving aquaculture industry and marine fisheries. Investors can improve upon and upgrade the existing prawn and shrimp sectors, but the deep-sea species of prawns and deepwater snappers flourishing off-shore have yet to be tapped. The Atlantic Ocean holds tuna and swordfish opportunities, but shrimp and tilapia farming have risen to the top of the investment potential list. Although Guyana had already been exporting these species to the U.S., it has been relatively untapped in conjunction with the E.U. market.
- Agriculture and Agro-processing. The landscape and environment of Guyana give it several advantages in the agricultural industry. There is widespread irrigation, organic cropland, sea and drainage defenses, as well as an ample supply of trainable farmers. For those who venture into fresh fruits and vegetables, there is a lucrative market at both the local levels of consumption and at the export level. Within the Caribbean, the demand for semi-processed and processed food is high, and the production and export of meat are on the rise. The demand across the globe for certified organic produce and food products can be met through harvesting crops from the virgin lands of Guyana.
- Forestry. About three-fourths of the country’s topography is covered with more than 1,000 different tree varieties. This opens doors for the harvesting and exporting of wood products. The market is still well below potential, as it only accounted for 10% of total export services back in 2005. The industry is looking to expand beyond processed plywood or raw and semi-processed valuable woods, and move into value-added wood processing venture. The right investor could move into both U.S. and Caribbean markets with things like doors, flooring, furniture, fencing, molding, and veneer.
- IT-enable Services. One of the fastest-growing industries around the world, internet technology services (IT) has made its way to Guyana through its own domestic investments, but also the foreign investments of Canada and Mexico. The most commonly offered services are back-office processing operations and call centers, but it is enough of a market that many investors include Guyana in the business processing outsourcing centers housed in Latin America. The workforce is fluent in English, making it an ideal location to send IT-enabled operations. The telecommunication costs are reasonable, and the population of potential employees eager to work and willing to be trained.
- Mining. Guyana has received global attention for its mineral deposits, and numerous opportunities exist for diamond, gold, bauxite, and other mineral extractions. The high value placed on these elements is making the investment a worthwhile investment, even when compared to the cost of the mining operations.
There are many ways to invest in the Guyana market, and the local government is eager to work with incoming businessmen and corporations. You can check with the Guyana Office of Investment for more information on how to get started with a new business venture.