Minister of Natural Resources Vickram Bharrat has called for stronger collaboration between local businesses, government and international investors to accelerate Guyana’s economic growth and ensure that investment creates meaningful opportunities for citizens.
The minister made the remarks on Monday during the opening of the International Trade and Investment Conference at the World Trade Centre in Georgetown, where he encouraged investors to explore opportunities in both established and emerging industries.
Highlighting Guyana’s oil and gas sector, Bharrat said cooperation between government, international operators and domestic enterprises had demonstrated how strategic partnerships could generate economic benefits and expand local participation.
He pointed to the Local Content Act, passed in December 2021, as a key driver of this progress. Since its introduction, more than 1,200 local businesses have become directly or indirectly involved in supplying goods and services to the oil and gas industry, while nearly 7,000 Guyanese have received training and employment opportunities in the sector.
According to the minister, the benefits extend beyond oil production, creating demand for services from farmers, transport operators, maintenance providers and other local suppliers.
Bharrat stressed, however, that businesses must maintain high standards and offer competitive prices to succeed. He explained that local content measures are intended to expand opportunities for Guyanese enterprises while encouraging them to deliver quality products and services.
He also encouraged foreign investors to establish joint ventures with local companies, particularly in mining, forestry, agriculture, construction, manufacturing and information and communications technology.
The minister identified artificial intelligence as another opportunity for Guyana and the wider Caribbean to improve productivity and address workforce constraints. He cautioned that workers must be equipped with the necessary skills to adapt to technological changes, ensuring that unskilled and semi-skilled individuals are not excluded from the country’s development.
Environmental sustainability was also highlighted as an important part of Guyana’s economic strategy. Bharrat pointed to the country’s Low Carbon Development Strategy, forest conservation initiatives and biodiversity protection commitments as measures to balance economic expansion with environmental responsibility.
The International Trade and Investment Conference runs from October 19 to 23, bringing together business leaders and investors to explore commercial opportunities, develop partnerships and promote investment across multiple sectors of Guyana’s growing economy.