Chances are that most people reading this article have never heard of the Orange Economy (OE). This is nothing to worry about because, in Guyana, it is a fresh idea that is now being developed.
The Orange Economy is grounded in creative and ideas-based value. Specifically, the OE refers to the ways in which economic value is generated through creative work, innovation, and intellectual property. The OE spans multiple sectors and activities including but not restricted to tourism and cultural heritage, sports, film, television and visual media, arts and crafts, music, the performing arts, literature and publishing, fashion and design, and nature.
Research shows that on a world scale, the OE is massive by any measure. It employs over 50 million persons world-wide and it is estimated that it will contribute 10% of global GDP by 2030. The creative industries are expected to contribute more than US$3 trillion in 2025. By another estimate, if the OE was a sovereign nation, it would rank as the world’s 4th largest economy. During the Office of the President two-day stint in Region 6, President Ali outlined the Orange Economy at the conceptual level, as well as the ways in which this innovation will contribute to the diversification of the economy, provide opportunities for businesses across sectors, and allow hinterland regions to be more structurally integrated into national development. The OE is particularly important to young people because most of the jobs in this area are held by those between the ages of 18 and 29.
President Ali committed his administration to develop the requisite infrastructure (both visible and invisible) in order to facilitate the emergence of the OE. The forthcoming Guyana Development Bank which will be capitalized with at least US$200 million is one policy measure, among others, that will help to push the Orange Economy from concept to actual practice. During the OP Region 6 outreach, the president talked extensively about Orange Economy-linked projects currently in progress, as well as new ones coming on board. The Stadium at Palmyra, for instance, is more than a piece physical infrastructure. Rather, it will be at the centre for a slew of economic activities where small and medium-size businesses will thrive. Sporting events will see hotel rooms and restaurants filled up, shops filled with customers, and event-linked jobs abound. The president unveiled a major development for 63 Beach where 100 cabins will be built. Sixty of the 100 will be owned and operated by young women, an initiative that is consistent with the administration’s intent to empower women and draw them in more systematically into the mainstream business environment. In Region 6 and elsewhere in the country, much can be done to leverage the economic potential of our numerous cultural festivals, sports activities, the flora and fauna, and the rich history of this nation.