Guyana is ready to work with investors, said President Dr Mohamed Irfaan Ali to potential stakeholders in Houston, Texas, on Monday. But the President had a message for those eager to enter the market.
Speaking at a US-Guyana Business Exchange reception at the Grand Tuscany Hotel, President Ali said the country should not be seen as a quick-entry market and urged those looking to do business to come well-prepared.
“I find it hard sometimes to understand the philosophy of investors,” he said. “An investor would come to the U.S. to invest without seeking a meeting with the President, without asking for government subsidy on land, without asking for cheap land, without asking for a research paper.”
For President Ali, the standard should be no different in Guyana, and investments must be grounded in research and realistic planning.
“Investment is a studied decision. Investment comes with a cost,” he told the gathering. “You have to be ready to bear that cost, do your research, do your feasibility study, and then come to invest.”
He also pushed back on the notion that smaller economies operate under a different set of rules, saying Guyana holds itself to the same values as major economies such as the United States (US).
Equally, the president said the government is keen on removing the friction that can slow down the investment journey. He pointed to technology and artificial intelligence (AI) as key tools in building a more efficient system. This, he said, is where the work of policy, government, and the Guyana Office for Investment becomes crucial.
Among the initiatives already underway are a FinTech programme that will bring technology into financial services, a Safe Country programme to enhance safety nationwide and significant upgrades to the Cheddi Jagan International Airport (CJIA), which has been ranked as the number one in the Caribbean for passenger experience.
A contract for Terminal 2 has already been signed, which will take the airport’s processing capacity from 800 to 3,200 passengers per hour.
“We know that your experience begins there and we are investing in that experience to allow persons to feel the country, feel the beat, feel the service from the time you booked that ticket to Guyana,” he said.
“You must be able to seamlessly complete all your customs and immigration services. It must be a people-centred, customer-orientated service delivery framework getting through the airport and walking through the airport.”
Additionally, the government has established the Central Housing and Planning Authority’s Single Window Platform, which streamlines all planning and development applications countrywide.
The Single Window Platform serves as an entry point for the submission, review, approval, and monitoring of planning and development applications. It aims to reduce bureaucracy, eliminate unnecessary delays, and promote greater accountability and transparency in service delivery.
These are among the many initiatives being piloted by the government to streamline efficiency and restore confidence in the Guyanese economy.