In a compelling appeal, British High Commissioner to Guyana, Jane Miller, OBE, urged British investors to capitalize on the abundant opportunities in Guyana during the official launch of the British Chamber of Commerce in Guyana (BritCham Guyana) in London last Wednesday.
Miller emphasized that since the discovery of major oil reserves off Guyana’s coast in 2015, the country has rapidly become one of the world’s fastest-growing economies.
“Guyana is on the map, and it’s thanks to many, many people, thanks to the oil. People are beginning to recognize this incredible country. It is the most incredible country, and I really do encourage those of you who have not been there to go and invest and go and find out more about it,” Miller told an audience of business executives, investors, government officials, and diplomats.
President Irfaan Ali participated virtually via video call, adding a dynamic element to the event. His engagement underscored the numerous investment opportunities available in Guyana and emphasized the importance of strengthening the bond between Guyanese and British businesses. His message was both clear and encouraging, providing a strong incentive for companies from both nations to explore and capitalize on the promising prospects in Guyana.
Faizal Khan Welcoming Guests at the British Chamber of Commerce in Guyana (BritCham Guyana) in London, UK
During the event, Faizal Khan, the architect behind BritCham Guyana, delivered a notable speech emphasizing the critical link between the UK and Guyana. Khan, who is spearheading the organization, highlighted its mission to bridge the British and Guyanese business communities. His efforts are focused on opening new business opportunities in Guyana and fostering deeper connections between the two nations.
As Guyana continues to emerge as a global economic powerhouse, driven by its booming oil and gas sector, Miller stressed that now is the perfect time for British businesses to explore investment opportunities. She outlined the attractive business environment in the country, which features pro-investment policies and growth across both its energy and non-oil sectors.
“The GDP [Gross Domestic Product] has quintupled since 2015. Last year’s economic growth was 38.4 percent, and the IMF [International Monetary Fund] is projecting that in the next three years, it will be 20 percent or more. What incredible economic growth, and this brings up amazing opportunities. And importantly, that growth isn’t only in the oil sector, it is also in the non-oil sectors,” Miller said.
She highlighted three significant advantages for British investors looking at Guyana. First, she pointed out that Guyana, as an English-speaking country with a legal system mainly based on English law, offers fewer barriers for British investors in terms of business operations, legal frameworks, and contracts. This shared legal structure makes navigating business dealings much smoother.
Additionally, Miller noted that Guyana benefits from the United Kingdom Export Finance (UKEF), a UK government initiative that supports British companies investing overseas by providing financing and insurance options. The High Commissioner revealed that the UK government has significantly increased its financing for investments in Guyana, raising the amount from £715 million to £2.5 billion in the past year. This boost signals strong confidence in the country’s economic potential. She also highlighted the ease of travel between Guyana and the UK, with visa-free access and direct flights.
Miller further underscored the growing trade relationship between Guyana and the UK, mentioning that Guyana is the UK’s top trade partner in the Caribbean, with bilateral trade reaching £1.8 billion in 2023.
“The time is now. Come and see Guyana. You wouldn’t understand the incredible opportunities in Guyana until you come into the country, meet the people, and actually see what’s going on. New bridges, new roads, new hospitals, new schools, new housing… you name it.
“It’s all happening at the moment, and it’s super exciting. Come now. There is competition. Everybody is coming into Guyana. Just in the last few months, three new embassies have emerged in Georgetown. Everybody is coming to invest…,” Miller added.
For those interested in exploring investment opportunities in Guyana, Miller offered practical advice, encouraging them to connect with key organizations such as BritCham, the Georgetown Chamber of Commerce (GCCI), the Private Sector Commission (PSC), and the Guyana Office for Investment (GO-Invest). These organizations, she noted, are valuable resources for insights, partnerships, and business support.
Miller also recommended participation in trade missions to help investors explore the market, engage with local business leaders, and gain firsthand knowledge of investment prospects. She also urged investors to take time to experience Guyana’s natural beauty, noting that 85% of the country is covered by tropical rainforest, home to incredible biodiversity and wildlife.
BritCham Guyana serves as a professional business support organization aimed at promoting, protecting, and encouraging trade and commerce between Guyana and the United Kingdom. Its mission is to improve business opportunities for both nations across a variety of sectors.