GEORGETOWN, Guyana CMC: The senior minister of the Office of the President with responsibility for Finance, Dr. Ashni Singh, says that with the rapid pace of development under the leadership of President Dr. Mohamed Irfaan Ali, the country’s economic growth has tripled over the last three years.
Speaking earlier this week at a private sector engagement between Guyana and the Dominican Republic, Singh noted that as one of the top oil-producing nations, Guyana has attracted the attention of investors and world leaders.
He added that the country is also on an upward trajectory that will ensure prosperity, expansion, and investments in all sectors.
“Given the extraordinary growth rate, we have observed the emergence of new opportunities in every sector of the economy…There is currently no sector in Guyana without opportunities for expansion and investment,” Singh said.
The mining, agriculture, and tourism industries are just a few of the areas where Singh highlighted similarities between the economies of Guyana and the Dominican Republic.
He stated that the fiscal incentives regime in all sectors makes Guyana attractive to global investors.
“In each sector, we have an attractive fiscal incentive regime that makes it attractive for international investors to come to Guyana. Dr. Ramsaroop’s office, Go-Invest, administers that regime. They have literature not only opportunities but also the incentives regime that obtain in all of the key sectors,” he related.
In addition, the local content legislation has provided the incentive for investors to partner with Guyanese companies.
Dr. Singh explained, “It also incentivizes partnerships between international and Guyanese companies. And we see several international companies wanting to take advantage of Guyana’s growth and business opportunities, entering into strategic partnerships with their Guyanese counterparts and indeed be able to optimize the incentive structure created by the local content legislation.”
Over the next three to four years, Guyana is projected to grow at over 25 percent per annum in real terms.
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