GEORGETOWN, Guyana, CMC -President Irfaan Ali told an international business conference here that there are tremendous opportunities for the development of small and medium-sized businesses (SMEs) and their expansion in Guyana.
Addressing Tuesday’s International Business Conference (IBC) on Tuesday night, Ali said that his government is creating an environment enabling SMEs to integrate with larger companies and industries. He acknowledged that SMEs should continuously invest in improving their capabilities to grow beyond their current status.
“Being an SME does not mean you must not have standards, or you must not invest in certification, or that you must be an SME all your life,” he added.
The conference, which ends on Thursday, is being held under the theme “Guyana: The Gateway to Opportunities.” It is co-hosted by the Suriname-Guyana Chamber of Commerce (SGCC) and Guyana Manufacturing and Services Association (GMSA), with support from the Guyana Office for Investment and Suriname Investment and Trade Agency (SITA).
Ali told the conference that SMEs must also have a clearly defined path to growth and graduation. He pointed to Guyana’s local content legislation, which he said is pivotal in ensuring local businesses receive the necessary support to grow.
The Act mandates that Guyanese businesses and workers be given preference in procuring goods and services and filling jobs in the oil and gas sector.
It also encourages the development of local skills and industries to support the oil and gas sector, reducing reliance on imports and services.
President Ali said Guyana could leverage the local content legislation to integrate SMEs into the supply chains and operations of more prominent companies entering the markets.
“For example, let us say we have a large-scale port operator that comes in. Invariably, that port operator brings a series of opportunities for SMEs. So, the big models are always built on the premise that it must be a series of SMEs supporting what they want, and that is where the local content legislation comes in,” he said.
He told the conference, which was also attended by members of the diplomatic community, that there are also a host of opportunities within the Information and Communications Technology (ICT) landscape, specifically in areas like data sovereignty, integrity, and security as the government moves to boost the national and regional data infrastructure.
However, he acknowledged that bureaucracy poses a significant challenge to SME growth and urged regional leaders to help break down bureaucratic barriers within their governments.
“If we want to break down bureaucracy in governments and break down the tears in government, we have to break down the bureaucracy within ourselves. That allows us to add.
The organizers said that the IBC is focused on streamlining the ease of doing business and facilitating investments between international companies and Guyana/Suriname in key economic sectors, including manufacturing, energy, infrastructure, finance, logistics, agriculture, and business support services.
They said international companies possessing intellectual property, human and financial capital, and an appetite for investing in and serving the region are invited to participate and meet with Guyanese/Surinamese companies seeking collaboration, investment, and growth.
Meanwhile, United States Ambassador to Guyana Nicole Theriot urged American businesses to continue investing in the oil and energy sector here, describing it as a key area of collaboration between the two nations.
“We are very much involved in oil,” she told the ceremony, adding, “The U.S. is the largest source of foreign investment here, and while the government and President Ali are keen to diversify Guyana’s economy, we are also heavily engaged in oil and gas.”
Theriot encouraged investors to take advantage of the sector’s opportunities, noting that U.S. companies were leading in oil exploration and active in workforce development and training within Guyana.
British High Commissioner Jane Miller said that while the United Kingdom’s trade with Guyana has grown significantly and actively engages in various sectors, including agriculture and infrastructure, oil and gas is not a focus for British businesses.
“We work in all sectors except for oil and gas,” she said, noting that London’s interest lay in long-term, sustainable development.
“We want to invest in renewable energy, agriculture, and infrastructure. We are looking at the future, not just the present,”
she added.
The European Union’s Head of Delegation, Rene Van Nes, was of a similar view, telling the conference that the European Union’s involvement in Guyana was part of a broader effort to drive investments in sustainable sectors like renewable energy and agriculture.
“The European Union’s global gateway initiative focuses on infrastructure, digital connectivity, and renewable energy,” Van Nes said, adding, “We are pushing for investment in renewable energy and the protection of the environment.”
and then 