GEORGETOWN, Guyana, CMC—The International Building Exposition 2024 opened here Thursday night. The private sector said it provides an opportunity to engage with global patterns and explore cutting-edge technologies, while the Government used the occasion to highlight major expansions and development in the housing and construction sectors.
More than 500 local and international exhibitors are participating in this year’s Expo, which is being held under the theme “Building on the Foundation of Sustainability and Unity” and ends on Sunday.
President Irfaan Ali, addressing the opening ceremony, credited his Government’s intervention in several areas related to the housing sector with the sector’s expansion, saying home ownership has been made easier for thousands of Guyanese.
He told the ceremony that more than GUY$240 billion (One Guyana dollar = US$0.004 cents) had been allocated to the housing sector in the national budget over the past four years.
He said that investment resulted in the regularization of housing settlements, the delivery of over 35,000 house lots, and the construction of close to 2,000 new homes, community roads, and four-lane highways.
“In addition, 128,000 citizens would have benefitted from improved shelter from our house lot allocation since we assumed office in 2020. Importantly, the total subsidy or wealth transfer to the beneficiary of the house lot is approximately GUY$94 billion during this period”.
Ali said the Government also increased the mortgage interest relief from GUY$15 million to GUY$30 million, benefiting almost 17,000 homeowners.
“Look around the world in the last four years and see where the mortgage rate for housing is going, housing lending is going, and what is happening here. It is not increasing; we have increased the interest rates on the mortgage for housing by 2.5 while increasing the ceiling for lending while the ceiling is decreasing globally,” Ali said, noting that those interventions saw a 20 percent increase in housing loans.
“These are the things that sometimes go unnoticed, these are the transformations that take place that sometimes we don’t put the right value to…and this is not only in one region, this is across every single region,” the President noted.
Over 350 new contractors have been involved in building meant housing, and the President said further expansion would take place as the Government looks at other policies for the sector, including setting a setting program for single-program
Meanwhile, Komal Singh, chairman of the Private Sector Commission (PSC), said that the exposition presents a unique opportunity for Guyana’s private sector to engage with global patterns, explore cutting-edge technologies, and harness the potential of Guyana’sthe rapidly expanding construction, real estate, and agriculture sectors.
He said the event is also a platform where innovation meets opportunity, and the collective vision of a progressive and sustainable Guyana could be showcased globally.
“This Expo is more than just an exhibition. It is a gateway to collaboration, innovation, and growth. The event provides an ideal platform for businesses to showcase their products and services, forge strategic alliances, and contribute to the growing transformation of Guyana’s infrastructure landscape.”
Singh, who expressed satisfaction with the number of diverse industry leaders, investors, and stakeholders at the Expo, told the opening ceremony, “The future of Guyana is bright, and we have the opportunity to shape it together.
“I encourage all participants to take full advantage of the opportunities presented here to network, innovate, and collaborate. [Let us] continue to build on a solid foundation laid by our Government and private sector and drive this country forward into a new era of prosperity and development,” Singh said.
He said that real Gross Domestic Product (GDP) growth is projected to reach another 34.3 percent, driven by increased oil and gas production and activities in the other sectors.
Other sectors like construction, manufacturing, and agriculture have played a pivotal role in strengthening the non-oil economy.
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