Invest Guyana 2023/24. 10th Edition

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INVEST GUYANA is a project of Advertising & Marketing Services (AMS) in association with the Guyana Office for Investment and the Government of Guyana.

AMS Management wishes to express its sincere thanks and appreciation to Dr. Peter Ramsaroop - CEO of Go-Invest and his staff and the entire AMS Team for their support in making this publication a reality.

INVEST GUYANA is published annually by: Advertising & Marketing Services P.O. Box 101582, Georgetown, Guyana. Tel: (592) 225-5384; (758) 484-6168

Email: lokesh@amscaribbean.com

Website: www.investguyana.net

Editorial Contributors:

Lokesh Singh - Publisher, Dr. Peter Ramsaroop, Khalil Alli, Floyd Haynes, Anand Harrilall, Wesley Kirton, Department of Public Information (DPI), NewsRoom, Guyana Chronicle, Guyana Invest, OilNow, Ansa McAl Guyana, ENET, Guyana Telephone & Telegraph (GTT), Teleperformance, Excel Guyana Inc., Office of the President, Office of the Prime Minister, Office of the Vice President, Ministry of Natural Resources, Central Housing & Planning Authority, Guyana Tourism Authority, Guyana Marketing Corp, Guyana Rice Development Board, Guyana National Bureau of Standards

Contributing Photography:

Anand Harrilall, Christina Kumar, Delano Williams, Adrian Narine, Department of Public Information (DPI), NewsRoom, Guyana Chronicle, Guyana

Invest, OilNow, Ansa McAl Guyana, Sheriff Group, DDL Group, GYSBI, CREF 2023, Guyana Telephone & Telegraph (GTT), Teleperformance, Excel Guyana Inc, NewHayven Merchant Bank,

Office of the President, Office of the Prime Minister, Office of the Vice President,Ministry of Natural Resources, Central Housing & Planning Authority, Guyana Tourism Authority, Guyana Marketing Corp, Guyana Energy Authority, Guyana Rice Development Board, Guyana National Bureau of Standards

Advertising Sales: Lokesh Singh

T: (758) 484-6168

E: lokesh@amscaribbean.com

June-Ann Kowlessar

T: +592 617-7735

E: juneann.kowlessar@guyanainvest.gov.gy

Danielle Farley

T: +592 601-6269

E: danielleamsguyana@gmail.com

Graphic Design & Layout: Advertising & Marketing Services

Kathryn Duncan

Cover Design: Advertising & Marketing Services

Kathryn Duncan

© Copyright 2023/24. Reproduction of any material without the permission of AMS is strictly prohibited.

For Further Information on Investing in Guyana Contact: Guyana Office for Investment

190 Church & Camp Streets, Georgetown, Guyana.

Tel: 592 225 0658 / 227 0653

Fax: 592 225 0655

Email: invest@guyanainvest.gov.gy

Website: www.guyanainvest.gov.gy

GUYANA –The Time is NOW !

For the past five years, the Guyana Economy has surpassed the expectations of the financial gurus and has been growing at staggering annual growth rates outperforming all of the Caribbean nations and is today positioned as the fastest growing economy in the world and the most attractive investment destination in Latin America and the Caribbean.

The discovery of Oil in 2015 has been the catalyst for this rapid development trajectory and has continued apace over the past five years and a number of new discoveries to become the dominant sector of the economy creating a wave of investments and growth. Government led by President Dr Mohamed Irfaan Ali has committed to creating a multi sector economy and protect the country from full dependency on the Oil and Gas sector.

As at today through a calculated Government agenda, national development led by infrastructure and transformational projects comprising of high span river bridges and four lane highways has been augmented with rapid growth in the housing, construction, tourism and services sectors impacting all regions of the country positively.

Guyana has taken the lead to chart a new course for Agriculture and Food Security in CARICOM, targeting a 25% reduction in the region’s food import bill by 2025. This has seen increased demand for exports of Guyana’s fresh produce and agro-processed products and resultant growth in farming and manufacturing to fulfil the demands.

Tourism has been given increased attention with rising airline arrivals for business and leisure travel and new international carriers plying the Guyana route. The Cheddi Jagan International Airport has been significantly expanded to facilitate the increased traffic and the Government has seen a call for 5,000 new hotel rooms being oversubscribed by local and international investors with several new high quality internationally branded hotels currently under construction to come on stream in early 2024.

The Gas to Energy Project at Wales, the new Shorebases and Port Facilities at Nismes and Vreed-en Hoop along with the coastal four lane Highway to Parika and the new inland Highway to Goshen will see Region 3 becoming a new hot spot for investment and development .

President Irfaan Ali has been aggressively travelling and meeting with world leaders and investors promoting Guyana and the many investment opportunities with friendly countries supporting investment and development projects in the country.

The Guyana Office for Investment –Guyana’s official Investment Agency, continues to actively promote the Government’s Agenda and Guyana as the region’s leading investment destination. We encourage you to visit Guyana and explore the possibilities to invest in Guyana.

AMS is pleased to present this our 10th Anniversary Edition of our INVEST GUYANA Magazine. We wish to express our thanks and appreciation to our many advertisers, editorial contributors, photographers, graphic designers and staff along with GO-INVEST – our strategic partner and the Government of Guyana for their continued support in delivering this Magazine over the years as our contribution to promote Guyana to the world and stimulate continued investment and development across our beautiful country.

We trust that in reading the pages of this Magazine you will be inspired by the development and investment opportunities on offer and be encouraged by the many success stories of our investors to join us. In Guyana ‘The Time is Now’ as we are “Open for Business”.

Lokesh Singh

/ Managing Director

For further information visit: www.guyanainvest.gov.gy

President Dr. Mohamed Irfaan Ali and Mr. Lokesh Singh, Publisher/Managing Director, Advertising & Marketing Services, share a common interestpromoting Guyana to the world

GUYANA: A Caribbean Tiger Economy Emerges!

Dr. Peter Ramsaroop Agency Head, Guyana Office for Investment Chief Investment Officer, Office of the President

Guyana is the number one Investment Destination in the Region. When investors look at Guyana, what are they looking for and what do they see?

Firstly, that we believe in a strong democracy, an accountable and transparent Government with both a result driven and measureable plan, where every investor or citizen can know what is the Government’s Development Agenda and easily identify investment opportunities across multiple economic sectors.

Investors can be assured that revenues earned from the Oil & Gas sector are being used to expand and modernize our known industries in areas such as Agriculture, Tourism, Climate Services and Energy among others.

Guyana has always been a diversified economy at our core, so talk about Dutch Disease is not in our conversations. However, a point to note is that when our Government came into office in 1992 to 2015, we inherited a bankrupt economy in 1992 and built it to a competitive GDP growth in all non-oil sectors and before First Oil. The PPP/C Government’s goal since returning to office in 2020, is long term sustainability for these sectors and every day, Government is proving that model works.

Investors that have entered the Guyana Market, have said that they are pleased with the visionary leadership of our President, who is focused on aggressively transforming the national infrastructure including concentrating on key sectors of Education and Healthcare which are all important

ingredients for investors. I advise you to study the Low Carbon Development Strategy 2030 (visit www.lcds.gov.gy to access the document).

Guyana is a high performing stock. For reference, I refer to this stock as 1GY (One Guyana). Prior to Oil, we may have been a penny stock but now the share price is on the rise. Investors should not spend too much time contemplating on their investment. Just look at our numbers, whether it is GDP growth, GDP per Capita, Balance of Payments or even the Natural Resource Fund, all indicate a very high performing stock with projections that are real. Guyana will experience a compounded annual growth of over 30% in its GDP per capita, between 2020 – 2024 according to the International Monetary Fund. (IMF).

Dr. Peter Ramsaroop presenting at the "Around the World" panel discussion on Guyana at Offshore Technology Conference (OTC) 2023

President Ali with the team from the Guyana Office for Investment

2023 is a pivotal year for Guyana. In the period, 2020 to 2023, we saw major investments in support for the Oil and Gas Sector, with over 100 USA companies establishing operations in Guyana, with many setting up regional headquarters.

Why is 2023 pivotal? The fact that our Government has embarked on bringing the gas to shore and building out a new 300MW power plant, the initiative by our President and CARICOM leaders to reduce the food import bill by 25% by 2025 in the region, the new offshore oil blocks up for auction, the increase in renewable energy micro grids in rural areas of Guyana and the build out of 7 new state of the art hospitals, construction of over 9 internationally branded and local hotels, among others set the stage for the next two years of investment opportunities.

Those investments will be in areas of Agro Processing, Large Scale Farming and Manufacturing as we bring the cost or energy down by at least 50%. The movement in these areas as companies’ size up our natural resources in high grade silica sand and bauxite, we will see movement to producing solar panels, glass, aluminum, etc, in Guyana.

The explosion of investments in these next sectors will happen. The time is now to step in and invest in the 1GY Stock.

Guyana’s Logistics Sector will grow rapidly and, also take a leading role with the build out of the road to Brazil and

expansion of Guyana’s Deep Water Port facilities. The fact that northern Brazil is land locked where thousands of containers take upwards of 72 hours or more to get to the Atlantic Ocean, simply turning that container around through Guyana will be less than 24 hours. In addition as we expand food production for CARICOM, major expansion in air and sea freight to the region will be needed.

The Government’s investment regime is very attractive and under the Investment Act, the Government of Guyana provides various assurances to investors with respect to any investment made in Guyana with fiscal incentives, corporation tax holidays, repatriation of dividends, earnings and capital, double taxation treaties, and favorable trade agreements as applicable. Guyana’s location, trade, and investment agreement facilitate access to key markets.

Guyana offers geographic positioning to investors. The trade relations and agreements-regional, multilateral and bilateral, allow easy access to major markets and protect investors. Guyana is a signatory to several trade, investment and economic agreements which facilitate market access.

State of the art equipment and first class facilities at the newly opened Sheriff General Hospital at Leonora

We have experienced FDI from all across the world, including European, American, Chinese, Middle East, Great Britain, and the Caribbean among others. We are proud that the local private sectors have stepped up to the challenge of investing in large scale projects including Branded Hotel Chains, Mega Farming in Soya Bean and Corn, Fabrication and Engineering Services to include working on components for the future FPSOs. In addition, value added products are getting to a wider network of markets.

The next phase of Guyana’s development, with the Country brimming with hope and development is the build out of a Caribbean Tiger economy in food security, climate services, and energy. Our future has arrived, the Government has made and continues to make firm all its arrangements for the arrival of prosperity for all Guyanese. Our Government is fostering technology and promoting innovation.

Guyana is Open for Business.

We encourage YOU to look at our Investment Guide & Snapshots on Page 79 for specific investment opportunities available.

Dr. Peter Ramsaroop serves as the Agency Head for the Guyana Office for Investment, the official Government arm responsible for all investments both local and foreign in Guyana. In this role he also serves as the Chief Investment Officer under the Office of the President.

For further information:

T: (592) 225-0658; 227-0653

E: invest@guyanainvest.gov.gy

www.guyanainvest.gov.gy

Dr. Peter Ramsaroop welcoming President of the Dominican Republic, Luis Abinader and his delegation to Guyana

British Airways resumed flights to Guyana during the first quarter of 2023

The Made in Guyana standards mark is helping to develop quality of Guyanese businesses and making them more competitive locally, regionally and internationally

Mega farms will play a key role in national and regional food security successes

Dr. Pater Ramsaroop with members of a visiting Chinese delegation

President of India Hon. Droupadi Murmu meets with President Dr. Irfaan Ali, Dr. Peter Ramsaroop and other officials

International Partnerships Key to Boost Economic Growth

President, Dr. Mohamed Irfaan Ali has restated his government’s commitment to collaborating with international partners and the private sector to advance transformative projects across all sectors.

He disclosed that the government is in discussions with the European Union (EU) to find ways in which the private sector there can play a greater role in partnership with the local private sector.

The EU Commission and Representative in Guyana have been active in positioning the EU business community to take advantage of investment opportunities in Guyana and have since advanced plans for the establishment of an EU Guyana Chamber of Commerce in Georgetown.

President Mohamed Ifraan Ali visited India in early 2023 accompanied by the largest ever Guyana Business Delegation. During this visit the President met with Prime Minister Narendra Modi and other Senior Government Ministers and officials. A number of agreements were made to finance projects in Guyana and provide technical support in agriculture and the oil and gas sector. Vice President Jagdeo subsequently visited India to follow up and finalise plans.

and private sector officials while confirming a greater involvement in India’s future support to Guyana.

The India Guyana Chamber of Commerce has since been established to explore further investments and partnerships with popular former West Indies cricketer and now a successful entrepreneur Ramnaresh Sarwan functioning as its President.

“We are working on building stronger partnerships, looking at expanding agro-processing, manufacturing and valueadded…looking at research and development, looking at building out our scientific capability,” the Head of State noted.

“Qatar and the UAE have also extended invitations to discuss Guyana’s development and explore opportunities for private sector involvement.”

The President has since visited Qatar where he met with its Head of State and other Qatari Ministers of Government resulting in the confirmation of a US$350 Million loan to extend the Schoonord to Crane four-lane highway to Parika, Essequibo, in Region Three.

During the visit to Qatar, the President also participated in the official opening of the new Guyana Embassy in Qatar.

President Ali and India's PM Narendra Modi holding bilateral discussions India’s Foreign Minister, Subrahmanyam Jaishankar and an Indian business delegation visited Guyana in April 2023 and discussed a number of areas for collaboration including hosting of a Round Table meeting with government

President Ali has also been invited by the new Brazilian President Luiz Inácio Lula da Silva for a State Visit to Brazil to discuss a strong and robust plan for regional integration. He recently travelled to Brazil for a South American Summit where he met President Lula and Leaders of other South American countries.

His Excellency Dr. Mohamed Irfaan Ali President, The Co-operative Republic of Guyana

Emir of Qatar Mohammed bin Abdulrahman Al Thani with President Ali

“As you are aware, there are some massive transformative projects that are on the table with Brazil. I am convinced that this State Visit as I am invited to, will advance these, will bring forth tremendous opportunities for the local private sector, for Guyanese and Guyana.”

President of the Dominican Republic, Luis Abinader and a delegation has also visited Guyana and has met with government and the private sector to explore bilateral relations and business and investment opportunities.

“The Dominican Republic, he noted, has expressed interest in working on projects and financing local initiatives. The country is also keen to collaborate closely in the area of energy security.”

In addition, Guyana will collaborate with Cuba, later this year to enhance its human resource capacity and advance its healthcare services. Cuba has provided strategic ideas in this regard.

The President further revealed that “Later this year, we intend to visit China, we will have great collaboration and discussions also on opportunities here. Also, we will be

President Ali meeting the United States of America Vice President, the Honourable Kamala Harris, in Washington

President Ali led a delegation to the United Kingdom to attend the Coronation of King Charles III on Saturday, May 6, 2023

President Ali and his delegation engaged in bilateral discussions with the Prime Minister of Trinidad and Tobago, the Honourable Dr. Keith Rowley and members of his government at the Diplomatic Centre in Port of Spain, Trinidad

President Ali meting with Brazil President Luiz Inácio Lula da Silva in Brazil

President Ali met with former British Prime Minister Tony Blair in London. They discussed the efforts of the Government of Guyana to modernise governance systems for improved efficiencies in services, policy formulation and the use of technology to advance these efforts. They also discussed finding ways to work together in positioning Guyana as a major global player in climate, food and energy security

President Ali and other Heads of State of South America participating in the Summit of South American Leaders at Itamaraty Palace, the headquarters of the Ministry of Foreign Affairs of Brazil

President Ali greets President Luis Abinader of the Dominican Republic in Guyana

visiting Washington once more to further the collaboration and partnership on a number of transformative projects.”

President Ali expressed his hope that Canada will be an active participant in Guyana’s transformation and acknowledged the High Commissioner’s hard work in advocating for this agenda and promoting it as a top priority.

Construction Begins on US$260M New Demerara River Bridge

Construction has started on the landmark new Demerara River Bridge that will link the East Bank of Demerara (EBD) and the West Bank of Demerara (WBD). Once completed within the two year timeline quoted by the Government, it will alleviate traffic woes for commuters.

The Guyana Maritime Administration Department (MARAD), announced recently in a notice that an exclusive work zone has been established as construction activities started in mid May, 2023.

“As a result, an exclusive zone is being effected, with two transit sections for vessels in the vicinity of the retractor and high spans of the existing Demerara Harbour Bridge,” MARAD said in the notice.

“Construction activities will be conducted south of the Demerara Harbour Bridge, in the vicinity of the West Bank to East Bank of the Demerara River, the exclusive work area will be piled off and bounded” MARAD further announced, urging mariners to navigate with “extreme caution” when in the vicinity.

Back in February, Housing and Water Minister Collin Croal had met with residents of Peter’s Hall on the EBD to begin the process of relocating 20 structures in the path of the alignment.

He also emphasised the importance of managing Guyana’s multilateral and bilateral interests to ensure the country is well represented internationally and that his visits will stimulate project financing and investments and create further opportunities for the Guyanese private sector to expand and flourish.

With approximately US$24 million set aside in this year’s budget to advance works on the new Demerara River Bridge, Public Works Minister Juan Edghill had

An artist’s impression of the new

revealed that all persons who were residing along the pathway of this massive infrastructural development have agreed to relocate.

In January, Mohamed’s Enterprise had announced that it had gifted the Government its US$3 million prime waterfront property at Providence, EBD to facilitate the construction of the new Demerara River crossing.

A US$260 million contract was signed in May 2022 with a joint venture led by China Railway and Construction Corporation Limited to construct the new bridge, which will land aback Nandy Park on the East Bank of Demerara and at La Grange, West Bank Demerara.

Back in 2022, approximately US$98 million was allocated towards work on the bridge. The China Railway and Construction Corporation (International) Limited-led joint venture outbid four other pre-qualified international companies that submitted proposals for the project. In the months prior to the contract being awarded, the Guyana Government, through a team of specialists – legal and engineering – was in negotiations with the Chinese company to finalise the terms of the contract.

The new bridge will be a fixed 2.65-kilometre, four-lane, highspan, cable-stayed structure across the Demerara River, with

Demerara River Bridge

the width of the driving surface being about 23.6 metres. The bridge, which features a bicycle lane, will bring an end to closures to vehicular traffic with a 50-metre fixed-high span to cater for the free flow of vessels uninterrupted. The river will be dredged along a 13.5-kilometre stretch to accommodate large vessels.

This new bridge will replace the ageing floating Demerara Harbour Bridge (DHB), which has outlived its lifespan by several decades. At 1.25 miles (2.01km), the current Demerara Harbour Bridge is a strategic link between the East and West Banks of Demerara, facilitating the daily movement of thousands of vehicles, people, and cargo.

Guyana Continues to Develop Human Resource Skills

President, Dr. Mohamed Irfaan Ali in April reminded the 2021/2022 graduates of the “Get Ready for Opportunities to Work (GROW) Programme” that they are one step closer to achieving their dreams, and more importantly, to becoming better individuals.

President Ali, who delivered the feature address at the graduation ceremony hosted at the National Cultural Centre, Georgetown, expressed, “A few days ago, I said that the greatest gift you can give to yourself and to others is your time. Time moves rapidly. But the mark we leave, and the time that we spend here on earth is what determines how successfully we utilise that time. Today, you have utilised that time to make yourselves better and make your families proud, but more importantly, to give yourselves a chance for a better future.”

He assured the graduates that the government is committed to giving every Guyanese the opportunity to improve their lives.

“Education is that tool that can unlock for you a future that would be able to deliver for you greater prospects. But more importantly, one that will deliver to our communities and our country, better, more responsible citizens, who are better equipped to serve our country and fulfill the responsibilities to our nation. Education is an uplifting tool.”

Meanwhile, in the areas of teaching, hospitality and nursing, President Ali announced that over 1,400 persons will benefit from immediate jobs. Specifically, for those who want to pursue nursing, the President said they can be registered by the end of this month.

He further disclosed that the government, through the Guyana Online Academy of Learning (GOAL) is drawing closer to its 20,000 scholarships objective. So far, more than 16,000 scholarships have been granted, with some 11,000 women benefitting.

“This is good for our country. The days in our country when we had idle human capacity are fast coming to an end, and that is because of the opportunities that we are able to create,” Dr. Ali expressed.

Dr. Ali also encouraged the graduating batch to consider careers in technical areas, noting that there is dignity in every job.

Members of the 2021/22 Graduating Group

President, Dr. Mohamed Irfaan Ali speaking at the GROW Graduation

“The greatest gift you can give to yourself and to others is your time”

President Ali tells 2021/22 GROW Graduates

“In the developed world, you see persons with Master’s Degrees, operating heavy-duty equipment. There is dignity in every form of work. With the six months of experience you have, and another six months of technical training, you can be a technically skilled person operating heavy-duty equipment, or a crane, earning three and four times that which you would have earned pursuing a job in a bank.”

Government continues to invest heavily in education and the upskilling of Guyanese.

The graduation saw some 1,450 participants attain level six Scottish Credit and Qualifications Framework (SCQF)

diplomas offered by the Scottish Qualification Authority (SQA) in collaboration with Jain University, India.

The GROW Programme offered through GOAL provides Guyanese 18 years and older, who never had the opportunity to complete their secondary education, or obtained less than five passes in CSEC/GCE subjects, the opportunity to become better qualified to pursue Degree Programmes.

Students from the 10 administrative regions qualified in areas such as Communications, Business, Mathematics with Excel, Behavioural Management, Marketing, Introductory Economics, and International Relations.

US$30 Million Hospital to be Built in Region 5, Berbice

The First of Six State of the Art Hospitals to Be Built Across the Country to Develop a Comprehensive Healthcare Infrastructure Ecosystem

infrastructure ecosystem that keeps pace with the advancements in modern medicine.

“One that is comprehensive, one that looks at the challenges of the future and position Guyana as being part of the solution of those challenges. This is why we are speaking about creating the legislative framework, allowing for modern medicine to evolve. Whether its stem cell, research and development, we are creating the entire architecture for evolution of medicine in Guyana,” the President underscored.

The more than 30,000 persons residing in Region Five are expected to benefit from improved healthcare services with the construction of a modern US$30 million hospital at Bath Settlement, West Coast Berbice.

President Dr. Mohamed Irfaan Ali, during his feature address at the sod-turning ceremony, said the hospital, which is the first of six regional facilities to be constructed, is part of a national health revolution aimed at improving the country’s healthcare system.

A further US$190 million will be expended to build five (5) more hospitals in Skeldon, Region Six, Enmore, and Diamond, Region Four, Tuschen, Region Three, and Anna Regina, Region Two.

President Ali also emphasised the government’s commitment to developing a state of the art health

President Ali noted the importance of human resource infrastructure in addition to physical infrastructure, highlighting that having beautiful facilities alone is not enough to provide quality service.

President, Dr. Mohamed Irfaan Ali, Minister of Health, Dr. Frank Anthony, Chinese Ambassador, Guo Haiyan and officials of Sinopharm at the Sod Turning Ceremony

President Ali, Minister of Health Dr. Frank Anthony, Chinese Ambassador to Guyana, Ms. Guo Haiyan and other officials at the Sod Turning for the Bath Regional Hospital, Berbice

“The final product here is not the hospital, the final product here is improved health services for the people and that is very important for us to understand,” he stated.

The regional hospital will be built by the China National Pharmaceutical Group Corporation, Sinopharm. Once completed, the hospital will be equipped with three operating theatres of international standards, a neonatal unit, 24-hour accident and emergency department, a modern laboratory equipped to conduct various types of testing, as well as ultrasound, CT scan, and digital X-ray services.

Minister of Health, Dr. Frank Anthony, noted the facility will be classified as a Level Four Hospital, eliminating the need for referrals to the hospitals in Georgetown or New Amsterdam. He also underscored the significance for both the Ministry of Health and the country noting, “I don’t think that there was any time in the history of our country that we have embarked on building so many new hospitals.”

Minister Anthony indicated that as the new hospitals are being constructed, an electronic health record system is also being developed which will eliminate the waiting time for individuals to obtain a physical copy of their health chart before seeing a doctor. 

Qatar Agrees US$350 Million Loan for Parika Highway Extension

President Dr. Mohamed Irfaan Ali during a recent engagement with residents in the Malgre Tout / MeerZorg area announced that the Government of Guyana has secured a US$350 Million loan from Qatar to extend the Schoonord to Crane four-lane highway to Parika, Essequibo in Region Three.

“I just came back from Qatar and we have just secured US$350 Million to continue the road to Parika and complete the new four-lane road all the way on the West Coast,” he said.

In 2022, contracts worth over US$55 Million is divided into eight lots and were signed for the construction of the Schoonord to Crane four-lane highway. The project entails the construction of a 4.1 kilometre dual carriageway reinforced concrete road, complete with an emergency lane, and rehabilitating and upgrading 2.4 kilometres of road.

President Ali expressed his confidence that the project, originally scheduled for completion in June 2024, will be finished well ahead of schedule by the eight contractors and is hoping the new bypass highway from Schoonord to Crane will be opened by the third quarter of this year.

This development comes as the government continues to make significant progress in infrastructure development throughout Region 3 - Essequibo Islands-West Demerara.

In addition to the highway expansion, President Ali said the government has undertaken an ambitious housing programme, with tens of thousands of houses and house lots being developed across the region. Other major projects ongoing include the construction of the new Demerara River Bridge, and the Gas-to-Energy project, which will see natural gas being piped from offshore to an onshore facility at Wales, West Coast Demerara.

Simultaneously, the administration is investing heavily in the improvement of other vital infrastructure across the region such as roads, drainage systems, street lights, culverts, and community facilities.

President Ali addresses residents of Region 3

CANTO Launches E-market Platform to Improve ICT Business Processes

In the midst of a global shift in Information and Communications Technology (ICT), companies need to generate innovative and more efficient ways of streamlining their processes and connecting to the market.

Recognising this, the Caribbean Association of National Telecommunications Organisations (CANTO), launched the e-procurement marketplace, to transform the way companies procure goods and services across the region.

Delivering remarks at the product launch at the Arthur Chung Conference Centre, Liliendaal on Tuesday, Minister within the Office of the Prime Minister with Responsibility for Public Affairs, Kwame McCoy said the platform is a ‘winwin’ for the Caribbean region.

He highlighted the importance of ICT in advancing the digital transformation of the region, as well as boosting the country’s economy.

“ICTs are vital for any country’s development across various domains. They drive economic growth, enable access to information and knowledge, and can help to improve governance and the delivery of public services. They can enhance healthcare delivery, the delivery of education, and even infrastructural development. Within the ICT industry, the operators provide a wide variety of goods and services to achieve these goals and satisfy our people’s needs,” he underscored.

The minister stressed that, given the many difficulties companies face on the procurement landscape, such as limited process standardisation, and record management,

this platform’s launch will revolutionise the regional telecommunications industry.

“These problems manifest in higher sourcing costs, operational inefficiencies, lack of visibility of supplier performance, and, most importantly, poor customer service. Our businesses will be provided with an integrated network with an expansive reach to explore a more diverse pool of suppliers fostering healthy competition and ensuring the best opportunity for sourcing the right products and services.

They will now operate in a space where procurement processes are streamlined, simplifying the workflow process and ensuring efficient completion of tasks,” Minister McCoy noted.

Meanwhile, Minister of Tourism, Industry and Commerce, Oneidge Walrond said the platform holds tremendous potential for the development of small businesses, as well as to bridge a critical information gap that may be discouraging producers in the region.

“The e-Procurement portal also delivers value through its potential to give a comprehensive view of the regional market for goods and services. It might be the case that a seller located in any one country may not find it financially feasible to supply only their local market. However, with the e-Market covering buyers in a number of countries, that same seller may realise that the regional market for his or her service is collectively large enough to make operations feasible,” Minister Walrond explained.

Hon. Brigadier (Ret'd) Mark Anthony Phillips, MSS, MP Prime Minister, The Co-operative Republic of Guyana

The CANTO e-Market platform was launched recently at the Arthur Chung Conference Centre (Photo: DPI)

Moreover, the liberalisation of the telecommunications sector in 2020 created the enabling environment for this level of development in Guyana, as consumers have access to a wider range of choices and are benefitting from lower prices as operators innovate their services.

“The Government of Guyana recognises the critical importance of telecommunications in almost every aspect of our lives. Operators are investing in offering better quality services. Fixed and mobile broadband subscriptions have been growing steadily, and from all indications, there has been strong growth in the sector since the liberalisation of late 2020,” Minister Walrond stated.

CANTO is a non-profit association that facilitates regional and international ICT projects, discussions, and objectives critical to the Caribbean Region.

The e-procurement marketplace enables companies to find the best suppliers and enhance their operational resilience. It will provide registered users with access to a global network of vendors, suppliers, operators, and companies in the ICT ecosystem.

For further information visit: www.canto.org

GTT’s Business Solutions Launches New Service to Connect Businesses anywhere in Guyana

connect customers, strengthen communities and innovate for all in Guyana.

“This partnership is a significant step towards achieving our goal of providing connectivity to every corner of Guyana. By expanding our network and leveraging WANSAT’s expertise in satellite technology, we can now provide reliable telecommunications services to customers in areas that were previously unreachable”, Blackburn said.

GTT’s Business Solutions has partnered with a Guyanese owned internet service provider, WANSAT Networks Inc. (WANSAT), to launch high-speed broadband internet connectivity anywhere in Guyana.

The new solution will utilize modern satellite technology to provide much-needed connectivity to communities in the hinterland and other areas that are currently unserved or underserved.

It was launched on April 26, 2023, at the Mariott Hotel in Kingstown, Georgetown and is expected to provide much needed support to businesses as Guyana continues to rapidly expand.

President of ATN International Operations and CEO of GTT Inc, Damian Blackburn, during his remarks at the launching, said that the new service is in keeping with the company’s promises to reliably

William Moseley, Chief Operating Officer of WANSAT, added that Guyana needs reliable satellite broadband connectivity to support the country’s rapidly expanding economy, and the company is proud to be collaborating with the largest and longest serving telecommunication player in the industry to make it a reality.

“Our service will open doors in all sectors of society, from health and education to border security, mining, and tourism.”

The Minister of Tourism, Industry and Commerce, Oneidge Walrond, was also present at the launch and commended both companies for their commitment to participate in the Government’s developmental agenda.

The service will be available starting July 2023, but customers are allowed to pre-order.

For more information, please visit: www.gtt.co.gy or www.wansat.co.gy

Minister of Tourism Industry and Commerce, Oneidge Walrond, during her remarks

Thought Leader in the Global Telecommunication Sector, Steven Spengler (center) makes a contribution to a panel discussion with President of ATN International Operations and CEO of GTT, Damian Blackburn (second from right), COO of GTT's Business Solutions, Orson Ferguson (extreme right) and (L-R) COO of WANSAT William Moseley and the company's CEO, Andre Jones

President of ATN International Operations and CEO of GTT, Damian Blackburn (second from right), shake hands with CEO of WANSAT, Andre Jones

ENet Rolls Out 4G/5G Mobile Services

New test drive campaign to allow for free trials

Guyana to Implement Number Portability Effective July 2023

Telephone Subscribers can change provider and keep same number

Guyana is anticipated to implement the number portability system in July 2023, allowing subscribers to change their telephone service provider while keeping their existing phone number.

ENet, Guyana’s only 100% locally owned telecommunications company – and the newest mobile telecoms provider – has announced “unlimited talk, text and data” Orange Plans on its recently-built 4G/5G VoLTE (Voice over LTE) network.

ENet is offering any of its plans free of charge so that persons can “test drive” the network in the first phase of its launch. ENet recommends that customers use a VoLTEcompatible phone to maximise the use of its network. VoLTE is currently available on all Apple iPhones and select Android models. 5G is available on select Android handsets.

“Unlimited talk, text, and data” means that ENet’s mobile subscribers can make and receive unlimited calls and SMS to other ENet customers and use unlimited data for the duration of their plans.

Persons can sign up at the following ENet locations: Camp Street; Giftland Mall; Amazonia Mall, MovieTowne and Cornelia Ida on the West Coast of Demerara.

ENet has also included off-network calls and SMS allocations (calls and SMS to other providers), and international calls and SMS in its Orange Plans.

ENet will also offer Data Only plans, allowing users with dual-sim devices to use ENet data while keeping their existing voice plan. ENet will support both eSIMs and physical SIMs.

ENet’s network is expected to be a game-changer by delivering a unique value proposition that enables a digital transformation. Cellphone users will no longer be constricted by expensive and limited data allocations. Communication will also improve as people gain access to affordable Orange Plans and never have to pay for onnetwork voice calls again.

The Chair of Guyana’s Public Utilities Commission (PUC), Dela Britton made this pronouncement in May at the opening of a webinar titled ‘Telecoms Sector in GuyanaNavigating This New Frontier.’

Britton said “the PUC now eagerly awaits the completion of the testing processes and we anxiously anticipate that number portability will become a reality in Guyana in July of this year.”

Britton added, that since the liberalisation of telecommunications in 2020, the sector has become more competitive and has seen some 745,689 mobile subscribers being registered.

There were also 97,170 landline subscribers and 123,866 internet subscribers.

And to meet the ever-changing demand of both the operators and consumers, the PUC had made a commitment to meet the retune of its operations.

“The Commission commends the operators on the significant strides made in the true spirit of competition to deploy fixed internet and long-term evolution services to consumers along Guyana’s coastland and outlying areas,” Britton said.

Also, she said there has been a “steady” decline in complaints as it relates to mobile service.

“It may be posited that this is a direct result of the overall upgrade of existing networks and new technologies, which in turn has led to improved performance and better quality of service,” she added.

The Guyana Public Utilities Commission has oversight of the service providers including the Guyana Power and Light (GP&L), Guyana Water Inc. (GWI), the Guyana Telephone and Telegraph (GTT), ENet, Digicel, and the most recently, Green Gibraltar.

Mega Solar Power Projects Planned to Meet Guyana’s Growing Energy Demands

Guyana’s energy demand is growing and more solar power projects are coming on stream in coastal and hinterland areas to meet that demand, according to the Chief Executive Officer of the Guyana Energy Agency (GEA), Dr. Mahender Sharma.

Peak demand for electricity in Guyana stands at about 153 megawatts (MW) currently. In coming years, however, that demand is expected to triple.

One major upcoming solar project, Dr. Sharma said, is the construction of eight utility-scale solar photovoltaic (PV) plants in Berbice, Linden and Essequibo.

“This 33MW will largely feed into the Demerara Berbice Interconnected System (DBIS),” he said.

The DBIS is Guyana’s main power grid that uses diesel, an environmentally- harmful fossil fuel, to produce power. It supplies about 78 percent of the country’s energy needs.

Through the use of US$83.3 million funding programme from Norway to keep Guyana’s rainforests intact, the new solar farms promise to add much-needed solar power, an environmentally-friendly source of power, to Guyana’s grid.

Dr. Sharma said the bids for this project were already received and are in the process of being evaluated. If the government opts to proceed with any of the bids, contracts for the construction of these farms could be awarded this year.

Aside from this project, solar farms will be operational at Wakenaam, Leguan and Mahdia. These join existing projects at Lethem and Bartica. Also, there will be 19 solar-powered minigrids in hinterland communities.

The hinterland solar electrification project for 30,000 homes, a highly anticipated project, is expected to get underway from July.

The first 1,830 solar units for the households were shipped to Guyana and should arrive by July. Subsequent batches are slated for transport in coming months.

Once those solar power systems arrive, Dr. Sharma said the GEA will work alongside members of the hinterland communities to get them installed.

Importantly though, solar projects are not the only source of new power for Guyana. The government also plans to leverage natural gas produced offshore, hydropower and some amount of wind energy to satisfy the demand.

Chief Executive Officer of the Guyana Energy Agency (GEA), Dr. Mahender Sharma (Photo: News Room)

The $625M Daag Point solar farm was commissioned in Daag Point, Region Seven. (Photo: GPL Inc.)

Eight utility-scale solar photovoltaic (PV) plants to be built in Berbice, Linden and Essequibo

Farfan and Mendes Guyana Ltd and Sovenix Caribbean Receive Prestigious CREF Award for Lethem Solar Project

Farfan and Mendes Guyana Ltd and Soven3x Caribbean receive pres3gious CREF Award for Lethem Solar Project

Farfan and Mendes Ltd, a leading provider of industrial equipment and supplies in Guyana, and Soventix Caribbean based in Dominican Republic, a leading developer, and service provider of construction and O&M services for solar photovoltaic plants, have won an award for the Best Energy Storage Project for the Lethem Engineering, Procurement and Construction (EPC) which consisted of a state-of-the-art hybrid system combining a solar photovoltaic plant, a battery energy storage system (BESS) and integrating them to the existing traditional generation systems. The award was presented by the Caribbean Renewable Energy Forum (CREF) and honored on stage at the 15th annual CREF in Miami on April 27th, 2023.

Farfan and Mendes Ltd, a leading provider of industrial equipment and supplies in Guyana, and Soven:x Caribbean based in Dominican Republic, a leading developer, and service provider of construc:on and O&M services for solar photovoltaic plants, have won an award for the Best Energy Storage Project for the Lethem Engineering, Procurement and Construc:on (EPC) which consisted of a state-of-the-art hybrid system combining a solar photovoltaic plant, a baJery energy storage system (BESS) and integra:ng them to the exis:ng tradi:onal genera:on systems. The award was presented by the Caribbean Renewable Energy Forum (CREF) and honored on stage at the 15th annual CREF in Miami on April 27th, 2023.

The Lethem Solar Energy Project is part of the Government of Guyana’s plan to promote renewable energy decarbonize the electricity genera:on matrix and reduce dependence on fossil fuels. Funded through the Inter-American Development Bank, the project aims to bring affordable and reliable electricity to the remote town of Lethem, Guyana. The project involved the installa:on of a 1MW solar plant and 571kWh baJery storage, which will provide power to the Lethem grid, and is expected to significantly reduce diesel consump:on.

despite the challenges of working in a remote and difficult-to-access location.

The Lethem Solar Energy Project is part of the Government of Guyana’s plan to promote renewable energy decarbonize the electricity generation matrix and reduce dependence on fossil fuels. Funded through the Inter-American Development Bank, the project aims to bring affordable and reliable electricity to the remote town of Lethem, Guyana. The project involved the installation of a 1MW solar plant and 571kWh battery storage, which will provide power to the Lethem grid, and is expected to significantly reduce diesel consumption.

Farfan and Mendes Guyana Ltd and Soven:x Caribbean were jointly responsible for the EPC of the project, which included designing, procuring, and construc:ng the solar plant. The project was completed on :me and on budget, despite the challenges of working in a remote and difficult-to-access loca:on.

The CREF award recognizes the outstanding work and dedication of Farfan and Mendes Guyana Ltd and Soventix Caribbean SRL in delivering the Lethem Solar Utility Scale Project. The award is a testament to their commitment to excellence, innovation, and sustainability in the renewable energy sector.

The CREF award recognizes the outstanding work and dedica:on of Farfan and Mendes Guyana Ltd and Soven:x Caribbean SRL in delivering the Lethem Solar U:lity Scale Project. The award is a testament to their commitment to excellence, innova:on, and sustainability in the renewable energy sector.

Farfan and Mendes Ltd and Soventix Caribbean are honoured to have executed this key project and received this award and remain committed to promoting renewable energy and delivering sustainable projects that benefit the people of Guyana.

Farfan and Mendes Ltd, Manager of the Solar Division, Mr. Mar:n Carto, remarked, “We are proud to have been part of this landmark project and to have contributed to the development of renewable energy in Guyana. This award is a recogni:on of our team's hard work and dedica:on to delivering high-quality projects that make a posi:ve impact on people's lives.”

Farfan and Mendes Guyana Ltd and Soventix Caribbean were jointly responsible for the EPC of the project, which included designing, procuring, and constructing the solar plant. The project was completed on time and on budget,

For more information, please contact:

Farfan & Mendes

Anand Harrilall - Head, Planning and Development

592-640-7260 | aharrilall@fmlgy.com

Soventix Caribbean

Alvaro Vergara - Country Manager

+1 809-540-7808 | a.vergara@soventix.energy

Mr. Alvaro Vergara, Country Manager of Soven:x Caribbean, added, “The Lethem Solar U:lity Scale Project is a shining example of our commitment to customer sa:sfac:on based on opera:onal excellence, a strong partnership and commitment to delivering state-of-the art renewable energy project implementa:on. We are honoured to have been part of this key project and to have received this award

Farfan & Mendes & Soven3x Feature in Invest Guyana Magazine

Farfan & Mendes and Soventix Caribbean officials receive their award from CREF Official at CREF 2023

Guyana Leads Low-Carbon Development

Oil-producing Country first in the world to be issued Carbon Credits

In 2022, Guyana became the first country to be issued the REDD+ Environmental Excellence Standard (TREES) credits, specifically designed for the voluntary and compliant carbon markets for successfully preventing forest loss and degradation — a process known as jurisdictional REDD+. Waves of excitement travelled through the length and breadth of the country, when Architecture for REDD+ Transactions (ART) in December 2022, issued 33.47 million TREES credits to Guyana for the five-year period from 2016 to 2020.

This milestone followed the completion of an independent validation and verification process and approval by the ART Board of Directors. These serialised credits, listed on ART’s public registry, are available to buyers on the global carbon market, including for use by airlines for compliance with the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), as well as for use toward voluntary corporate climate commitments.

Guyana’s completion of the ART process paves the way for other governments that are looking to receive carbon market finance for success in protecting and restoring forests. Currently, 14 other countries and large sub-national jurisdictions are working toward their own issuances of TREES credits.

Vice President of Guyana, Dr. Bharrat Jagdeo lauded Guyana’s leadership and tenacity, which started in 2007 when Guyana set out a far-reaching vision for how national scale action on forests could unlock huge global benefits in the fight against climate change, the preservation

of biodiversity, and building energy and food security. The Vice President stressed that ambitious progress was possible – in Guyana and elsewhere – if the peoples of forest countries designed their own way forward so that action on forests boosted their legitimate development aspirations.

Dr. Jagdeo outlined, “The people of Guyana continue to be willing to play their part – but we also need international standards that keep pace with what science tells us is needed to safeguard the world’s vital tropical forests. We are pleased that ART-TREES was created to help accelerate global climate action – by recognising what forest countries like Guyana have long called for: that the time for smallscale pilots and projects is long past, the world needs jurisdiction-scale action to make the required impact, and the world also needs to value the ecosystem services that tropical forests provide. Today, the vision set out in 2007 moves to the next phase – where payments for forest climate services can be sourced from global carbon markets. We are pleased that the vision of fifteen years ago moves forward in a major way today.”

Meanwhile, ART Board Chairman, Frances Seymour, congratulated the Government of Guyana and the many domestic stakeholder groups who contributed to this achievement, which recognizes the success the country has had in protecting its forests. He said, “ART, other governments, and important stakeholder groups, especially indigenous peoples and local communities, around the world can now build on Guyana’s experience to accelerate progress towards meeting global forest and climate goals in ways that ensure environmental and social integrity.”

Hon. Dr. Bharrat Jagdeo Vice-President, The Co-operative Republic of Guyana

Guyana’s TREES credits are also the first market-ready credits issued to a jurisdiction classified as High Forest, Low Deforestation (HFLD), which means it has high forest cover and low historical rates of deforestation. Carbon markets have historically focused predominantly on areas that have already experienced high rates of deforestation. This is now starting to change with the first TREES credits issued to Guyana.

Prior to the crediting approach in TREES, there had not been a market-oriented approach that allows HFLD jurisdictions to benefit from carbon market finance. The HFLD crediting approach in TREES recognises that HFLD jurisdictions must continue to aggressively protect forests to avoid deforestation and degradation, and that carbon market finance can be a powerful incentive to help achieve this. All HFLD credits are tagged as such on ART’s public registry.

Government of Guyana and Hess Corporation Enter US$750 Million Carbon Credits Deal

The multi-year agreement is for 37.5 million REDD+ jurisdictional carbon credits (current and future issuances). These credits will be on the ART (Architecture for REDD+ Transactions) registry and will be independently verified to represent permanent and additional emissions reductions under ART’s REDD+ Environmental Excellence Standard. President Ali, at the signing, had explained that the purchase covers 2.5 million credits per year for the period 2016-2020 when the current PPP/C government was out of office. These credits are referred to as legacy credits. The government expects to receive US$187 million from Hess in the first 18 months, for credits developed from this period.

On the heels of the ART-TREES issuance of 33.47 million carbon credits to Guyana, Stabroek Block partner and world oil major Hess Corporation, entered into a ten-year agreement with the Government of Guyana to purchase high-quality carbon credits. With US$15/per tonne of carbon dioxide equivalents (CO2e) sequestrated and a minimum of US$750 million for the ten-year agreement, this deal will serve to support Guyana’s efforts to protect the country’s vast forests and provide capital to improve the lives of Guyana’s citizens through investments made by the Government as part of Guyana’s Low-Carbon Development Strategy (LCDS) 2030.

President Dr. Mohamed Irfaan Ali was joined in December 2022 by Vice President, Dr. Bharrat Jagdeo and Chief Executive Officer of Hess Corporation, John Hess, for a signing ceremony to commemorate this historic agreement.

In keeping with the policies of LCDS 2030, specifically one which sees that indigenous communities receive 15 percent of all carbon credit proceeds, the Government of Guyana will set aside US$28 million for indigenous communities. For the full period of the Guyana - Hess Corporation deal, the government anticipates that it will allocate at least US$112 million to the first peoples.

Notably, in January 2023, the government announced that it received its first receipt of carbon credit payments valued at US$75 million from Hess Corporation. These monies boosted the country’s 2023 budget by some US$150 million. The payments have been deposited into a US dollar denominated account held by the Bank of Guyana overseas.

Guyana’s President Irfaan Ali (centre), Prime Minister Brig Mark Phillips (left) and Vice President Dr. Bharrat Jagdeo (far right) with Mr John Hess, CEO of Hess Corporation (left of Pres Ali) and outgoing US Ambassador Sarah-Ann Lynch (right of Pres Ali) at event to sign Carbon Credit deal

Guyana’s Gas-to-Energy Project

The

Country’s

Largest Transformational Development Overview and Economic Impact

Guyana’s Gas-to-Energy (GtE) project moved forward from 2021 after a thorough site review to establish the optimal location for the proposed project. The project includes the construction and operation of a 12inch 225km pipeline from the Liza Destiny and Liza Unity Floating Production, Storage and Offloading (FPSO) vessels to an onshore natural gas liquids (NGL) and natural gas processing plant (NGL Plant), at Wales, West Bank of Demerara in Region 3.

In the initial phase, the pipeline will carry up to 50 million standard cubic feet of dry gas per day (MSCFD) to the NGL Plant. The NGL Plant will drop the pressure of the gas, dehydrate the gas, separate out propane, butane, and pentanes, and treat the gas to the specification to be received by the planned power plant. The power plant will be owned and operated by the Government of Guyana and is expected to generate 300MW of electricity.

Remaining on schedule for commissioning and operationalisation by 2024, the Gas-to-Energy Project is transformational for Guyana, with the primary objective of providing low-cost reliable electricity to every citizen, with generation costs being less than half the current cost derived from HFO generation (less than 5 cents per kwh).

On June 30, 2022, the Heads of Agreement was signed

between the Government of Guyana and Esso Exploration and Production (Guyana) Limited (EEPGL) and Co-venturers, Hess Guyana Exploration Limited and CNOOC Petroleum Guyana Limited, setting out the primary project principles that allowed the project to meet the Final Investment Decision (FID) for parties by December 2022.

Further, following a publicly tendered prequalification process for the Engineering, Procurement and Construction Contract (EPC) to build the 300MW CC Power plant and NGL Plant at Wales, the Government of Guyana selected the EPC Contractor in November 2022. This EPC Contract will be supervised by a global supervision firm, which was also selected in October 2022 pursuant to an open international competitive tender. In tandem, the government is further concluding the engagement, consultation, and acquisition process regarding lands to facilitate the construction and placement of the pipeline corridor and site preparation for the integrated facility at Wales. The Environmental Protection Agency also granted approval and issued the requisite Environmental Permit for the development of the gas pipeline, NGL facility and Gas Fired Power Plant.

Prior to Final Investment Decision, the Gas-to-Energy Project shall also be subject to the conclusion and execution of the operation Gas Supply Agreement (GSA) and other

A representation of integrated gas facility to be constructed at Wales on the West Bank of the Demerara River

associated agreements to guide the implementation of project parameters. Prior to conclusion of the construction in 2023/2024, an international firm will be competitively selected to operate the project to international standards and best practice. EEPGL is expected to deliver the completed pipeline to the power plant by the fourth quarter of 2024, and achieve commissioning and testing of the 300 MW power plant by end of 2024.

Economic impact of Gas-to-Energy

The Gas-to-Energy project will generate a number of economic benefits which include:

Significant reductions in electricity tariffs for the economy and the dependency of imported resources related to power production

• Development of the domestic manufacturing industry

• Harmonisation with the clean-and-green society policy

• Significant job creation for new and emerging sectors

• Increased business for industries tied directly and indirectly with the natural gas processing plant

• Increased power generation allowing for high energy consumption sectors such as industrialisation to be satisfied and expanded

• Encourages foreign investment in new businesses due to low power costs

Gas-to-Energy: A reliable electricity supply

The natural gas at the Liza Destiny FPSO and Liza Unity FPSO locations is estimated to be 0.2 Trillion Cubic Feet (TCF), which is sufficient to supply how many MMscfd for approximately 11 years. The result will be a reliable, low cost energy supply for many years to come that has the potential to continue to grow with each new discovery.

Wales Development Zone

The Wales location has been identified for the landing of the gas pipeline for the Gas-to-Energy project after a comprehensive analysis was conducted on over 20 locations.

This area will include sections for the following:

• Oil and Gas Shore Base Activities

• Heavy Industrial

• Waste Management

• Agriculture

• Commercial

• Administrative Centre

• Residential

Enhanced Manufacturing Opportunities

As previously stated, the inclusion of the Gas-to-Energy facility will provide low-cost power for high-capacity manufacturing facilities that will occupy the Wales Development Zone.

In addition, being in proximity to the natural gas plant will allow for quick access to the natural gas and the byproducts produced by the plant. Furthermore, the Wales Industrial Zone will consist of a number of complementary businesses/industries that will improve collective efficiency and reduce operating costs for all those industries. Among these will be the inclusion of a waste management facility that would be utilised by the various industries operating in the Wales Development Zone.

Rather than individual businesses establishing their own elaborate waste management facility, all of their needs will be met by the central Waste Management Facility for the Development Zone. This concept is also used for the inclusion of the other facilities and continuous evaluation will be done to identify and include other critical facilities in the future.

Vice President, Bharrat Jagdeo addressing the Energy Conference 2023

Gas- To –Shore Sypnosis

• Construction and operation of a 12-inch 225km pipeline from the Liza Phase 1 and Liza Phase 2 oil producing fields.

• Pipeline will transport up to 50 million standard cubic feet per day (MSCFD) of dry gas to the NGL Plant.

• The Government is receiving a full 50% of gross volumes as profit share from the date of start up.

• IRR is based on current and future projects

• Value Drivers:

- Enable low cost, reliable and cleaner fuel power for Guyana

- Enables the advancement to heavy manufacturing and industrialization.

• HOA signed and committed

Key Accomplishments to date

• EPC Firm Selected; Contract executed in December 2022.

• Supervision Firm (EIL) selected based on a competitive tender; contract executed in Jan 2023.

• Enabling works on-going by Exxon: (i) upgrades of roads and bridges to Site; (ii) laydown yard, (iii) Heavy Haul Road (HHR), (iv) Site Prep of 100 acres where power plant/NGL plant will sit.

• Transformer bid issued; bids received; contracting expected by end of May to allow delivery of this LLE by early 2024

• Substation and T-Line bid issued

• Guyana National Control Centre bids issues

Target and Benefits

• Fully termed Commercial Agreements

• Gas Supply Agreement

• Production License

• FDP Approvals

• Environmental Permits

• Lower levelized cost of electricity

For further information contact: Office of the Vice-President at Shiv Chanderpaul Drive, Bourda, Georgetown, Guyana. Email: vpguy2020@gmail.com

Dr. Ashni Kumar Singh Senior Minister in the Office of the President with Responsibility for Finance

Guyana, IsDB Sign US$200 Million Agreement for Reconstruction of Soesdyke-Linden Highway

Also signed US$150 Million MOU for Housing, Infrastructure and Construction of the new Wismar Bridge

Dr. Ashni K. Singh, Guyana’s Senior Minister with Responsibility for Finance, led Guyana’s delegation attending the recent 2023 Islamic Development Bank (IsDB) Group’s Annual Meetings held in Saudi Arabia.

On the sidelines of the Meetings, the Senior Finance Minister Dr. Ashni Singh held discussions with President of the Islamic Development Bank Dr. Muhammad Al Jasser and signed a US$200 million framework agreement for the reconstruction of the Soesdyke-Linden Highway.

This project, according to the Ministry of Finance, will see the rehabilitation and reconstruction of 73 kilometres of the highway with two lanes undivided, nine bridges, and six culverts with improved design, quality and standards.

The project also includes ancillary works and road corridor improvements providing essential public administration support, improved connectivity with communities, roadside and other facilities.

In September 2022, Dr Singh had indicated that the People’s Progressive Party/Civic (PPP/C) Administration was securing approval of financing to upgrade and repair the SoesdykeLinden highway.

He had emphasised the importance of this highway, and its dire need for an upgrade. The Finance Minister reiterated the PPP/C administration’s policy to improve and maintain the quality of life across the country.

He also touched on the various projects that indicate this, such as the Mandela to Eccles four-lane highway, and the Linden to Mabura Road project.

“My assurance to you is that you have in President Ali a central government that is firmly and unwaveringly committed to doing all that we possibly can to continue to improve the lives of the people of Region 10,” Dr Singh had affirmed.

Senior Finance Minister Dr. Ashni Singh, and President of the Islamic Development Bank

Dr. Muhammad Al Jasser signed a US$200 million Framework Agreement for the reconstruction of the Soesdyke-Linden Highway

The Soesdyke-Linden Highway is a 73 kilometreslong, two-lane highway that runs between Soesdyke and Linden in Guyana. The East Bank Public Road connects Soesdyke with Georgetown.

Minister Singh earlier had met with the Chief Executive Officer (CEO) of the Saudi Fund for Development, Mr. Sultan A. AlMarshad and signed a US$150 million Memorandum of Understanding (MoU) regarding the Saudi Fund’s participation in the financing of infrastructural development works for the Housing Sector and Construction of the new Wismar Bridge.

Dr Singh also signed a MoU with the IsDB concerning the Country Engagement Framework for Guyana for Green, resilient and sustainable infrastructure as well as for supporting economic diversification and doing business.

Senior Finance Minister Dr. Ashni Singh, on behalf of Government and Chief Executive Officer (CEO) of the Saudi Fund for Development Mr. Sultan A. Al Marshad signed a Memorandum of Understanding (MOU) regarding the Saudi Fund’s Participation in the Financing of Development Projects in Guyana

IMF Forecasts 37.2% GDP Growth for Guyana in 2023 Economic Growth to be Led by Private Sector Expansion

Guyana continues to experience exponential annual economic growth driven largely by the continued rapid expansion of its Oil and Gas Industry as the International Monetary Fund (IMF) projects a continued economic boom for Guyana with a projected 37.2 per cent GDP Growth in 2023.

According to the IMF, the country’s GDP experienced unprecedented growth in 2022, reaching a record high of 62.3 per cent, with the non-oil sector expanding by 11.5per cent.

The positive outlook continues, with projections of GDP growth at 37.2per cent and non-oil economy growth at 7.9 per cent in 2023, as oil production increases, with two additional floating, production, storage, and offloading (FPSO) vessels expected to come online in 2023 and 2025, Guyana’s economic prospects have led the IMF to raise its GDP growth estimates for the country from 18.5per cent to 40.0per cent for the period of 2022-2026.

Amidst this economic boom, IDB’s Caribbean Economics Quarterly highlights the importance of private sector development in Guyana.

The report indicates that there are significant opportunities for private sector growth, driven not only by the positive spillovers from the oil and gas industry but also by increased government spending on infrastructure.

Sectors such as construction, transportation, logistics, hospitality, technology, and business services are poised to benefit, necessitating a business-friendly environment to facilitate this growth.

However, the report also highlights issues faced by businesses in Guyana. Based on the 2020 Firm Performance and Gender (IFPG) Survey conducted across 13 Caribbean countries, Guyana’s private sector identified several major challenges to doing business. Electricity, tax rates, skilled labour, collateral requirements for loans, interest rates on loans, and customs and trade regulations were among the major issues. Notably, 64 per cent of firms cited electricity as a major obstacle, while 47 per cent cited customs and trade regulations. In comparison, electricity was a challenge for 49 per cent of firms in the broader Caribbean region.

The report reveals that a number of issues have become more pronounced in recent years. Comparing the 2020 survey results to those of 2014, a larger share of firms identified electricity, tax rates, skilled workers, collateral requirements, interest rates, customs and trade, and land as major and severe obstacles.

The surge in economic activity and capital inflows has increased the demand for credit and skilled workers, while access to land has become more challenging due to rising property values.

Connectivity services also play a crucial role in the business landscape. In terms of power interruptions, Guyana reported a higher share of firms experiencing such interruptions compared to the Caribbean average. However, fewer firms in Guyana reported mobile and internet service interruptions compared to the regional average. While improvements have been made in the electricity supply, Guyana still faces the highest number of reported power outages per month across Caribbean countries. Nonetheless, the average length of outages in Guyana was relatively better than the regional average.

Recognising the importance of private sector development, the Guyana government has outlined initiatives in its Low Carbon Development Strategy 2030 (LCDS) which emphasise the need to diversify the energy matrix, transition to cleaner energy sources, and reduce electricity costs. Key projects, such as the Gas-to-Shore project, aim to

lower electricity costs and support private sector growth by utilising natural gas and renewable energy sources.

Additionally, plans are in place to construct solar power plants in various regions and develop hydroelectric power plants near the Brazilian border, funded in part by the Government of Norway.

As Guyana’s economy continues to thrive, private sector growth remains a crucial driver of sustainable development. Addressing the identified challenges, such as electricity supply, tax rates, and skilled labour, will be vital for creating a conducive environment that enables businesses to maximise returns on the growing opportunities in the country. With the government’s commitment to infrastructure development and renewable energy projects, Guyana is positioning itself to further enhance the business climate and support the expansion of the private sector.

IDB Agrees US$205M in Loans to Guyana Funds Allocated to Finance Healthcare, Roads and Infrastructure

The Inter-American Development Bank (IDB) has approved three loans totaling US$205M to strengthen the country’s healthcare system, build roads and enhance infrastructure.

In a press statement the IDB said the first loan captioned: “Healthcare Network Strengthening in Guyana operation” is for a total amount of US$97 million which will expand the capacity of seven hospitals in both coastal and interior communities, extend coverage of diagnostic exams and medical consultations, advance telehealth services, and increase access and efficiency of the public health system. “This project is expected to benefit over half of Guyana’s population including the indigenous people with interventions in all 10 of the country’s regions,” the bank stated.

Finance Minister, Dr. Ashni Singh signing for the IDB Loans

The bank’s President, Ilan Goldfajn, and Guyana’s Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh signed the three loan projects for the country. The signing took place during the XI Annual Consultation of Caribbean Governors, hosted in Trinidad and Tobago.

IDB President, Ilan Goldfajn signs off on the three loans for Guyana

The second loan titled ‘Support Climate Resilient Road Infrastructure Development’ will provide US$100 million to upgrade and expand the quality of roads and utility service along the East Bank Demerara corridor. This involves financing a 25.5 kilometer two-lane roadway with modern and innovative approaches that will improve access and safety, including for vulnerable road users, the bank said.

The third loan is titled ‘Enhancing the National Quality Infrastructure for Competitiveness programme.’ Under this programme Guyana will reformulate and access additional funding of US$8,000,000 to enhance the National Quality Infrastructure’s capacity to promote the adoption of quality standards among Guyanese Micro, Small, and Medium Enterprises (MSMEs), the bank noted. It added that in November 2016, the IDB approved US$9,000,000 to Guyana for Enhancing the National Quality Infrastructure for Economic Diversification and Trade Promotion. The Government of Guyana requested additional financing to

support its priorities of a more diversified and productive base.

A Ministry of Finance press release stated that prior to signing, Dr. Singh, on behalf of the Government of Guyana, thanked the IDB for its support to Guyana as he noted that the Bank has been providing strong support to Guyana’s development efforts, not only in recent years, but over the long-term. “The IDB has been a reliable and dependable development partner to Guyana. The strength of this partnership is evidenced not least in the three agreements that we are going to sign today, making critical investments in three areas that go to the core of the development of our Government’s agenda,” the Minister added.

President of the IDB, while delivering remarks, stated that the bank is happy to participate in the development of Guyana. “Guyana is growing and we are very lucky to be part of this growth,” Mr. Goldfajn said, noting that the projects are in priority areas.

China/Guyana Trade in Goods Skyrockets to US$1.8B

Trade between Guyana and China has been steadily increasing over the past few years and at the end of 2022, bilateral trade in goods skyrocketed to US$1.88 billion.

Chinese Ambassador Guo Haiyan made this announcement while speaking at the sod-turning ceremony for the new Bath, Region Five (Mahaica- Berbice) hospital recently.

She provided statistics from Chinese Customs and according to those figures, the trade increased from US$265 million in 2018 to US$1.88 billion in 2022. This is a six-fold increase in trade across the period, the Ambassador said.

Chinese companies are involved in several large infrastructural projects in Guyana and in the coming years, China’s Sinopharm and CAMCE will be building six new regional hospitals.

And health cooperation, the Ambassador said, is one of the areas China is keen on strengthening ties with Guyana in.

“The Chinese Embassy will continue to encourage Chinese enterprises, institutions and individuals to deepen health cooperation with Guyana to support the development of Guyana’s healthcare services,” she said.

“Guyana has become China’s largest trading partner among Caribbean Community countries. Investment by Chinese also increased, making contributions to turning Guyana’s economic potential into economic development,” Ambassador Guo said.

Chinese Ambassador to Guyana Guo Haiyan (Photo: DPI)

Guyana is UK's Largest Trading Partner

Guyana/UK trade at £1.2B for 2022 and Rapidly

Increasing

Twenty-five per cent of the trade in the Caribbean occurs between Guyana and the United Kingdom (UK) and in 2022, the exchange of goods and services between the two countries amounted to approximately £1.2B.

British High Commissioner to Guyana, Jane Miller made this disclosure at a recently hosted reception stating that this positions Guyana as the largest trade partner with the UK in the Caribbean.

“One of the areas I am particularly proud of this year is our work on business and trade. Trade in goods and services to the UK and Guyana is approximately $1.2B pounds for 2022 reflecting an increase of $840M pounds in 2021,” the British High Commissioner said.

As she reflected on the longstanding relationship between the two countries, Miller said the British interest is “huge” in Guyana, noting that the feedback from businesses here has been “amazing.”

“We continue to advocate and support countries to improve efficiency, transparency, quality and innovation and those that want a long-term relationship with Guyana’s development,” the British Diplomat said.

Over the past few months, High Commissioner Miller said two UK trade missions have visited Guyana and have either developed partnership agreements with local companies or established their presence here.

“The interest in Guyana is not only because of the opportunities but because of the confidence in the business environment and the recent establishment of the British Business Chamber of Commerce – Guyana (BritCham) will improve the quality of business opportunities across the two countries.

In addition, she said the UK continues to support Guyana in a number of key areas. “The success of our partnership is underpinned by our values. The UK is committed to upholding human rights and supporting the development of free and democratic society in Guyana. The UK actively supports civil society organisations, the media and human

rights defenders to help ensure the rights of all Guyanese are respected and protected,” High Commissioner Miller noted.

Meanwhile, Guyana’s Minister of Parliamentary Affairs and Governance, Gail Teixeira, noted that trade in the UK has been “all-time high and Guyana has been “relentless” in its efforts to promote and foster its business-friendly climate to attract more foreign direct investments.

“The investments between the UK and Guyana’s economy are very promising. This is the kind of relationship that Guyana needs to see happening in other countries and we need to ensure Guyana achieves this level of proactiveness with its partners.”

“Given Guyana’s economic trajectory, Guyana is “well placed” for partnerships and the opportunities exist and we are ready to go forward and focus on areas such as food and energy security, tourism and many others. This is an excellent time to be part of Guyana’s transformation,” she said.

File photo of a port in Georgetown, Guyana (Photo taken from caricom.org)

British High Commissioner to Guyana, Jane Miller

Vreed-en-Hoop Shorebase Inc. Signs US$300 Million Agreement with Exxon Mobil  To

Provide Shorebase Services to ExxonMobil for 20 Years

Vreed-en-Hoop Shorebase Inc, an 85 per cent Guyaneseowned company recently signed a US$300 million agreement with Exxon Mobil Guyana to provide shorebase services to the oil company over the next 20 years for its Yellowtail and future projects in the Guyana Basin.

In attendance at the signing ceremony were Minister of Natural Resources, Vickram Bharrat, Minister in the Ministry of Public Works, Deodat Indar and other government and private sector representatives.

Signing the agreement on behalf of Exxon Mobil Guyana was its President Alistair Routledge, and on behalf of Vreeden-Hoop Shorebase Inc was its Company Secretary Andron Alphonso. Company Directors, Nicholas Deygoo-Boyer and Azruddin Mohammed were also present for the signing.

Deygoo-Boyer delivered the opening remarks noting that the project is meant to be a kickstart for bigger developments for the country.

“What drove us through this process was a responsibility. We considered it a privilege that we had to do this for the country. Because the country needs a development that will help to increase local content, reduce commercial shipping costs, provide land for service companies, and provide land that is not impacting on existing operations,” Deygoo-Boyer said.

The Vreed-en-Hoop Shorebase Inc is a sub-project of a larger port facility that includes the Oil and Gas Shorebase, a Commercial Port for shipping containers, a Fuel Tank Farm and an Industrial Facility for companies looking to lease space to do business close to the port. When completed, the facility will not only service the Oil and Gas industry, but will also cater to all sectors that require a Port Facility. Vreed-en-Hoop Shorebase Inc, which is 15 per cent owned by Belgium company Jan De Nul, is part of NRG Holdings Inc, which is a 100 per cent Guyanese-owned company. NRG was birthed out of a consortium between Boyer from

National Hardware Guyana Limited, Alphonso from ZRN and Mohamed of Hadi’s World.

Located at Vreed-en-Hoop, West Demerara, Region Three, the project is slated to occupy some 400 hectares of coastal land and provide employment for some 200 persons during its construction phases and 50-100 persons for the operation and maintenance of the Shorebase and Port facilities.

The facility will also see services previously provided out of Trinidad now being carried out in Guyana, with the local economy benefitting from employment, duties and taxes, ancillary goods and services and capacity-building.

Making remarks, Routledge said the pace with which we are developing in a country with very limited industrial and major infrastructure is truly impressive and this project very much fits into that.

He commended the investors in the project for undertaking the great risk that they did and noted that with this project, the oil company will now be able to bring the supply

From left, standing: Vreed-en-Hoop Shorebase Inc Director, Azruddin Mohammed; Minister of Natural Resources, Vickram Bharrat; Minister in the Ministry of Public Works, Deodat Indar; Vreed-en-Hoop Shorebase Inc Director, Nicholas Deygoo-Boyer and (from left, sitting) : President of Exxon Mobil Guyana, Alistair Routledge and Company Secretary of Vreed-en-Hoop Shorebase Inc, Andron Alphonso (Photo: Adrian Narine)

chain for drilling operations and production operations to Guyana.

Noting that the project is a springboard to increase local content in the sector and more so, is also playing a part in decentralising the industries in the sector from all being located in Region Four.

What is exciting to me, when you think about the local content and the benefits to Guyana and the people, is that we are really starting to expand beyond Region Four. This is going to bring huge opportunities for Region Three,” he said.

The project will include, among other things, an offshore terminal, a dry dock facility, a fabrication yard, offshore components, umbilical preparation and spooling yard, administrative buildings to house offices and modernised logistics centres, warehousing, area for a helipad, a wharf, berths, and a dry dock.

Also making remarks, Minister Bharrat commended the investors for taking up the mantle to do such a capitalintensive project, and noted his joy that the contract is being given to a largely Guyanese-owned company in keeping with the government’s push for local content.

“When I saw the vision of this project and the individuals involved I felt good. I felt a sense of patriotism. I felt good that we have three young Guyanese businessmen who want to establish a name and a legacy for themselves. We need to commend them for taking this big initiative and this big step,” Minister Bharrat noted.

Overhead shot of works on VESHI’s artificial island in the Demerara River. It will serve as the SURF base for ExxonMobil’s offshore operations

Now is the Time to Invest in Guyana

PSC Chairman supports more Public Private Partnerships

In today’s Guyana, President Dr Mohamed Irfaan Ali and his Government are fully cognizant of the importance of Guyana’s private sector in supporting his Government’s national development programme and has embraced every available opportunity to meet and address the private sector outlining his Government’s multi sector national development agenda and encouraging our business community to become more proactive in taking advantage of the many investment opportunities being opened in a thriving Guyana economy.

In his most recent engagement at the Annual General Meeting of the Guyana Private Sector Commission, the umbrella organisation for Guyana’s Private Sector, President Ali echoed the aforementioned and challenged the newly elected leadership to take the lead in supporting Guyana’s economic transformation and encouraging more public private partnerships.

President Ali’s approach has been the mantra of Komal Singh, a successful Guyanese entrepreneur who was recently elected as the new Chairman of the Private Sector Commission of Guyana.

and new emerging sectors augurs well for the local private sector and the economy as a whole. The Chairman is also encouraging the business community to become a part of the various Guyana private sector delegations travelling internationally to attend and promote Guyana at various international Expositions where many lucrative and mutually beneficial partnerships and contracts are negotiated with benefits for both the business and the wider community.

Singh’s meteoric rise and recognition in Guyana’s business environment has been built through strategic alliances and public private partnerships and in the short period since becoming the PSC Chairman coupled with the capable minds of his PSC Team has galvanised the private sector to support national initiatives to improve communities and the business environment.

With the eyes of the world focused on investment opportunities across Guyana, the PSC Chairman, believes continued investments by the government in traditional

PSC representation at the Offshore Technology Conference (OTC) 2023 in Houston, Texas

The Private Sector Delegation that attended the OTC 2023 in Houston, toured the headquarters of LINDSAYCA - a company awarded a contract for the construction of Guyana's Gas to Energy project

New PSC Chairman Komal Singh (head of table) chairing a business meeting

Chairman Singh recently pointed to the exciting developments in the non-oil sectors and stated

“The oil and gas sector is a booster to our economy, and we are seeing it. Over the next five years, our economy is going to be transformed significantly. In every single sector, you will see development, because they are all interlinked. If investors want to invest in Guyana, Now is the Time.”

He explained further that now is the time to create corporations and consortiums and work with the government on public-private partnerships.

In a report published earlier this year, the International Monetary Fund (IMF) made note of the country’s unprecedented growth in GDP experienced in 2022, reaching a record high of 62.3 per cent, with the non-oil sector expanding by 11.5 per cent. In the 2021 mid-year report, the country’s non-oil GDP grew by 4.8 per cent that year.

In recognising the importance of a diversified economic base, the People’s Progressive Party/Civic (PPP/C) Administration has prioritised the development of a strong non-oil economy.

President, Dr. Mohamed Irfaan Ali holds responsibility for Agriculture and Food Security in the Caribbean Community (CARICOM) and much focus has been placed on fostering a reduction in CARICOM’s food import bill by 25 per cent by the year 2025.

In modernising the agricultural landscape to promote food security and sustainability, the government has implemented and continues to create various forums to promote the use of technology in agricultural processes, through hydroponics farming and vertical agriculture to produce high-valued crops.

Other traditional sectors such as forestry and mining have also seen investment, resulting in an increase in production and exports. For example, this year, the government launched a $900 million revolving fund to provide support to small and medium-sized loggers, to increase production in the sector.

Similar funds for soft loans to the private sector have been established through local banks for the farming and housing sector.

The Chairman of the Private Sector Commission, Mr. Komal Singh recently held a meeting with a delegation from Ghana, led by Gabby Otchere-Darko, Chairman of the Ghana Chamber of Commerce in Guyana. The discussions centered around the extensive opportunities present in Guyana and the potential for intra-country trade, considering the similarities between the two nations.

Chairman of the PSC, Mr. Komal Singh and Mr. Jaidev Shroff, Chairman of the Confederation of Indian Industry exchange MOUs for collaboration and exploration of business opportunities and partnerships between Guyana and India's Private sectors.

Prime Minister of St. Vincent and the Grendines Ralph Gonsalves with Komal Singh, PSC Chairman and Ryan Alexander, Vice-Chairman of the PSC in Guyana.

Financing in the New Business Environment

By Floyd Haynes, Chairman NewHayven Merchant Bank

The Discovery of Oil in Guyana’s Atlantic Basin in 2015 has ushered in a new era of unparalleled business opportunities. One of the salient features of this new business environment is the ever increasing demand for project and other related forms of financing including equipment financing, factoring and accounts receivable financing.

Project Financing

Project financing is a specialized form of financing for large scale, long-term projects with a specific focus on infrastructure, energy, construction, and other capitalintensive ventures. Financing is structured based on the projected cash flows and assets of the project itself, rather than relying solely on the creditworthiness of the borrower.

In project financing, lenders assess the feasibility and profitability of the project, considering factors such as market demand, technical viability, regulatory compliance, and environmental impact. The financing is typically structured as non-recourse or limited recourse, which means that the lenders’ right to collect the pledged collateral is limited to

specific project assets or revenue streams. This helps to mitigate risks for the lenders and allows them to evaluate the project’s viability independently.

Project financing often involves multiple parties, including lenders, project sponsors, contractors, equity investors, and sometimes government entities. The project sponsors are responsible for managing and executing the project, while lenders provide the necessary capital to finance its development. Lenders and other stakeholders assess the risks associated with the project and negotiate terms, such as interest rates, repayment schedules, and security arrangements.

The repayment of project financing is primarily based on the cash flow generated by the project itself, such as revenue from operations, tolls, user fees, or government payments. The lenders rely on the project’s ability to generate sufficient cash flow to repay the debt and provide a return on investment. The assets and revenue streams of the project are often used as collateral to secure the financing.

NewHayven Merchant Bank Headquarters

Floyd Haynes and Kurt Kisto of NewHayven Merchant Bank with Executives from EFG Capital, a global wealth management firm

Equipment Financing

Equipment financing offers various methods of financing equipment purchases for business purposes. Some common types of equipment financing include:

Equipment Loans - A business borrows funds from a lender to purchase equipment. The equipment serves as collateral for the loan, and the borrower repays the loan over a specified term, usually with interest. Equipment loans can be obtained from banks, credit unions, or alternative lenders.

Equipment Leasing - An agreement, in which the lessor (financing company) purchases the equipment and leases it to the lessee (business) in exchange for regular payments. Leasing options include operating leases, where the lessor retains ownership and the lessee returns the equipment at the end of the lease term, or capital leases, which offer a purchase option for the lessee to acquire ownership.

Sale and leaseback - A financing arrangement where a business sells its existing equipment to a lessor and immediately leases it back. The business receives funds from the sale, while retaining the use of the equipment through a lease agreement. This option allows businesses to unlock capital tied up in equipment they already own.

Equipment Financing Agreements (EFA) – EFA’s are similar to equipment loans but typically involve longer repayment terms with potentially different tax and accounting implications. In an EFA, the business borrows funds from a lender to purchase equipment, and the lender takes a security interest in the equipment. Once the loan is fully paid, the ownership of the equipment transfers to the borrower.

Equipment Sale Financing - In-house financing offered by some equipment vendors to customers purchasing their equipment. These financing programs streamline the equipment purchase process by providing financing directly from the vendor. The business makes regular payments to the vendor over a specified term.

Equipment Line of Credit - A revolving credit facility specifically designed for acquiring equipment. The lender establishes a predetermined credit limit, and the business can draw funds from the line of credit to purchase equipment as needed. As the business repays the borrowed amount, the credit becomes available again for future equipment purchases.

It’s important for businesses to consider their specific equipment needs, financial situation, and repayment preferences when choosing the most suitable equipment financing option.

Factoring and Accounts Receivable Financing

Factoring and accounts receivable financing are two related methods of financing that involve using a company’s accounts receivable as collateral.

In factoring a company sells its accounts receivable (unpaid invoices) to a third-party financial institution known as a factor at a discounted rate, of around 70-90% of their total value. This provides immediate cash to the company. The factor then takes responsibility for collecting payment from the customers who owe the invoices. Once the customers pay, the factor deducts its fees and returns the remaining balance (reserve) to the company. Factoring allows businesses to improve cash flow by converting their receivables into immediate working capital.

On President Ali’s Official visit to India, Floyd Haynes being introduced to India’s Minister of Energy

Accounts receivable financing, also known as invoice financing or receivables-based lending, is a broader term that encompasses various financing arrangements secured by a company’s accounts receivable. In this method, a company borrows money from a lender by pledging its outstanding invoices as collateral. The lender evaluates the creditworthiness of the company’s customers and advances a percentage of the accounts receivable’s value, usually around 70-90%. The company then repays the loan, along with interest and fees, as its customers settle their invoices. Accounts receivable financing provides businesses with quick access to capital while still retaining control of the collection process.

Both factoring and accounts receivable financing offer benefits to businesses, including improved cash flow, reduced reliance on customer payments, and flexibility in managing working capital.

Financing is a valuable tool for managing cash flow and accessing working capital for growing companies. Consulting with financial advisors or lenders can help a business to carefully evaluate their specific needs, consider the costs and benefits, and choose the financing option that aligns best with their goals and circumstances.

Floyd Haynes is the founder and Chairman of NewHayven Merchant Bank in Georgetown Guyana. He founded Haynes, Inc., a multi-million-dollar accounting services firm in the United States serving public and private sector clients. Haynes served on the local content advisory panel, and is currently the Project Lead on the Cost Recovery audit of EEPGL claimed costs. Mr. Haynes is a graduate of Harvard University Kennedy School of Government, and the University of Oxford Saïd Business School. He is a Certified Public Accountant, and Certified Fraud Examiner.

Silica City: Guyana’s First Climate-Smart City

Ina remarkable endeavor to reshape Guyana’s housing sector, the government has embarked on an ambitious project that promises to revolutionize urban living in the country. Silica City, Guyana’s first-ever climate-smart city, is set to emerge as a shining testament to sustainable development and environmental resilience.

The concept of Silica City was first introduced by His Excellency, President Dr. Mohamed Irfaan Ali, during his tenure as Minister of Housing and Water back in 2013. The visionary idea was born out of the pressing need for a complementary urban center to alleviate the challenges posed by non-coastal urban settlement development and the impending threats of climate change and rising sea levels. Silica City would serve as an innovative solution, offering a resilient haven for residents in a changing world.

At the core of this revolutionary project lies the “smart city” approach, aimed at creating a compact, pedestrianoriented, and energy-efficient urban environment. Silica City envisions an interconnected and sustainable community that is both comfortable and secure, incorporating cuttingedge technologies and design principles. One key focus area of the development is the preservation and enhancement

of the area’s valuable natural and cultural resources, ensuring that Silica City remains a thriving testament to Guyana’s rich heritage.

The city will boast a unique sense of place, offering residents a vibrant and cohesive community where they can live, work, and play. The incorporation of mixed-use development concepts will ensure a diverse and dynamic urban landscape, encouraging a harmonious blend of residential, commercial, and recreational spaces. With a focus on enhancing natural attributes and creating multifunctional open spaces, Silica City will become a green oasis, fostering a sense of tranquility and ecological balance. Additionally, the city will provide centralized employment centers, community facilities, and essential services, promoting convenience and accessibility for its inhabitants.

Artist’s Impression of Silica City (Christina Kumar Photo)

The vision for Silica City is nothing short of breathtaking. It aspires to create “a vibrant, sustainable, resilient, and modern city” that aligns with Guyana’s Low Carbon Development Strategy, international commitments such as the Paris Agreement and UNFCC, and Goal 11 of the United Nations Sustainable Development Goals. By embracing these principles, Silica City will become a role model for sustainable urban development on a global scale.

To bring this vision to life, approximately 3,800 acres of land have been identified in the vicinity of Kuru Kururu, situated along the Linden-Soesdyke Highway, approximately 40 kilometers from Georgetown and 45 kilometers from Linden. Over the next two decades, Silica City is projected to accommodate a population of around 50,000 or 12,500 households.

The government has already embarked on the first phase of housing development in Silica City. A staggering 109.865 acres of land at Tract B Kuru Kururu, have been cleared, surveyed, and are now undergoing transformative development works.

This initial block of land within Silica City will be dedicated to a Young Professional Scheme. The design incorporates a total of 300 lots, strategically allocated to accommodate young professional houses, commercial lots, mixed-use developments, and apartment/condominium complexes. Additionally, provisions have been made for reserve spaces intended for institutional and community use, ensuring a well-rounded and inclusive urban experience.

As Silica City begins to take shape, it represents a remarkable milestone in Guyana’s urban development journey. With its forward-thinking design, commitment to sustainability, and emphasis on resilience, this groundbreaking project will undoubtedly set new benchmarks for cities of the future. Silica City is poised to become a haven where residents can thrive, coexist harmoniously with nature, and inspire a new generation of urban planning worldwide.

Central Housing and Planning Authority

41 United Nations Place, Brickdam, Georgetown, Guyana

Tel: +592 225 4810 / 226 5533

Email: info@chpa.gov.gy

Website: www.chpa.gov.gy

Aerial view of area identified for Silica City Development (2022)

Artist’s Impression of Silica City (Christina Kumar Photo)

Guyana Budget Review 2023

Improving Lives Today, Building Prosperity for Tomorrow

Prepared by Khalil Alli, FCA MSc., Partner, Jack A. Alli, Sons & Co. Chartered Accountants

National Output and Inflation

The gross domestic product at current prices was US$14.371 billion in 2022 compared to US$7.435 billion in 2021, while per capita GDP in 2022 was estimated at US$19,253 compared to US$10,302 in 2021.

The contributions to gross domestic product of the major sectors, as measured at 2012 prices, are shown in the table below.

Overview

Hon. Dr. Ashni Singh Senior Minister, Office of the President with Responsibility for Finance

The Senior Minister in the Office of the President, Honourable Dr. Ashni Singh, presented the 2023 Budget on 16 January 2023. This is the fourth budget presented by the current PPP / Civic administration led by H.E. Dr. Irfaan Ali.

Budget 2023 was presented under theme “Improving Lives Today, Building Prosperity for Tomorrow”. It projects total expenditure of G$782 billion (US$3.75 billion) while total revenue is estimated at G$690 billion (US$3.31 billion). The budget deficit for 2023 is estimated at G$92 billion (US$441 million).

Performance of National Economy in 2022

Budget 2022 had projected that the national economy would have grown 47.5 percent in 2022, with the non-oil sectors and oil sector expected to grow by 7.7 percent and 96.7 percent, respectively. Actual growth for 2022 was 62.3 percent, with the non-oil sectors growing by 11.5 percent, making Guyana the fastest growing economy in 2022.

The petroleum sector continued to expand during 2022, producing 101.4 million barrels of oil in 2022 compared to 42.7 million barrels in 2021. In 2022, a second FPSO – Liza Unity – commenced production, joining the Liza Destiny in the Stabroek Offshore Block operated by ExxonMobil and jointly held with Hess Corporation and China National Offshore Oil Corporation. Guyana’s estimated proven oil reserves stands at over 11 billion oil-equivalent barrels.

Source – Budget Speech 2023, 2022, 2021

The gold sector contracted by 2.5 percent due to challenges faced by small and medium scale producers, with an annual declaration of 486,415 ounces in 2022. The sand extraction and stone production sectors grew by 35.6 percent and 18.6 percent, respectively, reflective of increased construction activity in both the public and private sectors. The construction sector is estimated to have grown by 26.3 percent in 2022.

The agriculture, fishing and forestry sector is estimated to have grown by 11.9 percent in 2022 as most industries recovered from the 2021 floods. Increased production was recorded in the rice, livestock, other crops and forestry sectors while outputs from the sugar and fishing sectors were lower in 2022.

Inflation in 2022 was 7.2 percent, compared to 5.7 percent in 2021.

Balance of Payments

The balance of payments recorded a surplus of US$128.3 million in 2022 compared to a surplus of US$130.2 million for 2021. The main contributors are highlighted below.

and lubricants increased on account of higher global oil prices. However, other imports of goods declined in 2022 as compared to 2021 when the second FPSO was brought into Guyana. There was a marked increase in the net imports of services growing by 49.7 percent, or US$1.5 billion, in 2022 over 2021.

The capital account of the balance of payments ended with a deficit of US$4,120.1 million due to lower foreign direct investment in 2022, as well as the 2021 figures reflecting the investment in the second FPSO.

The balance of payments surplus resulted in an increase in net international reserves at the Bank of Guyana to US$939.2 million as of 31 December 2022, equivalent to 1.2 months of import cover, compared to US$810.8 million at the prior year end.

Public and Guaranteed Debt

2023, 2022, 2021

The current account benefitted from increased earnings from crude oil sales in 2022 with production increasing with a second FPSO. Declines in earnings from gold and rice exports were recorded in 2022, offset by increased earnings from bauxite and other exports. Imports of fuel

Total public and publicly guaranteed debt amounted to US$3.6 billion at the end of 2022 with external debt and domestic debt amounting to US$1.6 billion and US$2.0 billion, respectively, compared to US$1.4 billion and US$1.7 billion at the end of 2021. The largest external debt lender is the Inter-American Development Bank with US$787 million outstanding at the end of 2022. Domestic debt comprises treasury bills of US$1.1 billion and debentures issued by the Bank of Guyana for US$935 million to securitise Government overdraft positions coming forward. The debt (including guaranteed debt) to GDP ratio at 2022 year-end was 24.6 percent compared to 38.9 percent at the end of the prior year. The increased GDP in 2022 had a tempering impact on the debt to GDP ratio.

Minister of Agriculture, Zulficar Mustapha, inspecting Soya Fields at Mega Farm

Natural Resources Fund

The Natural Resources Fund amounted to US$1.272 billion at the end of 2022, compared to US$607.6 million at the end of 2021. Inflows to the NRF during 2022 comprised of US$1.1 billion being Guyana’s share of profit oil and US$155 million from royalties, in addition to interest of US$17.5 million. An amount of US$607.6 million was transferred from the NRF during 2022 to the Consolidated Fund.

by the Architecture for REDD+ Transactions Environmental Excellence Standard (ART-TREES) Secretariat. Hess Corporation became the first buyer of Guyana’s carbon credits, with a purchase of approximately one third of Guyana’s carbon credits issued by ART-TREES.

Tax revenue is projected to grow as economic activity expands in 2023. No new taxes were introduced in Budget 2023. However, certain fiscal measures were introduced or extended in Budget 2023, some of which are highlighted below.

I. Excise tax, Import Duty and VAT:

 Continued application of zero percent excise tax on fuel

 Continued application of the freight cost adjustment which utilises pre-pandemic freight values in the determination of CIF values for tax and duty purposes, up to 31 December 2023

Budget Revenue Projections for 2023

Of the total projected revenue for 2023 of G$690 billion (US$3.31 billion) in Budget 2023, G$578 billion (US$2.775 billion) is from current sources while G$111 billion (US$534 million) is from capital sources.

The major sources of current revenue of G$578 billion are summarized in the table below.

 Removal of VAT on new electric vehicles (not hybrid) of any power rating (new defined as less than four years old)

 Reduction of excise tax from 45% to 35% on new motor vehicles below 1500cc (new defined as less than four years old)

 Introduction of flat rate of excise tax at G$800,000 on used motor vehicles below 1500 cc (used defined as four years or older)

 Removal of VAT on the sale of residential property

II. Income Tax and Corporation Tax:

 Increase in monthly income tax threshold from G$75,000 to G$85,000

 Increase in the capital allowance applicable to electric motor vehicles to 50 percent annually

III. Public Assistance and Support:

 Increase in “Because We Care” grants from G$25,000 to G$35,000 per child

 Increase in Old Age Pension from G$28,000 to G$33,000

 Increase in Public Assistance from G$14,000 to G$16,000

Source – Budget Estimates 2023, 2022, 2021

The current revenue for 2023 includes a withdrawal from the Natural Resource Fund of G$208.9 billion (US$1 billion). It also reflects Carbon Credit Inflows of G$31.3 billion (US$150 million). During 2022, almost 33.5 million carbon credits were issued to Guyana for the period 2016 to 2020

 An allocation of G$5 billion to meet other cost of living interventions to be determined

IV: Other:

 Increase in low-income mortgage ceiling on loans obtained through the banking system from G$15 million to G$20 million

Guyana’s third FPSO, Prosperity, the largest of three, is anticipated to push daily production to more than 560,000 barrels by the end of 2023.

Capital revenue of G$111 billion is expected to be received principally through external loans of G$101 billion (US$487 million) and external grants of G$10 billion (US$47 million). The Inter-American Development Bank is expected to provide loans amounting to G$17.9 billion (US$86 million). Other significant loans are expected in 2023 from the People’s Republic of China – G$20.5 billion (US$98 million) and the United States of America - G$30 billion (US$144 million).

Budget Expenditure Projections for 2023

Budget 2023 projects total expenditure of G$782 billion (US$3.750 billion) compared to G$553 million (US$2.652 billion) in 2022. The table below analyses the allocation of total expenditure across responsible agencies, with comparative allocations from 2022 and 2021.

Some of the policy and expenditure priorities highlighted in the Budget 2023 Presentation are listed below.

 Construction of a 300-megawatt gas power plant and integrated natural gas liquids plant, as part of the “Gas to Energy” Project which will utilise the estimated 17 trillion standard cubic feet of recoverable natural gas reserves from offshore oil activities. Budget 2023 provides G$43.3 billion (US$208 million) for ongoing works on the Project.

 Allocation of G$54.5 billion (US$261 million) for works in new and existing housing areas, including construction of roads, drains and bridges and installation of utilities, along with an allocation of G$13.0 billion (US$62 million) for interventions to improve water quality.

 Construction of the New Demerara River Bridge which will be a high-span, four-lane permanent concrete and cable-stayed structure. Budget 2023 provides G$5 billion (US$25 million) for ongoing works on the new bridge.

 Allocations for the following major transport links:

- Palmyra to Crabwood Creek Highway – G$27.7 billion (US$139 million)

- ECD Railway Embankment Road to Orange Nassau including new Hope Canal bridge – G$16.6 billion (US$80 million)

- East Coast to East Bank Road Link from Ogle to Eccles – G$10.3 billion (US$49 million)

- Linden to Mabura Hill Road - G$11.9 billion (US$57 million)

- Soesdyke to Linden Highway Rehabilitation - G$5.0 billion (US$24 million)

 Commencement of construction of a paediatric and maternal hospital along with six regional hospitals with a budgetary allocation of G$13.1 billion (US$63 million)

 Improvements to educational infrastructure with a budgetary allocation of G$12.4 billion (US$59 million).

An artist’s impression of the new G$13.1B maternal and pediatric hospital

Projected Performance of the National Economy in 2023

It is projected that the national economy will grow by 25.1 percent in 2023, with the non-oil sector expected to grow by 7.9 percent.

The petroleum sector is expected to increase production to 374,000 bpd, leading to growth of 35.6 percent in 2023. Key sectors of gold, bauxite and rice are expected to grow in 2023, along with sand and stone sectors in support of ongoing construction activities. In addition to Government’s public sector investment programme, several significant private sector developments of onshore support structures and hotels, are underway.

The balance of payments position is expected to record a surplus of US$150 million with higher export earnings maintaining the current account in surplus and a lower deficit on the capital account. Crude oil exports are expected to increase by 13.6 percent to US$11.3 billion. The increased export earnings will be offset by higher import spending, as Guyana’s third FPSO – Prosperity - is expected to arrive in 2023.

Inflation is projected at 3.8 percent, reflecting expectations of continued import price pressure, compared to 7.2 percent in 2022.

About the Author

Khalil Alli is a partner with the firm of Jack A. Alli, Sons & Co., a professional services firm in Georgetown Guyana. He is a past president of the Institute of Chartered Accountants of Guyana, as well as a past president of the Institute of Chartered Accountants of the Caribbean.

Author's Note

Budget Estimates 2023 were prepared in Guyana Dollars. For purposes of this article, United States Dollar equivalent amounts have been determined by applying an exchange rate of G$208.5 to US$1 and have been rounded to the nearest million in most cases. Figures in tables may not sum to the total due to rounding.

HIS EXCELLENCY PRESIDENT

PRIME MINISTER HON. BRIG (R'TD)

VICE PRESIDENT

ATTORNEY GENERAL & MINISTER OF LEGAL AFFAIRS

SENIOR MINISTER OFFICE OF THE PRESIDENT RESPONSIBILITY FOR FINANCE

MINISTER OF PARLIAMENTARY AFFAIRS & GOVERNANCE

MINISTER OF HEALTH

MINISTER OF HOME AFFAIRS MINISTER OF AGRICULTURE

MINISTER OF EDUCATION

MINISTER OF FOREIGN AFFAIRS & INTERNATIONAL COOPERATION

MINISTER OF HOUSING & WATER

MINISTER OF AMERINDIAN AFFAIRS

MINISTER OF PUBLIC WORKS

MINISTER OF NATURAL RESOURCES

MINISTER OF TOURISM, INDUSTRY & COMMERCE MINISTER OF LABOUR

MINISTER OF CULTURE, YOUTH & SPORT

MINISTER OF HUMAN SERVICES & SOCIAL SECURITY

MINISTER OF LOCAL GOVERNMENT & REGIONAL DEVELOPMENT

MINISTER OF PUBLIC SERVICE

MINISTER WITHIN THE OFFICE OF THE PRIME MINISTER

MINISTER WITHIN THE MINISTRY OF LOCAL GOVERNMENT & REGIONAL DEVELOPMENT

MINISTER WITHIN THE MINISTRY OF HOUSING & WATER

MINISTER WITHIN THE MINISTRY OF PUBLIC WORKS

592-233-3221/602-0494

info@sjagmohan.com

One of Guyana’s leading contractors in the field of:

 Marine Construction

 Road Construction

 Drilling of Potable Water Well and Installation of Transmission and Distribution Network

 Construction and Rehabilitation of Water Treatment Facilities

 Drainage and Irrigation – Construction of Sluice, Culverts, Pump Stations, Bridges

 Infrastructural Works for Housing Development

 Construction of Sanitary Landfill and Management

 Hardware Supplies (DI, HDPE, PVC Pipe & Fittings, Geosynthetics, Gabion Basket, and Mattress, etc).

Guyana’s Premier Pavement Manufacturer

DCSN is a Guyanese pavement manufacturer that aims to become an industry leader and provide Guyana with quality pavement materials at cost-effective rates while complying with the highest environmental standards. We specialize in the manufacturing and installation of:

 Quality Asphaltic Concrete

 Bitumen CRS-2 & RC-250

 Durable Concrete Products – Prestressed Concrete Piles, Slabs, Utility Poles

Our mission is to produce the highest quality products using state-of-theart technology to meet our customer’s specifications and requirements. Our products are independently tested to ensure that the desired quality is achieved. All the results thus far show a common indicator, consistent quality.

36-37 Eccles Industrial Site East Bank Demerara Guyana, South America

The journey began in 1992 when ANSA McAL Trading Ltd opened its doors as a distribution company in the SAPIL Complex (currently CCI). Fast forward 30 years later and AMTL is one of the leading distribution companies in the country and the ANSA McAL Group of Companies now encompasses:

ANSA McAL Trading

ANSA Motors Guyana

ANSA Building Solutions (ABS Guyana)

Guyana Breweries Inc (GBI)

Mix Radio

The ANSA McAL Journey to 30 Years in Guyana

Tracing its origins, we get to glimpse into the world of business and learn that when opportunities present themselves, entrepreneurs who are keen on development will grasp chances and with hard work and determination, turn them into great success stories. This is the case with ANSA McAL.

At the beginning of the 1990s, the manufacturing arm of the ANSA McAL Group of Companies saw the opportunity for investment in Guyana and did so in the Seals and Packaging Industries Ltd. However, while that particular partnership faced some setbacks, undeterred, ANSA McAL noticed that there was a need in the country for a more robust and service-oriented distribution business and in July, 1992, AMTL was born. Operations began later that year in October when the company would have officially opened its doors with a small facility within the SAPIL compound, located at Farm, East Bank Demerara.

It is quite interesting that ANSA began operations with five ‘company products’; meaning products made by the ANSA Group in Trinidad; these were: Carib Beer, Royal Extra Stout, Smalta, TrinChloro Bleach and Swinger Matches. Management shortly realized there was a market for numerous other products and expanded the range to include items from companies other than the ANSA Group's.

Recognizing that the company needed to be closer to Georgetown, an office was set up on Middle Street, where Paul Chan-a-Sue took control as Managing Director in 1994. On Paul Chan-aSue’s watch the business grew in size, value and reputation fostering relationships with the trade and customers that endure to this day. Having determined that the offices and warehouse needed to be in close proximity, he moved the entire operation to the Guyana National Shipping Corporation Compound in La Penitence where they continued to thrive.

Mr. Paul Chan-a-Sue

Where we started - 1992

By 2004 the business outgrew the confines of this location and after several years of looking for a suitable property, in 2006, a strategic decision was made to acquire a property at Beterverwagting Industrial Site on the East Coast Demerara, wherein AMTL relocated the following year.

The rapid growth of AMTL can be directly attributed to a dynamic group of young administrative, marketing and sales professionals ably led by an energetic and visionary management team, all of whom remain committed to customer service and teamwork.

In 2008, Mr. Chan-a-Sue retired and Ms. Beverley Harper was appointed Managing Director. The new MD took over an established company and progressively steered the ship to become one of the best performing companies in the entire ANSA McAL Group which spans eight sectors and 63 entities covering much of the Caribbean and touching both North and South America.

To accommodate further growth in the company, the warehouse was extended to a total storage capacity of approximately 100,000 sq feet, in 2012, inclusive storage capacity in Berbice.

Attesting to its personnel development plan and believing that the employees are its greatest asset, management outsources professionals to conduct in-house training in numeracy, literacy and computer studies at the basic levels while encouraging and facilitating persons to pursue higher education and training in their respective fields.

AMTL had become a place where leadership and teamwork were promoted, where priority was placed on discovering the potential, propensity and passion of its employees based on their personality and qualifications and allowed them to thrive in a supportive environment.

Ms. Beverley Harper

Where we moved to - 1994

ANSA McAL Trading Ltd. - 2008

Inside the warehouse

Management Team

ANSA Motors Suzuki Team

Because of these and other factors, the directors, managers and employees of AMTL were able to produce financial results that made the company successful.

In 2017 the reins of ANSA McAL Trading Ltd were passed over to Troy Cadogan as Managing Director, but the company saw it fit to keep Beverley Harper in the Group and she became the Country Head for the ANSA McAL Group of Companies as the ANSA Group looked to widen their footprint with other companies. At this point in time Troy had been with the company for 16 years and accumulated a wealth of knowledge

and experience, an MBA from Cave Hill UWI, Mentoring from JMW, completed the High-Potential Leadership Development Program from Harvard Business School and gained commitment from the AMTL team, the trust from the ANSA Head Office and respect from the local Business Community.

Under his leadership the profitability of AMTL has grown beyond expectations, acquiring new distributorships, including Hennessy and Moet Chandon, Garden Foods, Chief Seasoning, and Bon Ice Cream.

The AMTL warehouse capacity doubled and they also opened the Incoming and Outgoing TWEE Duty Free Shops, ANSA Mini Marts, and its very own brand new AMTL branch

Mr. Troy Cadogan

ANSA McAL Trading Ltd. - 2022

Mix FM

ANSA Motors

Staff of Guyana Breweries

T-WEE Duty Free Shop

in Berbice. Three senior Executives successfully completed the ANSA McAL/Arthur Lok Jack EMBA Program and JMW Mentorship for six senior Managers.

During this time of AMTL growth the ANSA Group of Companies in Guyana also expanded to include Mix Radio in 2015, ANSA Motors Guyana in 2017, GBI (Guyana Breweries Inc) in 2021 which is the distribution arm for Carib Breweries Inc, and registered ABS Guyana (ANSA Building Solutions) in 2022.

AMTL and the ANSA Group as a whole are extremely cognizant of their corporate responsibilities and exercise good citizenship by contributing billions of dollars in VAT, taxation and duties, value their ability to assist in the further

Total Staff 330 Guyanese Nationals 99%

development of Guyana, by spending millions of dollars supporting and sponsoring cultural, social and sporting events that help develop the moral fiber of our country.

As ANSA McAL celebrates its 30th Anniversary, we are proud of our modest beginnings, we reflect on the stepping stones of our success. However, as we celebrate this milestone we continue to remind ourselves that getting to the top is only part of success and that remaining on top will require a rededication to the values and hard work that built this business to where it is today. Sustainability for the next 30 years will also require vision for a future rich with opportunity and real challenge. We at the ANSA McAL Guyana are poised for the task.

Total Guyanese

Total Staff 330 Guyanese Nationals 99%

Total Staff 330 Guyanese Nationals 99 %

Hennessy rehabilitation of Burnham Basketball Court

Opening of the ANSA Mini Mart, Beterverwagting

Opening of the ANSA Mini Mart, Palmyra, Berbice

ANSA McAL Guyana - proudly employing local

A donation of Always products to First Lady Arya Ali's community projects

Flood relief assistance to the CDC

Mogul in the Making

Who is Ameir Ahmad? The 34 year-old mogul in the making, learned the tricks of the trade from his father, Mr. Shareef Ahmad, who has been a longstanding ace in the business sector for over 25 years. The eldest of four (4) siblings, Ameir found himself drawn to the business sector at an early age. Mirroring the example set by his father, who founded the family business with Sheriff Jewellery, a once popular name in Guyanese households.

Ameir, eager to learn, accompanied his father at the base of Sheriff Jewellery, in Stabroek Market. He then branched off and started his own cellphone store, acquiring a total of five (5) cellphones to begin with, vending to close friends and family. He then expanded to computers. The Ahmad duo decided it was time to level up and pooled their resources to procure a piece of land on Sheriff street in order to house the new and improved Sheriff Jewellery and later, Electronics City. They have since built from the ground up, several wellknown businesses, Subs & Salads, The Italian Grill, Miami Pizzeria and most recently, Sheriff Security Services, Sheriff Medical Center

and most recently : Sheriff General Hospital. Construction is underway for Sheriff International Hospital and Sheriff Specialty Hospital .

Ameir attended New York University in 2011, majoring in American History and minoring in Business Management. He was able to put his education to great use and managed to expand the Electronics City store from one (1) location to six (6) in just a four (4) year span.

Ameir sought to recruit a security firm to provide protection for his business as well as his home after an attempted robbery. Faced with the unwavering inefficiency of most

security companies, Ameir ventured to start his own. One that he vowed would be different. He started small, providing security to friends, which in turn recommended him to their friends and little by little, Sheriff grew. Never satisfied with mediocrity, Ameir went from business to business and offered them proposals, slowly acquiring a vast number of Chinese contracts across Guyana, since they too were experiencing robberies on a regular basis.

One of the housing options available at Leonora Estates, West Coast Demerara

Sheriff medical services - waterAmbulance

Sheriff Medical Centre, Georgetown

First class facilities at the new Sheriff Hospital at Leonora, West Coast Demerara

Sheriff Security Services took the social media markets by storm and left the Guyanese population dazed by the level of professionalism which they exhibited. Today, Sheriff Security Services is the number one name in security providers across the country, offering services such as Cash in Transit, Diplomatic Escorts, Armed and Unarmed Guards to both private and commercial clients. Sheriff Security services employs a number of personnel who previously served in the military or the police force, giving them an edge above the competition. The company also offers training for those citizens who wish to become security officers.

Ameir also founded Sheriff Construction. This company uses state of the art machinery coupled with the latest technology to construct and design projects just the way clients envision them. Specializing in multi-story commercial buildings,

schools, medical centers, public and private roads, and driveways etc, Sheriff Construction leaves no stone unturned. Upon realizing the scope of real estate and construction internationally, Ameir purchased Lenora Estates on the West Coast of Demerara. This project embodied Ameir’s vision to build low income housing and is now completed.

He later expanded to the construction of modern contemporary homes on the East Bank of Guyana, in gated communities “Richmondville” and “K.B Homes .”

Ameir’s father, Shareef Ahmad, Chief Executive Officer (CEO) of the Sheriff Group of Companies recently opened the doors of a new, spanking, stateof-the-art general hospital, consisting of four floors, each measuring 19,800 square feet to service the needs of the population. The private hospital was constructed and outfitted with

all medical equipment at an investment of US$ 200 million. The medical facility is housed in three buildings, situated on the Leonora public road, West Coast Demerara (WCD).

What is next for Ameir Ahmad? Sheriff Hotel & Casino. Set to be one of his biggest ventures yet, this project is expected to move the goal posts for hotel accommodation and casinos in Guyana. The avant-garde facility is slated to reel in a number of investors who have pledged their commitment to its evolution. The project is expected to cost $175 million USD.

The Georgetown hospital project is moving apace and should be ready for opening by this time next year, the businessman anticipates.

The Berbice facility could run until 2025 as this would be a joint complex comprising a hotel, casino, hospital, and shopping mall. The facility will be housed on a 17-acre plot.

Ameir Ahmad is no stranger to hard work and risk taking. At an early age he accomplished a great deal, with so much more in store. As of April 2023, Ameir’s net worth stands to classify him in the billionaire’s club soon. This is inclusive of bonds, assets, and cash.

Greatly adored by his employees, friends, and family, he is one to look out for.

Artist's impression of the luxury Sheriff Hotel and Casino in Berbice

This project is expected to move the goal posts for hotel accommodation and casinos in Guyana.

Striking the Green-Black-Gold Balance: Sustainability and Natural Resources Development

By: Anand Harrilall

Sustainability and ESG

Analogous to blocks in a Jenga game, ESG assumes the role of supplementary blocks positioned atop the tower, symbolizing the metrics employed by investors to gauge performance and risks. Conversely, sustainability assumes the pivotal position of the foundational block, embracing the realm of a company’s influence on the environment, society, economy, and enduring viability. Without the foundation of sustainability, the structure would be weak and unstable, even with multiple ESG blocks added. In the contemporary business landscape, the fusion of sustainability and ESG constitutes the core of a robust and resilient corporate structure.

In today’s world, the buzzwords “ESG” and “sustainability” resonate with every visionary business leader. It’s no longer enough to prioritize profit over people and planet. Businesses with a global view are recognizing the importance of environmental protection and social responsibility, and it’s about time! Successive Conference of Parties (COP) and other global dialogues have resulted in an increase in businesses committing to alignment of their strategies with United Nation’s Sustainable Development Goals (SDGs).

Sustainability Investments

Managing ESG is now a strategic necessity. Intangibles and reputation play a crucial role in a company’s success and incorporating ESG into business strategies is no longer just the right thing to do, but it also makes good business sense. With over 90% of S&P 500 companies publishing ESG reports and about 70% of Russell 1000 companies following suit, the message is clear - society demands greater commitment from businesses. Over 40 countries as well as several sub-national regions now have mandatory greenhouse gas emissions reporting for companies.

Morgan Stanley’s Institute for Sustainable Investing revealed that sustainable funds offer lower risk across various asset types compared to traditional funds. McKinsey’s 2020 study on sustainable investments showed that 60% of these investments yielded positive returns, while only 8% were negative. The facts are unequivocal and global companies have been leading the charge. Nestle invested in sustainable coffee production in Ethiopia, Colombia, and Vietnam through farming practices that improved yields and reduce environmental impact. Total Energies diversified into renewables with investments in solar and wind projects in India, Qatar, and South Africa.

Cash Crop Farm, East Bank Essequibo

Coca-Cola partnered with communities in India, China, and Brazil to replenish groundwater and improve water access for farmers.

Sustainability ventures generate long-term value for all stakeholders through strategic measures like embedding diversity, equity, and inclusion in operations, and investments in green bonds, impact funds, clean energy, and the emerging realm of carbon credits. A seminal study by the World Bank, “State and Trends of Carbon Pricing” (2018), foresees the global carbon market surging to US$50 billion by 2030.

Net Zero and Beyond: Environmental Services as Catalysts for Sustainability

In 2021, Guyana indicated it achieved net zero status, meaning it traps more carbon dioxide (CO2) than it emits which is ahead of the UN’s 2050 net-zero carbon emissions target. Guyana’s 18 million hectares of forest act as a carbon sink and sequesters over 19.5 gigatonnes of carbon dioxide (CO2).

Guyana now boasts a forest carbon market which is an attraction for companies contemplating market entry or looking to offset their carbon emissions. In December 2022, the Architecture for REDD+ Transactions (ART) issued the world’s first TREES credits to Guyana. Hess Corporation subsequently entered into an agreement with the government for the sale of carbon credits for a minimum of US$750 million between 2022 and 2032. This is the second significant initiative Guyana designed to monetise its forest endowment. In 2009, Guyana’s LCDS resulted in Norway providing Guyana with up to US$250 million for reducing emissions from deforestation and forest degradation.

Finding Equilibrium: Sustainability vs. Natural Resource Development

Given its aspiration to become a low carbon economy, Guyana’s pursuit of investments in the natural resources sector, particularly in oil and gas, has been challenged by activists. Guyana maintains that it has the capacity to advance its oil and gas industry while adhering to netzero emissions given the carbon sequestration capacity of

its forests would exceed the combined emissions arising from its economic growth and the projected ten floating production, storage, and offloading vessels (FPSOs) for oil production. The Ministry of Natural Resources posited it would take 20 years for the emissions of five FPSOs to amount to the volume of CO2 stored by Guyana’s forests in a single year. Guyana’s forest is continuously storing and sequestering carbon, with 154 million tonnes of CO2 being removed from the atmosphere every year.

Oil and Gas isn’t the only industry that has implications for Guyana’s green economy. The country continues to develop its mining and forestry sectors in context of its low carbon economy. However, these industries aren’t without their challenges. Mining and logging are typically in remote areas with limited transport infrastructure which impacts monitoring and enforcement of regulations. Some opportunists exploit the remoteness to engage in logging and mining activities that sometimes violate regulations.

Growth and Sustainability, Axiom, or Paradox?

The pursuit of investments in the natural resources sector can be a double-edged sword for countries like Guyana that are transitioning to a green economy. On the one hand, the development of the sector can generate significant revenue and help stimulate economic growth as evident with Guyana’s oil production. Conversely, if these investments are not meticulously overseen, they can engender environmental quandaries and impede Guyana’s green economy aspirations.

Container Port, Georgetown

In the context of its low carbon growth paradigm, Guyana needs to ensure a prudent approach to its natural resource development. This not only attracts sustainability-focused investors but also augments climate change mitigation efforts and the preservation of its forests, which is estimated to provide ecosystem services worth US$54 billion globally. Investments must therefore be monitored to prevent resource depletion and carbon emissions from operations. This is imperative for Guyana to meet its Paris Agreement pledge of net zero emissions by 2050 and reduce its use of fossil fuels for energy through an optimal energy mix of natural gas, hydropower, solar, and wind.

Sustainability Investment Destination

Guyana is positioned as a sustainability investment destination with policies, regulations, and initiatives that promote environmental protection, social inclusion, and economic growth as evident with global recognition for its carbon credit and eco-tourism initiatives. Whilst investments in natural resources presents challenges in the

context of a green agenda, the country has been pursuing policies and regulations that are vital in striking the optimal balance of growth and reduced emission of greenhouse gases.

Incorporating green technologies, renewable energy in mining, oil and gas, carbon capture and storage, sustainable supply chains, reforestation programmes, and carbon pricing are vital policies for attracting capital from investors seeking long-term financial returns and positive social and environmental outcomes.

Ultimately, the optimal balance of economic growth and environmental astuteness is a function of a comprehensive, coordinated and results driven approach that involves multiple stakeholders, including government, industry, civil society, and investors.

About the Author:

Anand Harrilall has over 25 years of experience in international development, project management and international business providing innovative solutions that drive growth. He has worked with international organisations managing international trade and private sector projects, as well as companies across diverse industries, helping assess and capitalize on growth opportunities and enter foreign markets. His expertise in developing and implementing socio-economic projects coupled with effective go-to-market strategies and optimising organizational efficiencies has helped sustain success in highly competitive markets.

Cattle Rearing, Dubulay Ranch, Berbice River

About Guyana

Time Zone

GMT - 04:00

Location

Guyana is located on the North East Coast of South America, the Continent’s only country where English is the official language. It is located between 1o & 9o North Latitude and 57o & 61o West Longitude, bordering Venezuela to the West, Brazil to the South, Suriname to the East.

The Capital city is Georgetown with other major towns being Anna Regina, Bartica, Corriverton, Lethem, Linden, New Amsterdam, Mahdia and Rose Hall.

Government

Guyana became independent from Britain in 1966 and a Co-operative Republic in 1970, when a non executive President replaced the Governor- General. A new constitution in 1980 gave the President wide executive powers. The Cabinet is headed by the President, and there is a 65-member National Assembly elected by proportional representation. General Elections are held every 5 years.

Climate

Guyana is a tropical destination that is pleasant and warm for most of the year, humid, moderated by northeast trade winds; two rainy seasons (May to mid August, November to January). Mean temperature of 27°C and the average temperature range from 24°C to 31°C. Rainfall is approximately 2,300mm a year in Georgetown.

Population

Approximately 786,552 with diverse culture of six (6) different ethnicities. 90% of the population lives on the coast leaving the country’s lush interior untouched.

Geography

Guyana is the fourth-smallest country in South America after French Guiana, Suriname and Uruguay; it has four distinct geographical areas: the Low Coastal Plain; the Hilly Sand and Clay Belt; the Highland Region and the Interior Savannahs. The total area is 214,970 sq.km.

Approximately 75% of the land area is still intact forest, and 2.5% is cultivated. The coastline is 1 metre to 1.5 metres below sea level at high tide necessitating elaborate systems of drainage canals.

The most valuable mineral deposits are bauxite, gold, and diamond. Substantial commercial deposits of oil have been recently confirmed and exploration continues. The main rivers are the Demerara, Berbice, Corentyne and Essequibo.

Clothing

Lightweight, causal clothing can be worn throughout the year. However long clothing is recommended for the evening along with mosquito repellent to safeguard against mosquito bites.

Health

There is a risk of malaria in certain parts of the interior. Consult your doctor for the required precautions if you intend to travel there. Georgetown and coastal areas are Malaria-Free. Municipal Hospitals and Health Care Centres exist within rural and outer lying communities with medivac services available in cases of emergency.

Further information can be obtained from the Ministry of Public Health on Telephone Numbers: (592) 226 7338 or (592) 226 1366.

Internet

For most customers, 4G internet service is available nationally through independent providers. Service is also available in most hotels and at many internet cafés across the country. Some hotels and restaurants provide free Wi-Fi to patrons.

There are four daily papers; Kaieteur News, Stabroek News, Guyana Times and Guyana Chronicle, the national paper. There are over twenty (20) Television Stations and five (5) privately owned Radio Stations and one (1) Government operated Radio Station.

Religion

The predominant religious groups are Christians, Hindus and Muslims. Each is well represented with its own churches, temples and mosques. They are found across the country where the major landmarks featuring traditional architecture may be seen.

Invest in Guyana

The Guyana Office for Investment management system is certified and fulfills the requirements of the ISO 9001:2015 standards.

A plethora of investment opportunities awaits you

The Guyana Office for Investment offers a full complement of services to domestic and foreign investors as well as export ready Guyanese businesses. This includes support in identifying markets and providing market access information. Additionally, Guyana Office for Investment provides support to export ready businesses in attending local and international exhibitions and trade missions.

Guyana Office for Investment

190 Camp & Church Streets, Georgetown, Guyana

Tel: (592) 227-0653 | Fax: (592) 225-0655

Email: invest@guyanainvest.gov.gy

Web: www.guyanainvest.gov.gy

INVESTMENT & EXPORT PROCEDURES

Benefits of Contacting Guyana Office for Investment

Facilitation services offered by Guyana Office for Investment are free.

Guyana provides an array of across-the-board investment incentives, including a flat business tax rate, waivers of customs duties, export tax allowances, and unrestricted repatriation of profits.

Guyana Office for Investment assists investors with the following:

Assists investors to obtain fiscal incentives in priority sectors, including exemptions of customs duties and taxes on equipment, machinery, and vehicles.

Prepares an Investment Agreement (IA) between the investor and the Government of Guyana. The Guyana Revenue Authority (GRA) then peruses the IA and forwards it to the Office of the President for execution by the Honourable Minister of Finance.

• Assists in facilitating joint ventures between local and foreign investors.

• Assists in identifying export markets and providing market access information.

• Shares information on investment opportunities in Guyana

• Assists exporters in participating in local and international exhibitions and trade missions.

• Provides investors with a summary of the steps necessary to commence business operations in Guyana and lends support throughout the process.

• Starting a Business In Guyana (Local & Foreign Investors)

Foreign nationals are required to have visas and work permits. Kindly visit the Ministry of Foreign Affairs web site (https:// www.minfor.gov.gy/visa-entry-requirements-countries/) for a list of countries whose nationals do not require visas to travel to Guyana. People planning long-term visits can apply for a five-year renewable visa. Short-term visitors can apply for a visitor's visa, which is valid for 30 days and can be extended for an additional two months. Companies can apply for work permits on behalf of their employees.

Business Registration - This is done through the Commercial Registry as either a sole proprietor, partnership, or incorporated company. There are two ways to register a business in Guyana:

The Business Names (Registration) Act and the Partnership Act are the legal basis for a sole proprietor or partnership registration.

Partnership: This can be done by way of a simple agreement or under the Business Name Registration (as above). A fee of $5,000 (approximately US$25) presently is charged for this.

The Companies Act, on the other hand, governs the incorporation of businesses. The Act requires every association, partnership, society, body, or other group consisting of more than 20 persons to incorporate before it can carry on any business or trade for gain. The Act requires that all private companies have at least one director, and every company is required to appoint a company secretary. An application for incorporation of a company must be in the prescribed form and must state:

• the proposed name of the company;

• that the registered office of the company is situated in Guyana;

• the classes and maximum number of shares that the company is authorised to issue;

• the minimum issue price in respect of shares or classes of shares;

• if the right to transfer shares is restricted, then a statement to that effect is required as well as the nature of those restrictions;

• the minimum and maximum number of directors allowable;

• whereby arrangement before its incorporation, shares of the company are to be paid for by consideration other than cash, the nature of the consideration, its value in monetary terms, and the extent to which the shares to be issued will be credited as paid up. This must be verified by the report of a qualified accountant, valuer or surveyor stating that the consideration is worth the amount credited as paid-up;

Any restrictions on the business that the company may carry on.

Investment Process with Guyana Office for Investment Acquiring Incentives for New and Expanding Projects

Investors are required to complete and submit the Guyana Office for Investment Expression of Interest (EOI) Form and a Business proposal. Returning Investors (investors who would have received fiscal incentives under previous Investment Agreements) and those expanding their businesses are required to submit a Progress Report on their business in addition to a new EOI and an updated Proposal.

Investors are welcome to contact Guyana Office for Investment and either meet with an officer or schedule an appointment to further discuss or clarify any aspect of the application process. Returning investors are encouraged to contact the officer previously appointed to their project.

Information Required from the Investor

• Cover letter to Guyana Office for Investment making reference to an application for exemptions

• Completed online Expression of Interest Form https://guyanainvest.gov.gy/expression-of-interest-application/

• Completed IA Progress Report (if applicable)

• Business proposal

• Business registration or incorporation documents

• Taxpayer Identification Number (TIN Certificate)

• Register with the National Insurance Scheme and obtain NIS Employer Number.

• GRA and NIS Compliance (if applicable)

• Evidence of ownership or tenancy of land/property where operations will be located

• Register for Tax Identification Number (TIN) with the GRA

• Register for Value Added Tax (VAT) certificate through GRA

• Source of Funding (Audited Financials, Bank Statements, or Bank Loan Letter)

• Directors and Ultimate Beneficial Owners (UBOs) Name and Nationality

• ID (Guyanese Resident) and Passport (Non-Resident)

What should be in the Business Proposal

After an Investor has made the decision to embark on a business enterprise in Guyana and wishes to access fiscal incentives, a Business Plan and an Expression of Interest Form (EOI) must be submitted to the Agency's online portal. As noted above, returning investors are also required to complete and submit the Investment Agreement (IA) Progress Report..

1. Executive Summary

The business executive summary should summarize what you expect your business to accomplish.

It should outline the company’s mission statement, along with a short description of its products and services. Explain why you are starting your company and include details about your experience in the industry you are entering.

2. Description of Company

This includes key information about your business, your goals, and the customers you plan to serve.

The company description should also discuss how your business, its products, and the services that you are providing will stand out from others in the industry.

3. Description of Ownership, Management, and Organization

The business plan should outline the way that your organization will be set up. Make an introduction about the company owners and managers. Additionally, an organizational chart can be included in this document.

Indicate whether your business will operate as a partnership, a sole proprietorship, or a business with a different ownership structure. If the organization will have a board of directors, you will need to identify the members.

4. Local Content Plan

Outline local partner(s) if applicable and indicate the percentage of the labour force that is Guyanese.

5. Corporate Social Responsibility (CSR) Plan

Provide an articulation of how the external stakeholders of your operations will derive direct and indirect benefits.

6. Breakdown of Products and Services

If you did not incorporate enough facts about your products and services into your company description (since that section is meant to be an overview), it might be a good idea to include extra information about the products and services in a separate section.

7. Environmental Impact (if applicable)

Give clarity on whether the nature of your operations presents potential environmental risks and how you plan to mitigate them.

8. Market Analysis

In this section, you will need to use data and statistics to talk about where the market has been, where it’s expected to go, and how your company will fit into it. In addition, you will have to provide details about the consumers you will be marketing to.

9. Competitive Analysis

Present a clear comparison of your business to your direct and indirect competitors.

10. Marketing Plan

Describe how you intend to have your products and services delivered to potential clients. Pinpoint the steps you are going to take to promote your products, and also please indicate the budget you will need to implement your strategies.

11. Sales Plan

Specify the number of sales representatives you are planning to hire and how you will go about finding them and bringing them on board. You should also include sales targets.

12. Project Timeline

Provide a realistic timeline to execute the plan, outline important milestones, and how they are logically linked to each other.

13.

Financials

Projected Financial statements for at least 3 Years (With the detailed justification of Input figures).

Source of Funding (Bank Letter Addressed to Guyana Office for Investment, Audited Financial Statements, Credit Rating Report ECT.

14. List of Items for duty and tax waivers

Submit a comprehensive breakdown of items that is specific to the proposed operations as needed in phases outlined in the Project timeline.

EXPORT PROCEDURE

• Register the Business with the Commercial Registry

• Register as an Exporter and obtain a Tax Identification Number(TIN) from the Guyana Revenue Authority

• Describe the source of products for Export whilst being mindful of the contractual arrangements where necessary.

• Identify your major external markets, understanding tariffs and pricing.

• Know the standards, labeling, and packaging requirements of the import market

• Identify the applicable export license relevant to your product.

• Select the best mode of transport for the product, paying careful attention to preservation requirements to ensure quality standards upon delivery of the product.

• Select a GRA-licensed broker to aid with the Customs procedures.

• Export!

Export Allowances

Companies that export sales of manufactured, processed, or agricultural products are entitled to export allowances as a deduction from chargeable profits. The value of the allowance is dependent on the percentage of export sales to total sales. Products that do not qualify for this allowance are bauxite, gold, diamonds, petroleum, sugar, rum, molasses, rice, timber, lumber, and shrimp.

Investment Regime

General Incentives (Available to all investors)

• Unlimited carryover of tax losses from previous years (Except Financial Sector).

• Accelerated depreciation on machinery and equipment for tax purposes.

• Benefits of Double Taxation Treaties with the UK, Canada, Kuwait, and CARICOM.

Sector-Specific Incentives (Available through an IA)

• Customs Duty and Value Added Tax Rate of Zero on a Wide Range of Processing Machinery and Equipment, including Packaging Equipment, Auxiliary Plant Equipment, Furnishings (Hotels), Building Materials, etc.

• Waiver of Customs Duty, Excise Tax, and Value Added Tax on certain vehicles relevant to the project.

Special Incentives (Available through an IA)

Investors may be eligible for special incentives such as Tax Holidays for groundbreaking investments in key sectors such as Agriculture, Energy, manufacturing, and Tourism.

AGRICULTURE INVESTMENTSnapshot

Guyana’s AGRICULTURE Sector

1. Agriculture, Fishing and Forestry contributed 24.8% to non-oil GDP in 2022

2. Trade – US$283.1 M of export earnings come from agriculture [2022] Earnings from exports

a) Rice - US$ 195.6 M

b) Fish - US$ 57.4 M

c) Sugar - US$ 15.9 M

d) Non-Traditional Agricultural Produce - US$ 14.1 M

3. Employment – 13.18% of the Relative Share of Total Employed Population is in Agriculture, forestry and fishing (Labour Force Survey Q3 2021)

4. Tropical climate, large expanse of freshwater and vast tracts of productive land (Arable land ~420,000 hectares

5. Guyana produces 59% of food for consumption (FAO 2015)

6. Approximately 4% of the national budget is allocated to agriculture (G$33.2 Billion in 2023)

7. Agriculture, forestry and fishing sector projected to expand by 7.2 percent in 2023.

Opportunities in the Agriculture Sector

Livestock

Poultry, Beef, Dairy, Small Ruminants - Sheep & Goat, Pork

Fisheries

Aquaculture

Agro-processed Products

Value added rice, Dehydrated fruits and vegetables, Seasoning & Spices, Sauces & Achars, Coconut Oil , Flours and Porridge

Mixes

Investment Opportunities

RICE

• Mechanization of the industry

• Rice production potential in Region 9 where vast Savannah lands are available

• Increase in storage capacity and milling

- milling waste to produce energy

• Downstream processing of rice into pastas, noodles, cereals, snack foods, etc.

SUGAR

Regional market for industrial grade white sugar - approx. 200,000 MT.

• The Guyana market for white sugar is 20,000 MT.

• Guyana benefits from a waiver of the 40% Tariff within the CARICOM region on all sugars related products coming into the region.

• White sugar price averages US$530 per MT vs. brown sugar at US$350.

• Access to a highly trained group of professional in sugar cane cultivation and sugar processing.

• Land for high-grade real estate development in close proximity to the main city (industrial sites, hotel development, residential communities, etc.)

• Land for value-added agricultural development (livestock, cash crop, aquaculture, corn, soya, etc.)

Skeldon - Refinery (industrial grade white sugar, glucose, raw brown sugar), Agro energy, Ethanol.

Albion - Agro energy, ethanol, bag raw brown sugar

Rose Hall - Ethanol

Blairmont - Packaged sugar, refined brown sugar, bag sugar

Enmore - Packaged sugar

Uitvlugt - Bag sugar and distillery

CORN AND SOYA

Corn and soybean are the major ingredients demanded in poultry feed and fish feed

Hon. Zulfikar Mustapha Minister of Agriculture

COCONUT

World Demand: the global coconut products market is valued at US$ 5.7 billion

• Expected to increase to US$ 9 billion by 2025 (Coherent market insights, 2020)

• The global coconut products Market is forecasted to grow at a compound annual growth rate of 9.65% during the forecast period (2020-2025).

• Tap into the US$500 million bottled coconut water industry,

• Expansion and mechanization of coconut estates

• Coconut value added products – flour, milk, desiccated coconuts, virgin coconut oil

• Coconut Waste Management converting coconut waste into green fiber and bio char for soil amelioration and possibly air and water filtration. High Value Crops, Fruits & Vegetables, Cocoa and Coffee, Hemp, Millet, Cut flower (Roses), Spices (Ginger, black pepper, turmeric)

Major Agriculture Sector Incentives

Fiscal incentives offered for Agricultural investments:

1. Waivers of Import Duty and VAT on a wide range of machinery and equipment for land preparation and cultivation including agricultural hand tools;

2. Tax concessions on Agriculture Investment in Agroprocessing Facilities, Cold Storage and Packaging;

3. Waivers of Import Duty and VAT on agro-processing equipment;

4. Waivers of Import Duty on a wide range of agrochemicals (e.g. insecticides, herbicides, fungicides, etc.);

5. Tax Deductible Allowances for expenditures incurred for development and cultivation purposes

6. Concessions for large scale livestock farming.

Government Support

1. Reversal of taxes on fishing equipment, etc.

2. Provision of Technical Support to Farmers, R&D, Extension Services

3. Access to suitable lands, and support for Regularizing Land Tenure

4. Improved infrastructural support for Brackish Water Shrimp in Region 6

5. Exemption from Import Duty on fishing vessels, feed, seed stock, pond equipment and materials, water testing equipment and chemicals

6. Exemption from Import Duty and VAT on fish/seafood processing equipment, packaging material and other

inputs for processing.

7. Tax concessions on Investment in Agro-processing Facilities, Cold Storage and Packaging;

8. Waivers of Import Duty and VAT on Agro-processing equipment;

General Incentives to Benefit Agriculture

1. No VAT on electricity and water

2. No VAT on building and construction materials

3. The reversal of the policy on used tires

4. The reversal of the 8-year limit on used vehicles

5. The reversal of high renewal fees for motor vehicle license.

6. Removal of 14% VAT on all-terrain vehicles

7. Address deficiencies in D&I Systems across the Low Coastal Plain

8. Provide farm to market roads in Regions 6 and 5

9. Reversal of land lease fees across all sectors and water charges back to 2014 rate, and the reversal of land taxes and drainage and irrigation charges back to 2014

Enabling Environment

1. Increase productivity through research and development into new strains of rice and improved pest control methods by the GRDB.

2. Restore budgetary support for adequate provision and maintenance of drainage and irrigation systems, and farm-to-market access roads.

3. Zoning to minimize conflicts between livestock farmers and rice and cash crop farmers.

4. Appropriate breeding stock, training, and facilities for cutting, packaging, and storage of meat.

Guyana's Rice

For over a century rice has been a staple food in the diet of Guyanese, which has led to an increase in its cultivation.

2022

In keeping with international standards, the rice is certified by the Guyana Rice Development Board’s Central Laboratory, which is ISO 17025 certified by the “General Requirement for the Competence of Testing and Calibration Laboratories” of the Jamaica National Agency for Accreditation. The Laboratory is also GYS 170 certified for the “General Requirement for the Operation of a Laboratory” by the Guyana National Bureau of Standards (GNBS).

...Meeting International Demands

Rice and by-products of rice are exported in various forms such as white rice, parboiled rice, cargo rice, broken rice and rice bran, and are packaged from small quantities of 1 kg to bulk.

Guyana’s rice is being exported to diverse markets around the world that include countries in CARICOM, Latin America, North America and Europe.

Guyana is not only known for its long grain rice, but is steadily improving on the different varieties, such as aromatic. In the very near future an aromatic rice variety will be released.

In an effort to promote healthy food, Guyana in collaboration with the Inter-American Institute for Corporation in Agriculture has embarked on a research project to produce bio-fortified rice, which is nutritionally enhanced with zinc. This research is currently being conducted at the Guyana Rice Development Board’s Rice Research Station. This is the first of its kind in the Caribbean region.

Over the years, Guyana continues to produced high yielding varieties to meet both local and international market.

A list of exporters of Guyana’s rice can be found on the Guyana Rice Development Board website: WWW.GRDB.GY

DDL Group's Modernization and Expansion Continue with Dairy Farm, Milk Products and WTC Georgetown

By: Wesley Kirton

Notwithstanding the unprecedented challenges of 2022 occasioned by the Russian invasion of Ukraine, the lingering effects of the Corona Virus Pandemic, rising inflation, and a consequent decline in global economic growth of about three percent, the Demerara Distillers Limited (DDL) Group of Companies has registered increased profitability and continues to embark on new and lucrative investment opportunities to grow its market share of the local, regional, and international markets. This against the backdrop of a US$24.63 Million after tax profit in 2022 compared to US$22.17 Million the previous year, an increase of 11 percent.

“In 2022 the Group’s diversification drive continued to gather pace despite global uncertainties and have reinforced our commitment to build an integrated, outward looking Group positioned to take advantage of opportunities as and where they present themselves,” says DDL Group Chairman, Komal Samaroo.

Expansion and modernization in 2022 included the addition of a new production line resulting in an increase in nonalcoholic beverage production, increased storage capacity for raw material, the upgrading of existing equipment in the distillery and a major drainage enhancement project throughout its operations complex at Diamond, on the east bank of the Demerara River.

Israel’s non resident Ambassador inspects a batch of TOPCO cherry juice on the production line at Diamond

DDL milk products

DDL Chairman Komal Samaroo and President of the LR Group of Israel Ami Lustig sign the partnership agreement in Tel-a-Viv establishing Demerara Dairies Inc (DDI).

Israel’s non-resident Ambassador to Guyana inspects the operations of TOPCO at Diamond where the Savannah brand milk is produced and packaged

With Guyana’s economic prospects for the foreseeable future very positive, the DDL Group has embarked on major new investments in 2023. The Caribbean Community’s (CARICOM) intense focus on regional food security has led to the decision to establish a US$16 Million joint venture state of the art dairy farm with the LR Group of Israel to produce fresh milk at Moblissa, on the Soesdyke-Linden Highway. Fresh milk from this farm will be pasteurized at DDL’s TOPCO plant under its existing Savannah brand range of milk products which are currently produced from reconstituted milk.

company that will own and operate the farm. Technical teams from Israel have visited Guyana and a team from DDL, headed by Chairman Komal Samaroo visited Israel in February. The project enjoys the full support of the Governments of Guyana and Israel.

The dairy farm is expected to be fully operational during the last quarter of 2024.

Another major project is the transformation of the former DDL headquarters on High Street, Kingston, into the World Trade Center Georgetown, Guyana. World Trade Centre Georgetown, (Guyana) is the first such Centre in the Caribbean Community (CARICOM). The license for the World Trade Centre Georgetown was acquired by Demerara Distillers Limited in May 2022 and is in-keeping with the company’s vision of better positioning itself and Guyana to be prepared for the myriad of business opportunities emerging in the rapidly changing global economy. The repurposed building is scheduled for commission during the last quarter of this year.

The feasibility study was completed in 2022 and the operating masterplan is now being finalized by technical teams from Demerara Dairies Inc., the new joint venture

“WTC Georgetown (Guyana) boasts approx. 37,500 sq ft of office space in a modern seven (7) floor building conveniently located in the capital of one of the world’s fastest growing economies. Whether you want to give free rein to your creativity in a self-contained office, open-plan office, or an entire floor of offices, WTC Georgetown will offer you flexible, modern office designs in an inspiring environment to meet your business objectives,” according to a brochure circulated by the Centre.

The DDL team looks at a feed storage facility at a dairy farm in Israel

The Chairman meeting with farmers and other community members in Moblissa to inform of the dairy project

Artist's rendering of the new World Trade Center Georgetown, Guyana

Facilities and Trade Services to be offered include:

FACILITIES

Seminar / Meeting Rooms

Long-term office space rental

Virtual office space/business support services

Auditorium

State-of-the-art Information & Communication Technology (ICT)/Cyber Security

TRADE SERVICES

Event Planning & Management

Business Management & Professional Services

Education & Knowledge Creation

Policy Analysis & Formulation (Market Access, Logistics, Financing, Insurance, Distribution Services etc.)

Research Conferences, Seminars & Lectures

Business to Business Networking Trade Missions (Inward & Outbound)

Fronted east facing High St. Kingston, the main artery of the administrative and institutional zone of historic Georgetown, the Centre is less than a 5 -minute walk to two

major hotels, the Canadian, US and Cuban Embassies, the British High Commission, the Ministry of Finance, the Civil Aviation Authority and the Inter-American Development Bank (IDB).

The Center was represented at the 53rd General Assembly of the World Trade Centers Association (WTCA) in Accra, Ghana in April during which a number of MOU’s were signed for collaboration in trade and investment initiatives.

“These expansion, modernization and new initiatives are executed by a committed and visionary workforce including managers backed by the Group’s commitment to sustainability and corporate ethics as evidenced by compliance with the Carbon Disclosure Program (CDP), International Compliance Data Exchange (ICIX) and the Business Social Compliance Initiative (BSCI),” says DDL Group Chairman Komal Samaroo.

For further information on DDL Group visit www.demeraradistillers.com or email wkirton@demrum.com

Accelerating Guyana's Agro-processing Industry

The Guyana Marketing Corporation

uyana’s value proposition as the leading supplier of excellent quality fresh and processed agricultural commodities is increasing rapidly due to the country’s massive investment in its agricultural sector.

Since the accession of the PPP/C-led Government in 2020, the country’s agricultural production system is accelerating aggressively through the use of modern technologies, improved crop, and animal husbandry practices coupled with accompanying Agro-processing facilities across all regions in Guyana.

To ensure that Guyana’s non-traditional fresh and processed agricultural commodities remain accessible locally, regionally, and internationally, the Guyana Marketing Corporation (GMC), a public company operating under the Ministry of Agriculture, continues to promote assiduously the cultivation and export of Guyana’s non-traditional agricultural crops to Regional and Extra-Regional markets.

The Corporation’s mandate is aligned with the Government of Guyana policy to ensure food security for all Guyanese and more recently CARICOM’s efforts to reduce its large food import bill by 25% by 2025 through the provision of excellent quality affordably priced food produced in Guyana.

Guyana's President Dr. Irfaan Ali and Minister of Finance Dr. Ashni Singh discussing Guyanese coffee potential at Guyana's Embassy in Qatar

Guyana’s Minister of Agriculture, Hon. Zulfikar Mustapha, GMC’s Marketing Manager Richard Hanif, and IAST Marketing Head, Raveena Mangal showcasing ‘Morning Glory’, a rice cereal manufactured locally

GMC's General Manager, Teshawna Lall and Marketing Manager, Richard Hanif sampling herbal teas produced locally

As the national marketing incubator for most of Guyana’s enterprising Agro processors, the Guyana Marketing Corporation provides technical advisory and other resources to ensure all fresh commodities and processed products are produced under international standards and of the best quality for both local and international markets.

Through the provision of a plethora of services including Market Advisory Agri-Business Development, Cold Storage Facilities, Market Extension, Packaging Facilities, Promotions and Marketing, Refrigerated Trucking Service, and processing facilities strategically located across Guyana. These services are designed to enable, Guyanese farmers, Agro processors, and other stakeholders, access to competitive enabling environments to produce fresh and processed agricultural commodities at the highest certified international standards.

Due to the strategic location of GMC’s operations across Guyana, the Corporation has a competitive advantage as it pertains to the supply of fresh and processed agricultural commodities and products.

As an agency listed under the Ministry of Agriculture, engagement with the Guyana Marketing Corporation will be of optimum efficiency through the provision of exceptionally professional and courteous service and products of excellent standards.

Local agro-processed products on display in GMC's Guyana Shop

Diaspora Investor Re-Opens GMC Plant and Launches ‘Caribe Snackz’ Food Products

promotion of investments in the sector and by the end of 2023, some 13 agro-processing facilities will be established across the country in Regions One, Two, Six and Nine.

These initiatives are part of a broader objective to revitalise agriculture in Guyana, and reduce the region’s food import bill by 25 per cent by 2025.

CEO of Caribe Snackz, Chief Samsair said “the new line will offer five varieties of plantain and cassava chips with future plans to expand.

The company employs 25 persons directly and supports another 100 persons including local farmers, and the launch demonstrates an opportunity to collaborate with the government to position Guyana as a leading producer and exporter of agricultural products”.

A new Snack Foods brand labelled ‘Caribe Snackz’ was launched in April at the GMC’s Agro-processing Facility at Parika, Region Three, manufacturing a range of five tasty and healthy snack food products, including the popular plantain chips for the local market.

Speaking at the ceremony, Minister of Agriculture, Zulfikar Mustapha emphasised that the initiative will have a significant impact on the rural community by creating job opportunities, promoting economic growth and new opportunities for farmers involved in the production of plantains and ground provisions.

He also confirmed that the agro-processing industry in Guyana is rapidly expanding with government support and

Plantain Chips produced at the packaging facility

Minister of Agriculture, Zulfikar Mustapha, former Chairman of the Private Sector Commission, Paul Cheong and Chief Executive Officer of Caribe Snackz, Chief Samsair at the launch of Caribe Snackz

ENERGY INVESTMENT Snapshot

Guyana’s ENERGY Sector

The Ministry of Natural Resources (‘MNR’) ‘s critical objective is to develop, implement and oversee policies for the responsible exploration, sustainable development, and utilization of Guyana’s natural resources to advance our economic growth and national prosperity.

Highlights

• To date, the gross recoverable resources are estimated to be in excess of 11 billion oil-equivalent barrels discovered offshore, the 3rd highest oil reserve in the Latin America and Caribbean Region and the 17th largest oil deposit in the world.

• The Stabroek block has been lauded by Reuters as one of the world’s most important oil and gas blocks in the last decade.

• Guyana’s embryonic energy sector means that a plethora of opportunities is anticipated to emerge in 2023 and beyond.

• Guyanese businesses have the opportunity to capitalize on the formation of mutually beneficial synergies with other international and regional organizations.

• Guyana is poised to experience an economic ‘boom’ in the medium to long term outlook.

• Significant amount of direct employment for Guyanese nationals as well as increased procurement of goods and services from Guyanese nationals and Guyanese companies by the multinational oil companies through the Local Content Act 2021 Act No 18 of 2021.

• There will be a surge in demand for support goods and services in and out of the oil and gas sector translating to an upsurge in direct and indirect employment opportunities.

• The World Bank indicates that Guyana is expected to remain one of the world’s fastest-growing economies in the medium term. GDP growth: 62.3% in 2022 and the International Monetary Fund has projected growth rates of over 20 plus percent on the next few years.

• The country’s non-oil economy benefited from a strong expansion of 11.5 percent in 2022.

• The expansion of the nation’s oil and gas sector, which

in 2022, saw Guyana producing 101.4 million barrels of oil, and closing off the year with US$1.271.8 billion in oil earnings.

• Strategic Local Content consultations were held in early 2021, the outcome of which informed the enactment of the Local Content Act 2021 Act No 18 of 2021.

• Natural Resources Fund Act 2021, Act No 19 of 2021’s passage paves the way for the utilization of oil revenues to finance the major developmental needs of the country and respond to natural disasters.

• Approximately 3800 persons are employed directly in the oil and gas sector.

• The Gas-to-Energy project expected to be completed by 2025 will reduce the cost of electricity by as much as 50% and will support the creation of spin-off industries that will support further economic development.

Energy

Guyana’s offshore development remains competitive for the global market and is an attractive investment opportunity.

• With a proven reserve of over 11 billion oil-equivalent barrels (boe) and oil discoveries totalling 43, Guyana outranks Norway, Qatar and Saudi Arabia with the world’s second highest reserve per capita (International Monetary Fund).

• Liza Phase One and Liza Phase Two. The developments are supported by the Liza Destiny and Liza Unity FPSOs, respectively. Combined, the two vessels produce 360,000 barrels of oil per day and collectively, produced over 100 million barrels last year. The third FPSO, Prosperity, sails for Guyana this second quarter and first

Hon. Vickram Bharrat Minister of Natural Resources

GYSBI Shorebase at Houston

oil is expected in the fourth quarter. Prosperity should take daily oil production to 560,000 barrels daily.

• More developments are already in the pipeline - Payara, Yellowtail, Uaru and Whiptail, respectively. Fused with the two current offshore developments, daily oil production capacity is anticipated to reach 1.3 million barrels by 2027. The Uaru and Whiptail projects are currently at different stages in their review process. These two developments if approved will place Guyana’s production at a rate of 1.3 million barrels of oil per day by 2027.

• The current estimate of Guyana’s gas resource is pegged at 16 trillion cubic feet (Tcf). Liza Phase One and Liza Phase Two will be exporting a combined total of 50 million standard cubic feet per day (mscfpd) for the country’s imminent and transformational 300MW Gasto-Energy project.

• Payara is the third project in the Stabroek Block and is expected to produce up to 220,000 barrels of oil per day after startup in 2024, using the Prosperity floating production, storage and offloading (FPSO) vessel.

• The Yellowtail project will develop the Yellowtail and Redtail fields and is located approximately 203 KM (approximately 126 miles) northeast of the coastline of Georgetown in waters approximately 1,700 to 1,900 M (5,577 to 6,234 ft.) deep. It is expected to utilise an FPSO that can produce up to 250,000 barrels of oil per day.

• Drawing light, sweet crude from the Uaru, Snoek and Mako developments, the proposed Uaru development project is estimated to attract a price tag of US$12.683 billion. Uaru, Guyana’s fifth offshore development, will be the largest ever project to date.

• Targeting some 50 development wells, Whiptail will be Guyana’s sixth project in the prolific Stabroek Block, with anticipated production levels in the range of 220,000 and 275,000 barrels of oil per day. First oil is expected between 2027 and early 2028, with production running for at least 20 years.

• The gas to Energy project is expected to supply 300 MW of electricity to the national grid by the end of 2024.

In addition to the abovementioned, renewable energy is likely to fill the additional energy needs of the country, particularly in the hinterland areas.

• The Amaila Falls Hydro Project is anticipated to contribute 165 MW of electricity by 2026.

• The largest current renewable source of electricity is biomass from sugarcane.

Forward-looking energy agenda

• Benefits of double-taxation treaties with the United Kingdom, Canada, Kuwait and the Caribbean Community;

• Access to markets in Latin America and the Caribbean, North America, North Brazil and Africa;

• Full and unrestricted repatriation of capital, profit and dividends;

• Accelerated depreciation on plant and equipment;

• Unlimited carry-over of losses from previous years;

• Economic stability, attainable national policies and a fair tax regime are all hallmarks of this prime investment destination;

• With Guyana only in the burgeoning stages of fully developing its thriving oil and gas sector, there are numerous opportunities for support companies to provide goods and services. Under the game-changing Local Content Act, passed in Guyana’s National Assembly in December 2021, oil and gas support companies benefit from special carve-outs in the supply of goods, services, employment and capacity development. Foreign companies can benefit from these carve-outs if they partner with Guyanese companies;

• According to the World Bank’s latest Global Economic Prospects Report, Guyana is projected to realise a real GDP growth rate of 25 percent in 2023. The report highlights, “Growth in the Caribbean is expected to slow to 5.6 percent in 2023 and 5.7 percent in 2024, from 7.7 percent last year. Aside from Guyana, which remains in a natural resources fuelled growth boom, the sub-region faces renewed headwinds.”

• With continued interventions and policies geared at building a resilient economy, the government projects Guyana’s real GDP to grow by 25.1 percent this year, a rate of growth which currently puts Guyana among the five fastest growing economies in 2023. This position can be largely attributed to the further ramping up of oil production anticipated in the Stabroek Block. Growth in the non-oil economy is currently projected at 7.9 percent

FPSO vessel in waters offshore Guyana

this year, driven by continued expansion in construction, other crops, and wholesale and retail trade and repairs, alongside a rebound in gold mining.

• Even as growth in Latin America and the Caribbean is expected to reduce from an estimated 3.6 percent in 2022 to 1.3 percent this year, the World Bank says that Guyana’s perspectives remain positive.

Attractive Incentives

The Government of Guyana is pro-business and therefore believes in creating an enabling environment to facilitate investments which will, in turn, spur economic growth in all sectors (traditional and non-traditional). Some of these include:

• Providing tax incentives for new investments, re-tooling, and technological improvements;

• Establishing industrial parks/estates for manufacturing in coastal and hinterland regions;

• Establishing a fund to stimulate innovation and new businesses;

• Providing complementary infrastructures such as roads, bridges, airstrips, training institutes, etc.;

• Exempting the payment of Duty and VAT on all critical building materials and equipment;

• Dockyard and shipping building: Exemption of Duty and taxes are available for the operation of dry-docking facilities;

• Recycling: Exemption of Duty and VAT on all machinery and equipment used;

• Land availability;

• ICT liberalization.

Why Invest? Opportunities

The government is keen to quickly diversify the economy to avoid the fate of other developing countries that have fallen victim to Dutch disease and the resource-curse effect; whereby a natural-resources boom triggers a decline in other sectors. Guyana is on the verge of becoming the largest oil producing

country in the world on a per capita basis. With these projected growths, there are a wealth of opportunities that exist within the tourism, agriculture, construction, manufacturing, energy, transportation, mining and services sectors.

Under the leadership of President Dr. Mohamed Irfaan Ali, the Government is committed to economic transformation of Guyana and has embraced an investor-friendly and a strong private sector position. To stimulate investment, the Government is offering a wide range of tax and fiscal incentives to investors.

Vast Oil and Gas Potential

The booming oil and gas sector in Guyana provide a myriad of opportunities that investors can tap into. With continued exploration successes, the demand for goods and services incountry will exponentially increase.

Attractive Incentives

The GoG has a tax regime that incentives the importation of equipment for the oil and gas industry and companies utilizing renewable energy options.

Environmental Regulations

In an effort to mitigate against environmental degradation, all projects are required by law to obtain environmental authorization from the Environmental Protection Agency

Reduced costs for energy through the gas-to-energy project and investment in renewables

The gas-to-shore project, as well as other investments in hydro, solar, wind, and biomass, will result in the reduction of energy costs by as much as 50% which will improve the competitiveness of Guyana’s manufacturing sector as well as create investment opportunities in spin-off industries surrounding the project area and the country at large.

Onshore and offshore oil exploration.

Substantial acreage onshore and offshore remains untapped.

Area C is located northeast of the offshore Guyana Basin. That area is commonly known as the “ultra-deep-water area”. Water depths can be a minimum of 2,500 m in the southern part to around 4,500 – 5,000 m at its northern boundary. The Areal extent is approximately 9560 km2

The Takutu basin is a Mesozoic graben 280 km long and 40 km wide located in the southwestern area of Guyana. The Karanambo-1 well drilled there in 1982 by Home Oil Company,

Steel frame structure under construction

was the best prospect drilled within this basin. Located in southwestern Guyana, a small amount of light crude was accrued. Tests conducted on samples from Karanambo-1 found that the oil is of good quality (42o API) and is of a “sweet” variety, containing less than 0.5% hydrogen sulphide. Currently, the Takutu basin has no active concessions.

Expand the hinterland electrification program

The goal of the hinterland electrification program is to maintain the steady extension and upgrade of electricity supply systems across the hinterland, progressively improving operations and merging isolated services as appropriate.

This programme also seeks to expand existing coastal electricity grids to unserved areas within a feasible distance from the grids and to examine ways in which hinterland areas could be provided with electricity in the most cost-effective and sustainable manner.

Through this programme an expanded number of hinterland communities will obtain access to electricity through renewable energy resources such as hydro, solar, and wind power. It also unlocked vast areas of land that may bring new economic opportunities.

Monitoring of the wind testing instruments will be done by the Guyana Energy Agency in order to determine the available wind resource in different locations with a view of developing utility-scale wind farms.

Stabroek Block development

With a proven reserve of 11 billion oil-equivalent barrels (boe) and oil discoveries totalling 43, Guyana outranks Norway, Qatar and Saudi Arabia with the world’s secondhighest reserve per capita (International Monetary Fund). More developments are already in the pipeline - Payara, Yellowtail, Uaru and Whiptail, respectively. Fused with the two current offshore developments, daily oil production capacity is anticipated to reach 1.3 million barrels by 2027. The Uaru and Whiptail projects are currently at different stages in their review process. These two developments if approved will place Guyana’s production at a rate of 1.3 million barrels of oil per day by 2027.

Local Content Act yields positive results as estimated USD$710M expended in first year

of law’s implementation

The spirit of the Local Content Act secures the Guyanese people’s place in the oil and gas growth market, while presenting foreign owned companies a guided path to ethically enter the Guyana market unhindered.

• Local Content Licenses are issued under the Petroleum (Exploration and Production) Act. Parties to Petroleum Agreements with the Government of Guyana…

• …and their sub-contractors, are required to comply with the Local Content Act. The Act identifies forty sectors with defined targets that are reserved for Guyanese companies and Guyanese nationals.

Equipment for wind farm development

The Government of the Cooperative Republic of Guyana is engaging a private developer in advancing a wind farm project at Hope Beach. If realized, it will bring with it an installed capacity of about 10 MW to supply electricity to the local grid.

Under the Unserved Areas Electrification Programme, wind speeds were monitored via the installation of measuring towers in the following areas: Orealla, Region 6, Jawalla, Region 7, Campbelltown, Region 8, Yupukari, Region 9 but the wind speeds were not very attractive.

• A Guyanese company is defined as being incorporated under the Companies Act of Guyana and which (a) is beneficially owned by Guyanese nationals who control at least fifty-one percent of voting rights; and…

• …(b) that has Guyanese nationals holding at least seventy-five percent of executive and senior management positions and at least ninety percent of non-managerial and other positions.

INVESTORS’ GATEWAY TO GUYANA

Guyana's offshore oil production is projected to reach 1.7 million barrels per day by 2030, creating opportunities for investors to support the estimated 160,000 workers needed for growth. In 2021, Foreign Direct Investment in Guyana doubled to $4.3 billion USD, with opportunities in manufacturing, agriculture, healthcare, banking, and more. The Local Content Act encourages local businesses to improve their standards and partner with international companies for growth.

Excel Guyana, a 100% Guyanese-owned business with over 30 years of experience, has established itself as a leader in Guyana's business community. The company's extensive network of local and inter national resources positions it as a valuable partner for businesses entering the market. Excel Guyana offers a wide range of services through its four divisions, which provide comprehensive business management solutions to local and international

Recruitment and HR Division

Excel Guyana's Recruitment and HR Division provides tailored recruitment and HR management solutions to help clients efficiently scale up. The division operates under a Recruitment Process Outsourcing (RPO), Direct Sourcing, and Headhunting model, and has an extensive database of skilled, local talent and international resources.

To keep up with market changes, Excel Guyana introduced an Employer of Record service last year, which expertly manages the complex labor system. Their HR department also assists clients in obtaining work permits, travel visas, and secure housing, ensuring a smooth transition for employees. With a commitment to meeting clients' unique needs, Excel Guyana is a trusted partner for businesses looking to build a skilled workforce in Guyana.

Excel Guyana's Logistics and Procurement Division sources heavy machinery, construction supplies, and aggregates for onshore and offshore customers. Establishing supply chains with 30+ vendors to support infrastructure projects in Guyana, Excel prioritizes reliability and ensure timely delivery of specified materials while also offering value engineering plans. Quality materials and customer service are key factors in their selection process.

Logistics and Procurement Division

Customs Brokerage Division

Excel Guyana's customs brokerage team provides professional customs clearance services for imports and exports. With extensive knowledge and systems in place, they ensure compliance with all necessary regulations while expediting the clearance process. Working in close coordination with procurement and marine divisions, they deliver essential supplies and materials to keep businesses running smoothly. Excel's customs brokerage division is committed to delivering reliable and hassle-free customs clearance

Marine and Offshore Services Division

The Government of Guyana has invested heavily in transforming the maritime sector to advance to a more modern economy. Excel Guyana's Marine and Offshore Services Division has a team with unmatched industry experience and technical competencies that meet the client's standards. They provide cutting-edge solutions to help project managers reduce costs and delays. With over 30 years of experience, the team can offer services such as vessel clearance and agency, crew handling, and port services, to name a few.

Construction and Development Division

Excel Guyana's Construction and Development Division offers a wide range of services, from site preparation to full construction management. They have built a reputation for delivering complex projects on time, within budget, and to the highest quality standards. The team is committed to excellence, safety, and sustainability, working closely with clients to provide tailored solutions. Excel Guyana emphasize the use of sustainable building practices and materials to benefit the environment and contribute to the long-term viability of the construction industry in Guyana.

Excel Guyana's reputation as a leader in the business community is a testament to its commitment to excellence and customer satisfaction. With its deep local knowledge and experience, the company is well-equipped to provide value-added services, such as project management, engineering, and consulting services, to clients looking to navigate the complexities of doing business in Guyana. As the country's economy continues to grow, Excel Guyana is well positioned to capitalize on the opportunities.

INNOVATIVE DEVELOPMENT

INNOVATIVE DEVELOPMENT

Excel Guyana’s leadership team has been growing companies in Guyana and the CARICOM region for more than three decades. We are building Guyana’s future through strategic partnerships that elevate our local and international clients, partners, and the communities that we serve.

Excel Guyana’s leadership team has been growing companies in Guyana and the CARICOM region for more than three decades. We are building Guyana’s future through strategic partnerships that elevate our local and international clients, partners, and the communities that we serve.

In 2022, Excel became the first Guyanese company to achieve an Integrated Management Systems Certification through the coordinated implementa tion of three ISO Systems: ISO 9001:2015 Quality Management System, ISO 45001:2018 Occupation al Health and Safety Management System, and ISO 14001:2015 Environmental Management System.

In 2022, Excel became the first Guyanese company to achieve an Integrated Management Systems Certification through the coordinated implementa tion of three ISO Systems: ISO 9001:2015 Quality Management System, ISO 45001:2018 Occupation al Health and Safety Management System, and ISO 14001:2015 Environmental Management System.

This strategic decision affirms Excel’s commitment to providing reliable, high-quality service in a safe and healthy work environment.

This strategic decision affirms Excel’s commitment to providing reliable, high-quality service in a safe and healthy work environment.

Marine & Offshore

Recruitment Process Outsourcing

GYSBI Invests US$25 Million to Expand Houston Shorebase Operations

Company is a Pioneering Model for Milestone Development of Local Content in Guyana’s Oil and Gas Industry

uyana Shore Base Inc. (GYSBI) in February 2023 hosted a ceremony at its Houston Complex for the commissioning of its two new Heavy-lift Berths and mega Crane labelled “Commander-in-Chief” representing a new US$25 million investment and significant additions and

GYSBI is the first locally owned Shorebase facility to be established in Guyana through an investor group Guyanese entrepreneur with the principal business being to provide port related services to ExxonMobil’s local subsidiary, Esso Exploration and Production Guyana Limited (EEPGL). The addition of the two new berths and the mega crane will significantly increase the company’s handling capacity and accommodation of more vessels at its port facilities.

President, Dr. Irfaan Ali, in his comments at the commissioning ceremony, commended GYSBI on the new US$25 Million financial investment confirming it is a milestone in the development of Local Content in Guyana. It is also a reflection of the company’s confidence in the local economy and the expansion of the port facilities which highlights the possible opportunities for Guyanese to invest and grow through the enactment of the Local

The President spoke extensively about the Local Content Policy and his government’s determination to ensure that our country and our people derive increased benefits from the Oil and Gas sector.

“Local content is a means through which we’re ensuring greater value retention and value-added from the Oil and Gas sector and the Local Content Policy is playing its part in promoting economic diversification in Guyana and catalysing the development of new services and industries, as is evidenced by GYSBI’s presence and continued expansion”.

Content legislation and establishment of the Local Content Secretariat to oversight the Oil and Gas sector.

President Ali speaking at the Commissioning Ceremony

The new mega crane "Commander-in-Chief"

President Ali with GYSBI Executives and Ministry officials at the Commissioning Ceremony

“Just look around you and see the number and types of businesses that have emerged since Oil production commenced. Drive around, be honest, be open, and be critical. The business landscape of this country is being transformed. The level of sophistication in the local economy is improving and expanding.,” he added.

President Ali noted that over the last two and a half years, several companies have invested more than US$115 Million directly along Guyana’s coastline for several operations to service the Oil and Gas industry.

In his comments, Executive Director of GYSBI, Robin Muneshwer in addressing the audience indicated that the addition of the new berths is the culmination of a rapid expansion programme by the company that started operations just five years ago with a modest eight acres of laydown yard, two berths and one warehouse, and has since expanded to 155 acres, eight warehouses and now has four berths.

“This exponential growth has been largely fuelled by the unparalleled success Exxon has had in its exploration activities and the ability of GYSBI to fulfil its current needs. Guyana Shore Base Inc has brought millions of dollars in revenue to the country and has energized the East Bank Demerara corridor to such an extent that it has become the hub of the local oil and gas industry. In the process and over time GYSBI has created hundreds of jobs through direct and indirect employment with the company now having some 705 employees, of which 95 per cent are Guyanese nationals” a proud Muneshwer expounded.

As a result, the Executive Director shared that long before a Local Content Policy was implemented, his company has been the poster child for Local Content in Guyana. The hundreds of jobs that have been created, he added, would not be possible without the Shorebase facility.

“The story of GYSBI is that of a local company, Muneshwers taking a tremendous entrepreneurial risk years ago in the pre-oil era, teaming up with foreign companies who brought their intellectual and financial resources to create a uniquely Guyanese story. We are the shining beacon of the industry,” Muneshwer said.

President of EEPGL, Alistair Routledge, shared similar sentiments as he noted that the commissioning of the new berths marks another significant milestone in Local Content development in Guyana.

Routledge in his address said “that over the years, GYSBI has been providing services and with the recent expansion of the facility, some additional services that were being handled in Trinidad and Tobago are now being handled at the GYSBI facility at the Houston Complex.

He added “that the GYSBI facility has been an integral part of EEPGL’s operations in Guyana and it is absolutely critical to our operations offshore. It’s a multiservice one-stop shop, from drilling equipment, fuel, materials, chemicals, all critical to our production, operations, drilling operations, waste treatment and storage of spill response equipment.” According to Routledge, 25 of EEPGL’s 36 vessels came every week to the GYSBI’s port facility between January and November 2022, before the two new berths were added.

In December of that same year with the addition of berths three and four, he indicated that that number went up to over 30 vessels per week. He noted that the main driver behind this was the full operationalisation of the new berths.

He also noted that the partnership between GYSBI and ExxonMobil Guyana shows what can be achieved at a significant scale within a short period with collaboration and a common long-term vision confirming that the Shorebase is a great example of the benefits of a strategic approach to Local Content growth to further foster and develop a resilient and diversified economy for the long term.

Routledge concluded that it was just last year that EEPGL signed an 11-year extension with GYSBI, which affords the company more opportunities for further growth.

SBM Offshore Signs 10 Year Agreement with ExxonMobil for Operations and Maintenance of FPSO Fleet

SBM Offshore will operate the units through an Integrated Operation Model, which encompasses an organization model including seconding ExxonMobil Guyana employees in some key onshore and offshore positions. This model will combine SBM Offshore and ExxonMobil Guyana’s experience and resources to increase team efficiency and foster synergies between the two companies.

SBM Offshore is pleased to announce it has signed a 10-year Operations and Maintenance Enabling Agreement with Esso Exploration & Production Guyana Ltd (aka “ExxonMobil Guyana”) for the Operations and Maintenance of FPSOs Liza Destiny, Liza Unity, Prosperity and ONE GUYANA. This framework agreement establishes the new terms related to the operations of the Guyana FPSO fleet for a period of 10 years up to 2033.

The lease terms and durations remain the same for all units, with 10 years lease for FPSO Liza Destiny and up to 2 years lease for FPSOs Liza Unity, Prosperity and ONE GUYANA after which the FPSOs’ ownership will transfer to the client.

This contract supports SBM Offshore’s long-term business vision in Guyana enabling the Company to perform local and sustainable investments in people and infrastructure as well as to deploy its digital and operational technologies to the Guyana fleet. The estimated impact on the revenue backlog is around US$3 billion based on various operating and maintenance assumptions.

“We are very pleased with the contract concluded with ExxonMobil Guyana leveraging both companies’ recognized operating excellence. This contract capitalizes on our developments in Guyana to date, positioning the Company for long-term operations in the country. This Integrated Operation Model is the first of its kind in the industry and extends our relationship with ExxonMobil Guyana by integrating further our teams. We believe it is the optimal solution to achieve excellence in the operation of Guyanese assets bringing value to all stakeholders and setting a new performance benchmark for the industry.”

Bruno Chabas, CEO of SBM Offshore commented:

Liza Destiny

Eight Guyanese Engineers Complete Training for Placement on Massive Prosperity FPSO

By OilNOW

The eight young engineers, Daniel Troyer; Malik Lewis; Andy Sattan; Raymond Luckhoo; Tanisha Selby; Kishaun Lall; Paula Ceres and Maryam Nasir at a graduation ceremony held on March 31, 2023, in Georgetown, Guyana.-

SBM Offshore Guyana said eight Guyanese engineers from its first cohort officially completed its Graduate Engineers’ Programme in first quarter 2023. The programme provided international training for the young Guyanese graduates from the University of Guyana.

Seven of the Graduates received training in the Netherlands and then Singapore for six months each, where they gained hands-on training on the Prosperity FPSO - the third vessel SBM Offshore is delivering to Guyana. The eighth Graduate, Maryam Nasir, was trained in Monaco and the Netherlands, where she participated in the creation of a Digital Twin for the Prosperity FPSO – a digital replica of the vessel, designed to enable information management.

Following the completion of the training and graduation ceremony, the Graduates were awarded official placements within the company.

General Manager of SBM Offshore Guyana, Martin Cheong noted that the activity is in keeping with the company’s Local Content Master Plan and indicated that this is just one of the capacity development programmes SBM Offshore Guyana offers. He said, “SBM Offshore is committed to building local content and providing capacity-building opportunities for Guyanese to play vital roles in the management of our country’s oil and gas resources.”

President of ExxonMobil Guyana, Alistair Routledge, remarked, “What an exciting day to celebrate the beginning of such bright careers at the beginning of a blossoming industry here in Guyana. You all are, as you’ve heard, the first cohort, you are the leaders breaking the ground, you are the future of SBM Offshore, you are the future of the industry and you will lead the way for years and years to come.”

Prosperity FPSO Project Director, Boudewijn Ledderhof commended the Graduates, saying, “You have shown that with the right attitude and with the right mindset you can grow rapidly into roles that SBM Offshore needs, and the industry needs. You are all textbook ambassadors for all the cohorts to follow, and you should be very proud of that.”

Minister of Natural Resources, Vickram Bharrat, congratulated the young engineers on their achievement, and commended SBM Offshore for their capacity-building efforts. He noted, “In saying that, we must recognise the work of SBM Offshore, and commend them as well for taking this initiative to ensuring that they build capacity among young people in Guyana.”

A new batch of Graduate Engineers have been recruited as the second cohort of the programme, in alignment with SBM Offshore Guyana’s ongoing initiatives to build local capacity, and expand its Guyana workforce.

The engineers with Boudewijn Ledderhof, Project Director for the Prosperity FPSO; Hon. Vickram Bharrat, Minister of Natural Resources; Onecia Johnson, Human Resource Manager; Alistair Routledge, President of ExxonMobil Guyana; Martin Cheong, General Manager and Karla Coimbra, Operations Readiness Manager for the Prosperity floating production, storage and offloading (FPSO) vessel.

750 Local Content Certificates Targeted for 2023

By OilNOW

Within a year of existence, Guyana’s Local Content Secretariat (LCS) had made tremendous strides, and aims to continue that path in 2023. Head of the Secretariat, Dr. Martin Pertab disclosed that it has targeted the approval of 750 critical Local Content Certificates.

“Last year, we were essentially testing the depth of the water and getting a feel of the industry. This year, we are focused on strengthening the Local Content law, particularly the services we provide,” he explained.

industry to institute a 45-day payment period following complaints from local vendors.

“We have made it quite clear to the companies that the lengthy payment periods would have a significant impact on the viability of these small companies. So, we want to ensure that commitment remains this year,” Dr. Pertab outlined.

The LCS has approximately 560 local entities registered on its database.

For further information: Local Content Secretariat, 116-117 Cowan Street, Kingston, Georgetown Tel: (592) 225-8315 | Email: localcontent@nre.gov.gy

Website: www.nre.gov.gy

Dr. Martin Pertab, Head of Guyana's Local Content Secretariat

Dr. Pertab noted that Local Content raked in a whopping US$700 million for Guyana. “This translated into additional job opportunities and spill over effects in other sectors,” he added.

The First Schedule of Guyana’s Local Content Act is up for review this year, eventually leading to a revision of the 40 areas that Guyanese can have preference, in the oil sector. Dr. Pertab explained that new services are being examined and could potentially rake in an additional US$200 million in revenue for the country.

Pertab advised that having a Local Content Certificate not only demonstrates to regulators that you are a legitimate Guyanese company or joint venture in the oil and gas supply chain, but also puts you in an advantageous position during the evaluation process for contracts.

In 2023, the LCS Head explained that one of the criteria being used in the approval process is assurance that the payment period for local contractors falls within its mandatory guidelines. Last year, the LCS issued an ultimatum to all contractors and sub-contractors operating in its oil and gas

40 Guyanese Companies Attend 2023 Offshore Technology Conference (OTC) in Houston

The Guyana Pavilion at the Offshore Technology Conference 2023 (OTC) was officially opened with a symbolic ribbon-cutting ceremony and saw over 100 Guyanese participating.

This is the fourth consecutive year Guyana has participated with the Guyana Office for Investment coordinating the Guyana Pavilion. The conference provides businesses with networking, collaboration, and showcases Guyana’s potential for future Oil and Gas industry developments.

During the ribbon-cutting ceremony, Chief Executive Officer of the Guyana Office for Investment Dr. Peter Ramsaroop said “OTC is one of the most prestigious platforms for the world to keep engaging with Guyana as we continue to lead on energy transition, low carbon development, and climate services.”

Leaders and members of The Private Sector Commission, the Georgetown Chamber of Commerce and Industry (GCCI), the American Chamber of Commerce and Guyana Oil and Gas Energy Chamber (GOGEC) comprised the Guyana delegation.

Government Presents 5th Oil Production License for Stabroek Block

The Government of Guyana has announced the approval of the Uaru Field Development Plan and the issuance of the Uaru Petroleum license to ExxonMobil and its partners. This will be fifth development in the giant Stabroek Block offshore Guyana and will see the production of an additional 250,000 barrels of oil per day.

See below full statement issued by the Ministry of Natural Resources:

The Ministry of Natural Resources (MNR) is thrilled to announce the approval of the Uaru Field Development Plan (FDP) and the issuance of the Uaru Petroleum Production License.

The Ministry, with support from the Petroleum Division within the Guyana Geology and Mines Commission (GGMC), worked alongside ExxonMobil Guyana (EM) from May to November 2022. As part of this, various technical and financial scenarios for developing the Snoek, Mako and Uaru reservoirs were presented. The pre-submission engagements amongst MNR, GGMC and EM were not a preapproval mechanism but served to optimize alignment with legislative frameworks and international best practices. The November 1, 2022 submission of the production license application and accompanying Field Development Plan underwent a rigorous review process by MNR and GGMC staff, supported by an independent consultant procured through the World Bank. The FDP review process took over four months while the overall process took over 11 months.

The Uaru development benefits from EM’s “Design one, build many” philosophy, which allows for more efficient project implementation by leveraging similarities between black oil projects. The project is expected to produce 812 MBO in the initial twenty-year license period through a total of 44 wells – 21 producers and 23 water and gas injectors. The floating, production, storage and offloading (FPSO) vessel, Errea Wittu, which will be built by Japanese FPSO-building and operating company, MODEC, will produce 250 kbd at peak production. First oil is anticipated for the second quarter of 2027, boosting Guyana’s overall production rate to over 1,100,000 barrels of oil per day.

Additionally, MODEC will now compete with SBM Offshore, the Dutch-based company responsible for the first four projects in the Stabroek Block. Notable changes in the FPSO design compared to previous projects include using a combined-cycle gas turbine for power generation and a closed-loop flare system, reducing greenhouse gas emissions from the project.

Certain conditions that are applicable to the Yellowtail project were excluded from the Uaru PPL since they were deemed to have been sufficiently addressed by the Yellowtail license conditions. Similar to the Payara license, the Uaru PPL boasts a Unit Development component, covering four of the Uaru field reservoirs that extend into the Liza production area. The reservoirs are not being tapped into by Liza developments and are instead covered by the Uaru license.

Minister of Natural Resources Hon. Vickram Bharrat hands over to the President of ExxonMobil Guyana, Mr Alistair Routledge, the signed petroleum production license for Guyana’s fifth offshore development, Uaru. They are joined by Production Manager of CNOOC Guyana Mr. Xu Xiangdong (far left) and Hess Corporation’s Vice President of Exploration, Appraisal, and Developments for GuyanaS and uriname, Mr. Tim Chisholm. They represent the two other oil majors comprising the Stabroek Block consortium

The Uaru project is budgeted to cost US$12.683 billion and it is subject to cost recovery under the Stabroek Block Petroleum Sharing Agreement. The Cost Reporting condition was strengthened to include annual synergy reporting, acknowledging the shared facilities and personnel between these projects that result in cost savings. Additionally, a Capping Stack condition was included in this license to ensure compliance with the commitment to have the Capping Stack in-country as required by the Yellowtail license.

In summary, the approval of the Uaru Field Development Plan and issuance of the Uaru Petroleum Production License marks the fifth approved production operation for offshore Guyana within the prolific Stabroek Block. The Uaru project is expected to significantly contribute to Guyana’s oil production and highlights the benefits of leveraging similarities between black oil projects.

Major Oilfield Services Company Opens New Base in Guyana

Guyana’s Oil and Gas industry continues to grow with National Oilwell Varco (NOV), a Houston, Texas-based oilfield services company announcing the opening of its first base facility at Plantation Rome, East Bank Demerara.

At a well attended ceremony in May, the company celebrated its new addition to its current base facilities in 11 Latin American countries. NOV Wellsite Services President, Mark Lapeyrouse said the intent of the company is to eventually become 100 per cent Guyanese operated.

“We have a small handful here now, we are growing it and we hope to do a lot more here and we will grow it with a very intelligent, hardworking workforce,” the NOV Wellsite President said.

He noted that the company is aware of the highly trained workforce that already exists here and it intends to expand on this.

Back in 2020, the company made its first trip to Guyana and has since provided worldclass services to ExxonMobil.

NOV brings its technical expertise and advanced equipment to enable the energy industry to safely produce energy and minimize the impact on the environment. This move is expected to greatly benefit the oil and gas industry by providing employment and better respond to the needs of the offshore facilities.

The company joins sister companies, the Guyana Shore Base Inc. where a thermal desorption treatment facility is and the Sustainable Environmental Solutions (SES), which also houses parts for NOV.

Lapeyrouse said an estimated US$4 million was invested into those parts. This base facility, rented from a local businessman, will store even more equipment.

Chief Executive Officer of the Guyana Office for Investment (Go-Invest), Dr. Peter Ramsaroop said the company has made a very profitable investment in moving to Guyana.

“If you look at Guyana’s market today from 2020 to 2023 and you said this is it, this is not even close. You haven’t heard of the monetization of gas yet, where Guyana will be in the near future and I believe companies that have bought the stock and are here in Guyana are way ahead of companies that are now thinking about it,” Dr. Ramsaroop said.

He also urged the company to find ways it can grow in the country by manufacturing its equipment locally. He said there is room for the major components to be produced in Guyana.

Meanwhile, Bobby Gosai Jr., the Senior Petroleum Coordinator at the Ministry of Natural Resources, said there will be massive growth of the country’s economy over the next seven years. For this reason, major investors such as NOV are welcomed, he said.

“The oil and gas that is produced in Guyana and the services and the products and the skills that are needed are world class and companies like NOV and their partners, need to have specialised skills.

A local NOV employee cuts the ribbon to open the new facility (Photo: News Room)

The National Oilwell Varco (NOV) facility at Plantation Rome, East Bank Demerara (Photo: News Room)

FORESTRY INVESTMENT

Guyana’s Forestry Sector

Guyana’s forest covers 18,001,790 Hectares. It is the second-highest % of forest cover on Earth recorded in 2020.

Forest cover: about 18 million hectares (87% of Guyana’s land area)

State forests: 12.5 million hectares

Allocated forest: 5.24 million hectares

Actual harvest: 25 - 35 percent

2022 Production: 441,500 m3

2023 Projected Production: 460,000 m3

The forest sector employs approximately 22,500 persons

2022 Production: 441,500 cubic meters

2023 Projected Production: 460,000 cubic meters

2022 Exports: USD 34M

2023 Exports Projected: USD38M

Enabling Environment to Catalyze Forestry Sector

• Current local construction boom

• Collaboration with the Ministry of Housing to build low income wooden houses

• Increased Common External Tariff on Pine/ Plywood/other imported timber

• Import license required to import timber

• Log export policy revised- easier to purchase/ export logs/lumber

• Local companies now FSC FM and Chain of Custody Certified (independent)

• Guyana Low Carbon Development Strategy 2030 was launched in 2021

• Consolidated (Dimension stock yard) is a viable investment opportunity

• Incentives: no VAT on logs, sawn lumber, machinery; investment agreements

• Development of hinterlands infrastructure provided for in Budget 2022

Snapshot

Investment Opportunities

• Investment in Primary Extraction of Forestry Resources (current extraction level is at 30% of sustainable maximum)

• Investment in large scale downstream processing (to include added value processing with supply chain integration; strengthen local capacity and offer investment opportunity)

• Prefab Houses ( Affordable Prefab Houses )

• High Abundance of Prime Added Value Species (flooring, decking, prefab houses, furniture to target niche export markets)

• Potential for Joint Venture Opportunities with existing forestry operators

• Partnering on broader Environmental Services (including forest carbon services, biodiversity and other watersheds to align with global climate goals)

• Equipment Rental Services(trucking, transport to forest concessions to point of export)

• Reforestation programs in forest degraded areas – in mined out areas, etc.(Approximately 200,000 hectares of lands for reforestation)

• Forest plantations – National Forest Policy requirement) (Investment in pulp and paper industry using fast growing forest species)

• Forest products consolidated marketing business (buying and selling forest products on a large scale - consolidating hub)

Hon. Vickram Bharrat Minister of Natural Resources

• Development Financing Window(forest sector is capitalized with limited and high cost of capital)

• Development of an Integrated Log Consolidation/Storage and Distribution Centre

• Small Business Development through Innovative Credit Line or Revolving Fund

• Expanded Use of Non Timber Forest Produce such as Kuffa and Nibbi into Furniture Making to fulfill a growing Hotel Industry

• Alternative Uses of Forest Produce such as supporting the Development of Small Industries (Decorative Products, Household and Garden Products etc.) including Wood Waste for Energy

Products

Guyana Greenheart, Guyana Purpleheart, Guyana Cherry, Guyana Amberwood

Best marine timber

Sawn lumber for construction

Decking

Lus/decorative species

Profiled construction lumber

Shingles - Guyana wine wood (Wallaba)

Prefab houses / precut houses

Flooring banks

Garden furniture

Other household components

Moudings, shutters, doors

Pitles - General construction and marine application

General construction

Greenheart decking - new product

Wallaba shingles

Decorative

Processed forest products

Products Supply Chain

• Guyana has over 1,000 timber species, suited for local construction, value added, and export.

• There are over 550 small and mid size producers and 22 large scale operators

• There are over 300 sawmills and lumber yards that produce can be source for local construction

• Prominent timber species for construction available include Greenheart and Purple Heart, Wallaba, Kabukalli, Mora, Shibadan, Locust, Crabwood, Tauroniro, Hububalli, Wamara and Silverballi.

Incentives

• Duty and VAT free for most machinery and equipment used in logging and processing operation.

• Zero taxes on fuel

• Duty and tax exemption on various categories of 4x4 vehicles

• Duty and tax exemption on ATV’s and haulage vehicles

• Government contribution to Infrastructure

• $ 900M Revolving Fund for the Forest Sector

• Expected to start issuing licenses in 2024/25

• Will guarantee legality of origin to consumers

• Concurrently engaged in Programme for the Endorsement of Forest Certification (PEFC)

• Will hopefully complete process in 2022

• Will guarantee sustainability of origin

Timber logs

Processed lumber

Pre-fab wooden house

Wooden shingles

ICT INVESTMENT Snapshot

Guyana’s ICT Sector

• Liberalized telecommunications sector.

• Overall literacy of 85.6% and a youth literacy rate of 94.4%;

• Massive job creation anticipated for 2023.

• ICT will bridge the divide between the Hinterland and Coastland with the Hinterland Poor and Remote Communities Project.

• The digital divide is being connected through Both infrastructure and services to citizens of the country.

• In 2022, Guyana moved from low to high in the United Nations’ E-Government Development Index (EGDI) among 138 member states.

• Reporter Link Research estimated 47.21% of Guyanese in 2026 will be using the internet in Guyana.

• The 115 km of fibre cable network expansion has begun, with completion anticipated in 2023

• The deployment of Very Small Aperture Terminal (VSAT) equipment is now providing over 60,000 residents in 161 hinterland communities with internet service.

• 200 communities and almost 100,000 residents will benefit from the Hinterland Poor Remote Communities (HPRC) internet connectivity project when it is rolled out within the first quarter of 2023.

• The 2023 Budget has set aside $500 million to pay for these activities.

• The ICT Industry comprises telecommunications operators, internet service providers, telemarketing call centres, inbound customer support, voice mail transcription, medical records transcription, and data warehousing & operators, broadcast institutions, ICT education providers, internet cafés, etc.

• Mobile Operators in Guyana: Digicel & Guyana

Telephone and Telegraph

• The ICT sector is under the oversight of the Office of the Prime Minister

Why Invest?

• Room in ICT driven by oil and gas development.

• Highly developed and diversified human resource base

• An attractive destination for ICT investment based on the country’s time zone

• Access to markets regional and international markets

• Attractive demands in ICT Business Incubators in all sectors.

• Investment opportunities in Data Centres

• Need for more Call Centres and BPO operations.

• The goal is to create 25000 new jobs in 5 years.

• Demand for Computer and Mobile Assembly Factories to create employment.

• Venture Capital/Innovation funds specifically targeted at ICT Business start-ups.

• Demand for E-Tourism (Guyana as a virtual tourist destination)

• Modern Legislation (Data Protection and E-Commerce)

• Development of National E-Commerce Strategy for Guyana

Investment Opportunities

Communications Services

Business Processing Outsourcing (BPO)

Back and front office functions

Call Centers

Outbound and Sales Telemarketing

Inbound Customer Sales Support

Hon. Brig. (Ret’d) Mark Phillips Prime Minister

Voicemail Transcript

Medical Records Transcription

Telecommunications Services

Voice Telephone Service (Landlines and Cellular Services)

Telephony

Telex Services

Telegraphy Services

Facsimile Services

Computer and Information Services

Consultancy Services

• Installation of computer hardware

Software Implementation Services

• Network Management and Security

• Software Development

• Application Support

Data Processing Services

• Web Development

• Internet Services

Database Services

• Data Warehousing

Other Services

Online Education

• Training and e-learning

Hardware Retail

Maintenance

• Computer assembly stores/services centres

Other ICT-Enable Services

• Insurance Services

• Financial Services

• Royalties and License Fees

• Personal and recreational Services

• Smart Grids

• Other Business

Fiscal Incentives

• No VAT on cellphones and data

• No taxation on electricity

• No VAT for Telecommunications Usage.Waivers of Duty

• Excise Tax

• Tax Exemptions on ICT Equipment and Machinery including computers and their hardware accessories, integrated circuits, micro assemblies and apparatus.

• Zero-rated of Value-Added-Tax on computers and hardware accessories, routers, switches and hubs for networking computers, toner cartridges and ink cartridges for computer printers.

• The following concessions are available to investors (both local and foreign) in the ICT Sector:

Utilities

The Government of Guyana will facilitate negotiations with the utility companies (Guyana Power & Light, Guyana Telephone & Telegraph Company and the Guyana Water Authority) for the timely supply of electricity, telecommunications and an adequate water supply to support employees.

Tax Holiday

Favourable consideration given for Tax Holiday once requirements are met.

Licenses

The Government of Guyana will issue the Company with a VSAT license. The VSAT License shall be utilized only for the Call Centre activities as described herein and no link outside the business activities of the Call Centre shall be permitted.

Full Waiver of import duties and taxes

• Full waiver of duties and taxes on all imported, machinery, equipment and vehicles, which are deemed essential for the establishment of a Call Centre.

• Full waiver of duties and taxes on all imported materials, parts, components and other inputs required for the establishment of a Call Centre which is not locally manufactured, including cooling equipment and building materials for the operation of the Call Centre.

Training Grant

The Government of Guyana will facilitate discussions with the appropriate international agencies for training grants for the Company.

Work permits

The government will provide work permits to specialist workers and trainers (up to 10% of total employees) who have to be hired from abroad once they satisfy the criteria for the granting of such status. The company must however put in place a programmer to train local labour to undertake specialized jobs.

Cyril’s Transportation Upgrades Service with New Hubbcat RugGear Communication System

The RugGear RG360 is a rugged communication device designed for use in demanding environments, such as the transportation industry. Powered locally by Digicel, it comes with a host of features for enhancing communication, dependability, and driver safety.

Launched recently, the RugGear RG360 boasts several features such as push-to-talk capability, GPS tracking, rugged structure, 8 GB of internal storage, a 3-inch touch display, a 2MP resolution rear camera, Wi-Fi, NFC, and Bluetooth connectivity. Other features include SMS, MMS, and email functions.

The device is also resistant to dust and waterproof, making it reliable in harsh environments.

Cyril’s Transportation Service (CTS) has upgraded its communication system by switching from traditional radios to the cutting-edge Hubbcat RugGear RG360.

The launch was attended by Cyril’s CEOs Mulshankar (Sunil) Persaud and Andrea Persaud, as well as Hubbcat’s CEO Alan Bates and Operations Director Orlaith Rafferty.

Yanet Vazquez Espinola Singh and Alicia Williams of Digicel Business were also present for the official handover of the communication devices.

Additionally, Malissa Livingston, the Operations Manager, Alden Amsterdam, Fleet Operations Manager, and Mikhail Persaud, Chief Operating Officer were in attendance.

Cyril’s CEOs Mulshankar and Andrea Persaud along with Hubbcat’s CEO Alan Bates (left)

MANUFACTURING INVESTMENT

Guyana’s MANUFACTURING Sector

• GDP - Contributes 1.94 % to Guyana’s National GDP and 5.1% of non-oil GDP (Ministry of Finance, Budget 2023, Appendix 2)

• The Manufacturing sector is estimated to have grown by 3.9 percent in 2022 and is projected to grow by 5.7% in 2023. (Ministry of Finance, Budget Speech 2023)

• Non-Traditional Exports- US$ 102.4 Million (2021) Total Exports Receipts-US$ 2 billion (2021)

• Job creation - the sector employs approximately 12% of the population.

• Guyana is ranked 134th out of 190 countries in terms of ease of doing business (World Bank Doing Business 2020)

Targets for 2023

• Manufacturing is anticipated to increase by 5.7 percent in 2023. It is projected that the production of sugar will increase by 29.3 percent. The production of rice and other goods is anticipated to expand by 6.1 percent and 4 percent, respectively. (Ministry of Finance, Budget Speech 2023)

• Further expansion in the manufacturing of non-metallic products like cement and chemical products, as well as in the manufacturing of fabricated metal products and plastic products.

Why Invest?

• Strategic Placement: Guyana enjoys favorable geographic, economic and cultural linkages with the Caribbean and South American markets.

• Competitive Labour Market: Economical wage rates and diverse, trainable labour force with enhanced strategies established for capacity building and human resource development.

• Enabling Investment Environment: Guyana’s leaders have declared Guyana ‘open for business’ and are continually taking steps to improve the investment climate.

• Duty free Market Access: Over 75% of Guyana’s exports enter destination markets duty-free.

• Natural Resources: Rich mineral deposits, productive land, forests, seas and rivers which present robust and diverse investment opportunities.

• Stability: A secure and stable socio-economic climate in which to do business.

• Language: Predominantly English-speaking with LatinAmerican ties.

Snapshot

Guyana's Competitive Advantage

• Low ‘time to market’ / lead-time: Guyana’s proximity to the U.S. Caribbean and Latin-American markets allows for shorter transit time vis-à-vis other exporting countries. This lead-time advantage is useful for companies aiming to find suppliers to meet their just-intime delivery requirements.

• Access to local inputs: Guyana’s natural resources provide manufacturers with an abundance of locally available and affordable inputs for value-added products within varied industries including agro-processing, forestry, construction and mining.

• Competitive cost of labor: Guyana has one of the lowest manufacturing wage rates in the Caribbean and Central America. Additionally, the workforce is highly diverse and trainable.

• Availability of industrial parks: The Government of Guyana has invested in a number of industrial parks with installed infrastructure available at G$1.00/US$0.005 per square foot per annum and investment concessions for materials, vehicles, plant and machinery.

Budget 2023 Tax Measures. (Ministry of Finance, Budget Speech 2023)

Hon. Oneidge Walrond Minister of Tourism, Industry and Commerce

Investment Projects

Traditional:

• Agricultural Products - Rice, Sugar

• Forest Products

• Extractive – Gold, Bauxite, Diamonds

• Pharmaceutical Industry

• Pharmaceuticals and Cosmetics - Producing Medicines and Cosmetics from natural herbs and vegetation found in Guyana.

• Food & Beverage Industry

• Basic Consumer Items

• Jewelry Manufacturing

Value-added, Export-oriented Industries:

• Agro-industry products - processing, canning and bottling of agricultural produce

• Value-added/manufactured forest products - furniture, flooring, doors, plywood, veneer, etc.

• Construction – Pre Fab Houses and Eco - Lodges

• Chemical Industry - fertilizers and insecticides; paints; soaps

• Paper related Products

• Building Materials - stone, cement, clay blocks, tiles, glass, glass products

• Sand - beach sand, golf sand, glass sand etc.

• Industrial Materials - counter tops, fiber glass

• Leather and Allied Product Manufacturing

• Printing and Publishing

• Packaging

• Metal Fabrication

• Foundry

• Machine-Related Products

• Household Products

• Water Suppliers

• Livestock Feed Industry

• Garment Industry

• Apparel Industry

• Craft

• Ceramics

• Energy

Other Investment opportunities include:

• The manufacture of quality wooden furnishings

• The manufacture of plywood and veneers

• The manufacture of parquet material and floor tiles

• The manufacture of doors, windows and kitchen and other household fittings

• The processing and canning/bottling of agricultural produce

• The manufacture of chemical products e.g. fertilisers, insecticides and weedicides

• The manufacture of packaging materials

• The manufacture of jewelry and items of gold, diamond and other semi-precious stones

• The manufacture of leather craft and souvenirs

• The manufacture of articles of clay, kaolin and silica sand

• The manufacture of textiles and garments

Economic Incentives for Trade

In addition to fiscal incentives, investors in the manufacturing sector benefit from duty free access to foreign markets under preferential trade arrangements such as the Caribbean Basin Initiative (USA), the Lomé Convention (Europe), Caribcan (Canada), the Caribbean Single Market and Economy (CSME) and special arrangements with Colombia and Venezuela.

Some of the incentives for Trade include:

• Exemption from Custom Duty on a wide range of process machinery and equipment, including packaging equipment and raw materials for manufacturing companies registered under the VAT Act.

• Exemption from import duty and VAT on packaging materials for the manufacturing of exempt items by manufacturers registered under the VAT Act.

• Exemption from Custom Duty on a wide range of process machinery and equipment including packaging equipment, fruit processing, sewing machines, food processing and poultry feed.

• Exempt from Custom Duty on a wide range of auxiliary equipment- boiler, fork-lifts, scales for continuous weighing, conveyors.

• Exemption from Customs Duty on raw materials and packaging materials used in the production of goods by manufacturers.

• Zero rate VAT on bags for packaging of goods.

• Exemptions from duties and taxes for items covered under an Investment Agreement.

• Exemption from Custom Duty and zero rate VAT on raw materials and packaging for manufacturers who export 50% or more of their products.

*NOTE: NOT ALL INVESTMENT PROJECTS ARE ELIGIBLE FOR FISCAL CONCESSIONS.

GNBS ‘Made in Guyana’ Programme Continues to Attract Local Manufacturers

The Guyana National Bureau of Standards (GNBS) certified the first company under its Permit to use the Made in Guyana Certification Mark Programme on April 19, 2022. One year later, a total of twentyeight (28) local manufacturers have been certified under the programme spanning various sectors including agroprocessing, forestry, manufacturing, information technology, among others. With more local businesses demonstrating interest in the Made in Guyana programme, the GNBS is aggressively working to ensure they are certified, and products branded ‘Made in Guyana’ in the shortest period.

Companies which have successfully attained certification are granted approval to place the ‘Made in Guyana’ Standards Mark on the packaging of their products. The coveted Mark, which was unveiled by First Lady

Mrs. Arya Ali at the National Quality Awards Ceremony in October 2021, is a signature of quality for authentic Guyanese Products. It was established to differentiate products based on quality and other key requirements. It

aims to provide recognition to locally manufactured products in the local and international markets while creating national competitiveness for authentic Guyanese products.

The Certification Programme also provides a framework for the development of quality systems in businesses to enhance Guyana’s local content, pushing Guyanese businesses and products to the forefront nationally, regionally, and internationally, at an affordable cost.

Among companies certified under the programme are major “household” names like Banks DIH Limited, Sterling Products Limited, National Milling Company of Guyana (NAMILCO), Nand Persaud & Company Limited, Denmor Garments (Manufacturers) Inc., Barama Company Ltd, Comfort Sleep, KSM Investments Inc., Floor-It Guyana, Fibre-Tech Industrial Plastics (FTIP), Brass Aluminium & Cast Iron Foundry (BACIF) Limited and Toolsie Persaud Ltd – Guyana Thermoplastics Ltd.

As of May 01, 2023, there have been several agro-processing companies certified under the programme. Those are Henvil Farms, Pomeroon Oil Mill Inc., Roopan Ramotar Investment, Pomeroon Rose Product, Precision Global Inc., Amy’s Pomeroon Foods Inc., Basdeo’s Dynasty, SS Natural Fruit Flavoured Inc., Centaur Holdings and Prestige Manufacturing. These companies manufacture cooking and

scented oils, coconut water, coconut chips, teabags, sauces and spices among other products.

Other certified companies are Dixie Punch De Crème, AquaFina Water and Ice Inc., Durable Wood Products, Plastific Inc., Global Stars International Import and Export, and Techlify Inc. Products certified under these companies include Crème Liqueur, water and ice products, plastic products, Sanitation Disinfectant Chambers and software.

Consumers purchasing products made by these companies can be assured that they are purchasing quality items which directly contribute to local content. Companies need to meet a list of seven (07) requirements to attain certification including the employment of 70% of staff residing in Guyana and the use of sixty (60) percent of local raw materials. Further, where raw materials are imported, at least 80% transformation from the imported raw materials to finished products must be done in Guyana.

The period of certification is one year, and surveillance and renewal of assessments are conducted during the certification period to ensure continued conformance to the established criteria.

The GNBS encourages manufacturers of local products to get on board and take advantage of the Made in Guyana Standards Mark Programme which has received the full endorsement and support of the Guyana Manufacturing and Services Association (GMSA).

Regardless of size, businesses can contact the Certification Services Department of the GNBS, which stands ready to offer the requisite guidance to those considering applying for the Made in Guyana Standards Mark. The application form along with the detailed requirements of the Programme and the process of acquiring the Made in Guyana Certification Mark can be found on the GNBS website:

https://gnbsgy.org/certification/madein-guyana-certification/ 

GMSA Head Wants to Take ‘UncappeD’ Expo Overseas

UncappeD Marketplace is an exposition organised by the Guyana Manufacturing and Services Association (GMSA) with the aim of promoting products and services offered by some of Guyana’s small agro-processors.

With the event successfully marketing locally-made products over the past few years, the new GMSA President Ramsay Ali is projecting that the association will this year attempt to host UncappeD in countries where there is a sizable Guyanese diaspora.

This, he believes, will help Guyanese-made products find new markets and ultimately, boost local production.

Though the GMSA has successfully participated in regional trade expos, such as the Barbados Agrofest, it is now proposing to organise its own events overseas. The GMSA is eyeing Trade Expos in Antigua and Barbuda and the eastern seaboard of the United States of America (USA).

Ali also said the GMSA will continue to engage foreign private sectors under his leadership having recently engaged a visiting private sector delegation from India and participated in a major business roundtable discussion with the visiting Indian Minister of External Affairs Dr Subrahmanyam Jaishankar.

Patrons visiting a Display Booth at UncappeD 2023 (Photo: NewsRoom)

Ramsay Ali, President of the Guyana Manufacturing & Services Association (GMSA)

(Photo: NewsRoom)

Celebrating 30 Years Celebrating 30 Years

of Building Resilient & Powerful Brands!

“Being a leader in your industry is nothing to brag about, but with 30 years changing the course of the industry, we think it goes without saying.,,,” says CEO Neal Sukhlal.

When you think of branding, novelties, billboards, signage and flair for a memorable event, one company comes to mind –Impressions.

Their knack for creativity and innovation began pre-digitization when graphic design was based on free hand sketching or stencil based.

“It was not an easy road, reflects Neal. People come and go, technology is so quickly changing and requires significant investment. But our goal was set and we stayed the course. We adapted, we’ve grown, received US accreditation, set industry standards and we’ve built amazing partnerships with our international technology partners. For us, it’s about creating and building strong and trusted brands for our clients and we go above and beyond to deliver beyond expectations.” And that has been accomplished in many respects:

Everyday brands come and go, but only the bold and strategic ones stand the test of time. For Impressions, it understands that building a brand isn’t just about creating a logo or a catchy slogan; but rather it is about understanding the market and being strategic with your brand positioning and campaign strategies.

They service some of Guyana’s most iconic and powerful brands, and chances are you might have seen and engaged with their masterpieces at various events and expositions.

Impressions is the largest and only one-stop creative and production company in Guyana; their equipment and facilities, skills and expertise, technology, inventory and local production capacity clearly differentiate them in the market.

They have been instrumental in the GuyExpo concept 25 years ago, a brand that still resonates today. They may not be a bragging company but to their service quality sure did earn them the conspicuous CPL brand partner in Guyaana for the last 10 years; it’s been 26 years of making sure everyone understands what it means ‘Living in Banks Country’, and how to celebrate and share Coca Cola heritage brand moments. For many years, the company has supported the resilient GBTI family brand creating trust and loyalty.

The Building Expo of 15 years ago has been elevated to the International Building Expo driving economic waves in the country; there has been a plethora or international brands finding their way to Guyana and Impressions over the last few years charting a new course to Guyana’s economic future.

With 30 years in the industry, and no end in sight, it’s fair to say your brand is trusted with Impressions. Perhaps the next time you’re looking to create a lasting impact, to stand out and rise above the noise, there may be only one place to go!

MINING INVESTMENT

Guyana’s MINING Sector

• Guyana is generally well known for its traditional mining and production of gold, diamonds, bauxite, stone and other quarriable materials including sand and loam.

• There are several other strategic commodities that could benefit from capital investments for exploration, refining and manufacturing development and export.

DECLARATION FOR COMMODITIES

Snapshot

Why Invest?

Mining in Guyana

• Geologically, approximately 36% (76,600 sq.km) of Guyana encompasses highly mineralized crust, the Greenstone Belts.

• Most of the small, medium and large-scale mining operations exist within this terrain which structurally trends NW-SE.

• Majority of the alluvial Diamond and Gold mining operations exist within the Roraima Formation which covers approximately 12% of Guyana (26,520 sq.km).

• The Roraima Formation is predominantly fluviatile sandstones and conglomerates of middle Proterozoic age.

Investment Opportunities

Gold Mining in Guyana

• Gold Reserves of 14.3 million ounces

• Manganese Reserves of 30 million tonnes

• Copper Reserves of 440 million pounds

• The entire array of semi-precious minerals that have

been languishing for inclusion into the formal market place: - amethyst, agate, jasper, topaz etc.

• Other minerals of potential industrial, economic value are molybdenite, kaolinite, potash etc.

• The use of clays including kaolin can be grown into a formidable industry for durable cost-effective construction materials.

• Gold mining subsector represented 8.3 per cent of our GDP- the third largest non-oil sector of our economyand more than 58.2 percent of our total non-oil export earnings.

• Gold mining in Guyana has been at the artisanal and mechanized scale offering declarations in a good year of approximately 500,000 ozs.

• In the past 30 years, Guyana has only managed three (3) bona fide gold mining operations at the large scale, each with declarations above 150,000 ozs. per year on a sustainable basis.

• This reality does not appear to be in line with the potential that is available. As such in the area of gold mining in Guyana, investment which is alive should be aggressive.

Targets for 2023

• The mining and quarrying sector is forecasted to grow by 34.1 percent, driven by expansion across all subsectors, namely petroleum, gold, other mining and quarrying, and bauxite.

• The oil and gas subsector is projected to grow by 35.6 percent in 2023.

Hon. Vickram Bharrat Minister of Natural Resources

• The gold mining subsector is projected to recover and grow by 12.7 percent in 2023.

• The bauxite subsector is projected to grow by 9.8 percent.

• The other mining and quarrying subsector – which includes sand, stone, and diamonds, is also projected to grow in 2023, by 7.3 percent.

RARE EARTH ELEMENTS & BASE METALS IN GUYANA

With the advent of changing attitudes towards fossil fuels, alternatives are being pursued. Power cells are improving and there are strategic elements such as scandium, lithium, etc., that have become attractive for exploration. In fact, the

Quarrying in Guyana

• Production of stone, aggregate and quarriable materials has increased significantly to meet demands of the construction and infrastructure development surge.

• Can reach regional and international markets on a competitive basis with superior products (granite, gabbro); white sand (99% silica).

Semi precious minerals in Guyana

• The entire array of semi-precious minerals that have been languishing for inclusion into the formal market place: - amethyst, agate, jasper, topaz etc.

• Other minerals of potential industrial, economic value are molybdenite, kaolinite, potash etc.

suite of Rare Earth Elements has become popular. Base Metals have also become more popular as targets of exploration. Therefore, REEs and Base Metals can be presented for projects to which exploration capital could be directed.

GEOCHEMICAL EXPLORATION PROJECTS

• The Guyana Geology and Mines Commission (GGMC) has been doing its part in opening the window for project prospects.

• GGMC has compiled reports on the geology, geochemistry and structure of a more recent time frame which covers some 7000 km² of northern Guyana and this database is commercially accessible.

• A total of 65 Geochemical Projects has been conducted between 1999 to 2019 covering a total area of 101,580 sq. Km (47% of Guyana Area).

Bauxite in Guyana

• The bauxite deposits in Guyana are still considered of the best quality.

• Exploration has always been a challenge due to considerable overburden of sand.

• Value added has been hindered by the limitations of energy/power.

• The use of clays including kaolin can be grown into a formidable industry for durable cost-effective construction materials.

Fiscal and Economic Incentives

• Small, Medium and Large-Scale Miners can apply for remission of taxes on the purchase of item(s) for use in the mining sector.

• The exemptions of Large-Scale operations including benefits and obligations are formalized in an Investment Agreement (IA), which accompanies the licence.

• The mining sector presents a host of investment opportunities throughout the cycle (being exploration, exploitation, development and associated manufacturing and industry).

• There is incentive for the several tenures in mining to be pursued, with much room for capital investments either independently or through joint ventures.

• The traditional & non-traditional mineral suites are attractive options for investment.

• The growth trajectory for Guyana includes infrastructure and construction which will create a demand for stone, aggregates and sand.

• The mining sector is undergoing a review of its legislation; fiscal initiatives and incentives.

ORICA - World’s Largest Explosives Company Conducts Blaster Training in Partnership with GGMC/MNR

Will establish a managed explosives warehouse facility and considering the installation of an explosives plant in Guyana

The world’s largest explosive company, Orica Mining Services, in partnership with the Ministry of Natural Resources and the Guyana Geology and Mines Commission, recently conducted an intensive two-day blaster training summit at the Marriott Hotel.

Orica is a global explosives provider headquartered in Australia with over 15,000 employees worldwide and annual revenues of US$5 Billion. Fielding a high-level 11-member team of experienced mining engineers and senior management personnel from Chile, Colombia and Panama hosted the blasting “Innovation Summit 2023”, showcasing current blasting techniques and technology.

Over 125 persons were in attendance, including representatives and owners of all operating quarries, various gold mines, the gold and diamond miners association and blasters and field personnel from throughout Guyana.

The summit was supported by the Guyana Mining School, the GGMC, the Police and the Army, all of which sent representatives. Some of the attending officials included the Minister of Natural Resources, Vickram Bharrat, GGMC Commissioner Mr. Newell Dennison, and Mr. Vaughn Felix, administrator of the Mining School.

Mr. Brian Gillespie, Orica’s Group Executive and President of Latin America, expressed Orica’s gratitude for its partnership with Guyana and its representative Mr. Devindra Kissoon, announcing that Orica intends to immediately expand its operations in Guyana with a managed explosives warehouse facility.

He explained that Orica currently provides explosives to Guyana through a sophisticated supply chain from Orica’s factories in the USA, Peru, Columbia, Mexico and Brazil, to ensure that regardless of world market conditions, all end users get their product.

He announced that Orica is actively considering the imminent installation of an explosives plant in Guyana, which, if installed, would serve not only Guyana, but also neighboring Caribbean countries.

Mr. Mark De Castro, Orica Colombia and Caribbean’s General Manager, explained that the summit was part of Orica’s aggressive initiative to provide all existing operations and quarry startups with continuous technical support and training needed to optimise production and reduce costs in order to supply aggregate to the construction sector.

Orica Mining Services Officials engage Minister of Natural Resources Vickram Bharrat

Participants of the training conducted by Orica Mining Services

The Eleven Member Team from Orica Mining Services

Orica was hosted by prominent Attorney Devindra Kissoon, who highlighted that in over 40 years of providing services to Guyana there has been no explosives safety incident.

The keynote address was given by the Hon. Vickram Bharrat, Minister of Natural Resources, who expressed great appreciation for Orica’s investment in Guyana’s quarrying

and gold mining sector. He explained that Orica’s initiative was key to support Government’s infrastructure projects, and was demonstrative of the Government’s commitment in ensuring that oil and gas was not the only focus, but that all sectors in Guyana were developed.

He explained that mining provided extensive jobs to thousands of Guyanese, something which the Government was keen on expanding. Separately, Minister Bharrat noted that the 40 year relationship between the Kissoon family and Orica was a true model of how Local Content ought to work.

There was a general feeling of excitement by participants who expressed a keen interest in the subject area, and complimented the hosting parties for the event. Orica has provided services in Guyana from the 1990’s, first to Guymine and then to Omai Gold Mines, and has since continuously supplied explosives to support Guyana’s mining industry, enjoying a strong partnership with Guyana over the last half century.

SERVICES INVESTMENT Snapshot

Guyana’s SERVICES Sector

According to the Ministry of Finance, Budget Speech

2023 The following were highlighted:

• (Growth in the services sector in 2022 was estimated at 9 percent and is projected to expand by 5.6% percent in 2023)

• Construction industry is targeted to grow by 17 percent in 2023.

• Wholesale and retail trade and repairs are expected to grow by 7.8 percent.

• Transport and storage services are projected to grow by 7.4 percent.

• Financial and insurance activities are anticipated to grow by x.x percent.(wasn’t available)

• Administrative and support services are projected to grow by 6.5 percent.

• Real estate activities are estimated to grow by 5 percent.

Guyana's Comparative Advantage

Competitive cost of labor: Guyana has one of the lowest manufacturing wage rates in the Caribbean and Central America. The workforce is highly diverse and trainable.

Access to local inputs:

Guyana’s natural resources provide manufacturers with an abundance of locally available and affordable inputs for value-added products within varied industries including agro-processing, forestry, construction and mining.

Availability of industrial parks:

The Government of Guyana has invested in a number of industrial parks with installed infrastructure available at G$1.00/US$0.005 per square foot per annum and investment concessions for materials, vehicles, plant and machinery.

Internationalisation of the Economy:

As the economy opens up to international investors, businesses and processes, greater standards and more efficient technologies will be introduced which will enhance the expansion of the country’s economy.

Vast Reserve Capacity to improve Productivity:

There are many infrastructural gaps within the service industry which provide equally as many opportunities to capitalise and create successful business ventures. Introduction of new technologies, improved management systems, catering for undeveloped markets, are ways in which gaps may be filled, productivity increased, and profit guaranteed.

Why Invest?

Strategic Placement: Guyana enjoys favorable geographic, economic and cultural linkages with the Caribbean and South American markets.

Competitive Labour Market: Economical wage rates and diverse, trainable labour force with enhanced strategies established for capacity building and human resource development.

Enabling Investment Environment: Guyana’s leaders have declared Guyana ‘open for business’ and are taking steps to improve the investment climate.

Natural Resources: Rich mineral deposits, productive land, forests, seas and rivers which present robust and diverse investment opportunities.

Stability:

A secure and stable socio-economic climate in which to do business.

Hon. Oneidge Walrond Minister of Tourism, Industry and Commerce

Language:

Predominantly English-speaking with Latin-American ties

Investment Projects

Services industries globally play an increasingly important role in supporting their respective economies. Ranging from finance, communications, transportation, and logistics to professional services such as medicine, engineering, and law, a vibrant services sector supports and enhances all aspects of business growth and development.

Some of the areas for investment in Guyana’s Services Sector include: NOTE: NOT ALL INVESTMENT PROJECTS u=UNDER THE SERVICES SUB-SECTOR ARE ELIGIBLE FOR FISCAL CONCESSIONS.

Construction

Hotels, Factories, Warehouses, Infrastructure, Recreational Facilities.

Restaurants and Catering

Increasing demand for culinary and fine-dining experiences as well as catering services.

Consultancy

Professional and consultancy services are required in all primary and secondary industries and become more important

Education (Schools, Universities, Training Centers)

As the country progresses, improved skills and expertise will be needed, therefore academic and vocational institutions will be required to effectively equip the populace.

Finance

Insurance services to support risk, Financing and Investment activities for new ventures, Financial Assets (management and market), Taxation and Auditing services, and Digital payment services.

Entertainment

Music and Film, Fashion, Sports, Other Recreational facilities such as Spas, Outdoor facilities, Nightclubs.

Security Services

Security services are important components of safety assurances in public and private spaces such as schools, office buildings, factories, shopping malls, government ministries etc.

Machining and Rentals

Includes Fabricating, Welding, Machining and Rebuilding and/or renting of machines, equipment and parts.

Retail Services

Includes Supermarkets, Electronic Stores, Gas Stations, Furniture stores, etc.

Transportation and Logistics

Includes Bus, Barge, Ferry and Trucking Services and other modes of transportation. Courier and Messenger Services. Air and Sea Port Facilities

Medical Services (no Corporate Taxes)

Private Hospitals, Clinics and Medical Universities will be required to secure the health of the population and the vitality of the economy.

Environmental Services

Waste management and disposal and recycling services

Environmental consultancies to provide guidance on Sustainable management and legislative requirements such as licenses and permits.

Quality assurance and quality control services

Incentives

Fiscal Incentives are available for some specific subsectors that fall under the Service Industry. These include:

• Medical Subsector

• Education

• Dock Yard and Shipping Building

• Recycling

• Solid Waste Collector

• Funeral Homes

• Machining

• Recording Studios (Music)

• Shore Base facilities

• Machinery and Equipment

When talking about Guyana, each company might have a different story. Over the past years, the country has transformed and has opened plenty of opportunities for multiple sectors. After relying on agriculture and mining for most of its economy, nowadays Guyana is blooming to open up for different industries.

Teleperformance started its business in Guyana back in 2016, since the moment the company laid its foundations, the company knew it was going to be a unique journey. Teleperformance has been able to become one of the best places to work in the country. This is something that was possible largely because Guyana is a land that when it comes to opportunities, there will always be. There is a one-off proximity that Guyana has with the US culture which has allowed to develop the services segment as in no other geography.

Teleperformance sees Guyana as one of the world’s most exciting and promising destinations to place its investments and promote the development of the services sector taking it to the next growth phase. Eight years ago, when Teleperformance decided to inaugurate the first landmark in the country, the company realized it was going to create much more than just a possibility for progress or profit. Teleperformance was entering into a relationship with a land marked by resilience, something that will define its journey.

After going through moments as difficult and uncertain as the pandemic in 2020 and the time afterwards, the company was able to see how, despite the challenges, resilience was the way in which this nation full of opportunities got the better of the situation. Back in those challenging times, the company’s team stepped up and confronted the multiple defiant circumstances, another reason to strengthen our relationship with the country, consolidating even more the bond that the company created with Guyana.

Every day, Teleperformance reaffirms its commitment to the country as one of the best places to invest. An undeniable and fascinating factor any company can find is the talent of the Guyanese people. Something that made the company feel impressed since the very beginning and a reason to become one of the best companies to work in the country. Teleperformance has the privilege of being part of the career journey of thousands of people offering employment for the talented professionals who have taken on the challenge to become the next generation of Interaction Experts to shine by themselves and pass the knowledge on to their teams and new generations.

After eight years of history, in late February 2023, thanks to the exceptional opportunities Teleperformance foresees, a new milestone in the country was reached: the opening of a new branch in Georgetown. An event that would not be possible if the country was not at a time when electronic, data-driven decision-making system are drivers to improve service delivery, and therefore the sector in the country

This is a moment where plenty of opportunities are opening for any company in the service sector but also for all Guyanese. After opening the second offices, Teleperformance is ready to create another thousand job opportunities to attract the best talent. This is a stimulating moment ahead of us, a single moment where the sector and the country are laying the grounds to compete globally.

The moment could not be better to continue investing and growing. In Teleperformance, we are convinced how this moment we are living in, will continue to bring economic and social development to the country and the region.

Our story in Guyana speaks for itself. It has gone from being a hidden stone in the region to be an all-encompassing diamond that will continue to grow on an unprecedented way.

BPO Sector Targeted for Major Investments

India’s Decipher Health Records to Open 300-seat Call Centre in 2023

The Guyana Office for Investment, the Investment Agency of the Government of Guyana, recently signed a Memorandum of Understanding which will see a Healthcare Call Centre being operational in Guyana this year.

This is a direct result of the recent visit to India, by His Excellency, Dr. Irfaan Ali, President of Guyana, in February of this year, joined by Dr. Peter Ramsaroop, Chief Investment Officer and Agency Head of the Guyana Office for Investment. These meetings were facilitated by Dr. K.J Srinivasa, High Commissioner of India to Guyana.

Decipher Health Records Inc., headquartered in Bengaluru, India, provides offshore back-office services to medical doctors in the United States of America. Founded in the year 2000, Decipher has been providing real-time scribing, revenue cycle management services and allied transcription services. In India, Decipher operates out of 4 cities, employing over 750 people, to render these services. All of Decipher’s facilities are HIPAA-compliant, with stateof-the-art technology.

“We are building four new Call Centre shells in Essequibo and Berbice, in addition to refurbishing the Enmore and Tuschen Call Centres. We are also pleased that the Call Centre in Linden, Region 10 that was signed with Midas is functioning and young Guyanese have access to jobs that were terminated by the last Government” Ramsaroop said.

Dr. Ramsaroop indicated that His Excellency had made the Business Processing Outsourcing (BPO) Sector a priority, given Guyana’s qualifications of NearShore to the Americas, Time Zone, and a young educated population, in addition, the commitment by the PPP/C led Government to add thousands of new jobs to the industry. We estimate this Industry to sustain a minimum of 15,000 jobs across Guyana by 2025.

Decipher Health Records is visiting possible locations and working through the implementation stage for the establishment of the Call Centre. Its target once fully operational is 300 Seats.

Dr. Ramsaroop further stated that “This signing is an indication of the Government of Guyana initiatives to create employment throughout the country and facilitate the rapid expansion of economic activities countrywide to boost the economy and support the diversification of the non-oil sector.”

A team leader overseeing operations at the Midas BPO (Photo: DPI)

Government Signs US$106.4M Contract for New Ogle to Eccles Four Lane Highway

Government has inked a US$106.4 million contract with Indian company, Ashoka Buildcon Limited, to begin the first phase of the highly anticipated Ogle to (Haags Bosch), Eccles road network.

The signing ceremony of the new four lane project was held in mid 2022 with the new 7.8 kilometers four -lane highway to be constructed with sidewalks and a median, while each of the lanes will be built at 3.6 meters wide.

Minister of Public Works, Juan Edghill M.P. made it clear that the Dr. Mohamed Irfaan Aliled administration’s mission is to modernise the nation.

“I am happy that today, we are witnessing the beginning of the execution of a major transformational project. The vision is to link the Eugene F. Correia International Airport with the Cheddi Jagan International Airport (CJIA). The construction of this new road artery will not only develop the country’s infrastructure, but will open up new lands to meet the needs of the agriculture, housing and the oil and gas sectors and stimulate increased investments.

Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, said the

massive undertaking is being generously supported by a concessional line of credit through the India EXIM Bank. Minister Singh highlighted the numerous projects government has undertaken to date, emphasising that the new highway will significantly complement the administration’s comprehensive master plan for Guyana.

Minister within the Ministry of Public Works, Deodat Indar, M.P, said Guyanese must be proud to witness another positive economic development.

“The volume of the traffic in the country is increasing daily, so we are addressing that in a long-term perspective. This project fits in with connecting the East Coast to the East Bank, providing an alternative route and a by pass from the city to the airport,” Minister Indar explained.

Meanwhile, Indian High Commissioner of Guyana, H.E. Dr. K.J. Srinivasa, believes that the initiative will bring longterm benefits to Guyana. He said the bond between the two countries, specifically in the areas of transformative projects, will be strengthened.

Former President Donald Ramotar (second from left) along with ministers of Public Works Juan Edghill, Deodat Indar, India’s High Commissioner Dr. K. J. Srinivasa and Ashoka Build Con director Ashish Kataria turning the ground at Mile Zero, Ogle for the construction of the road (Photo by Orlando Charles)

The turning of the sod for the construction of the $21.2 billion (US$106.4 million) Ogle to Haags Bosch, Eccles road network

Guyana and India sign Air Services Agreement to Facilitate Direct Flights Between Countries

airlines of both states to operate and enhance competitive air transport services, trade, and economic growth.

Guyanese-owned airlines will have direct market access to international airports in Mumbai, New Delhi, Kolkata, Chennai, Bengaluru, and Hyderabad.

The agreement was signed by Minister of Public Works, Bishop Juan Edghill, and Indian High Commissioner to Guyana, Dr. K.J Srinivasa.

Guyana and India on April 2023 signed an Air Services Agreement to facilitate direct flights between the two countries. The agreement was signed by Guyana’s Minister of Public Works, Bishop Juan Edghill, and Indian High Commissioner, Dr. K.J Srinivasa.

The signing of this Agreement is in keeping with the government’s commitment of connecting Guyana with the rest of the world.

Presently there is no direct flight between Guyana and India, however, this Agreement puts in place the legal framework that opens market access for

Guyana’s Minister of Foreign Affairs and International Cooperation, Hugh Todd, and India’s Minister of External Affairs, Dr. Subrahmanyam Jaishankar, along with other officials witnessed the signing at the Marriott Hotel, Kingston, Georgetown, Guyana.

It complements the more than 50 Air Services Agreements Guyana has established with other ICAO states for the development of air-links among states.

The Union Cabinet chaired by India’s Prime Minister Shri Narendra Modi approved the signing of the Air Services Agreement on February 22, 2023.

Guyana and India have enjoyed good diplomatic relations since Guyana gained independence in May 1966.

Celebrating 40 Years in Business, Rid O Pes Partners with ORKIN

Targets Local and Regional Expansion with International Franchise

Notwithstanding, he said the company remains 100 per cent owned with a full Guyanese workforce who will now benefit from considerable training and exchange of knowledge.

Putting into context 40 years of business, Tucker reflected on the vision of his father who used his knowledge of chemicals as a former worker of the state, to start the pest control business.

To celebrate its success and longevity, awards were presented to employees who have been with the company for 10 and more years and clients, for more than 30 years.

Rid O Pes Inc, a second-generation, Guyanese-owned pest control company is celebrating 40 years of outstanding service to the local market with the acquisition of a new international franchise and an ambitious plan to expand across Guyana and regionally.

Founded by the late Eric Clayborn Tucker on May 19 1983, the company has remained true to its purpose of providing quality pest control and hygienic services that are delivered on time and exceed the expectations of clients.

Rid O Pes has since expanded to offer environmentally conscious pest control services and in May 2023, during its 40th anniversary reception at the Marriott Hotel, Kingston, the company announced its partnership with ORKIN - the world’s largest pest control franchise.

Orkin has more than 120 years of experience in the pest control industry, specializing in protection against common pests, including termites, rodents, and insects.

Speaking at the 40th anniversary event was the immediate past President of the Georgetown Chamber of Commerce and Industry (GCCI), Timothy Tucker, who along with his brother Eric, has steered the company for the last 30-plus years.

Tucker, the youngest of five children, and CEO of Rid O Pes, said the last six years have brought the company to being Local Content Certified with an expanded workforce and now in partnership with an international franchise.

Tucker said the family-owned business still takes pride in delivering the world-class service that has allowed it to grow over the last four decades.

He is excited that the new partnership allows for the expansion of the company outside of Guyana with the franchise also extending to neighbouring Suriname.

“With Orkin and Rid O Pes, there is no stopping us.

“Our experiences over the years make what we do fun, and exciting. Why we have been in business for 40 years? Simply because we are committed to providing a service of the highest quality, the best standards, a reliable and dynamic service,” Tucker said.

“The future of our company is one of growth and expansion. We are committed to opening additional branches across Guyana and ensuring this level of service is brought to every community,” Tucker added.

Also present and speaking at the event was International Trade Director for Orkin, Ron Harrison. He expressed his pleasure about the partnership which quickly took shape following a recent meeting during the Pest World event in Boston, USA, last October.

Harrison said there will be keen consideration for the environment, guaranteeing protection while also ridding spaces of nuances.

Rid O Pes and ORKIN Executives with Government Ministers and Guyana Office for Investment Agency Head

President Challenges Starbucks to Explore Using Pomeroon Coffee

Cinnabon Arrives Bearing Sweet Treats

International Coffee chain Starbucks opened its doors to business with the first of five stores open at the Amazonia Mall, East Bank Demerara.

President Dr Irfaan Ali welcomed the brand to Guyana and challenged it to explore using locally grown coffee from the Pomeroom (Region Two). He said this will allow the brand to improve its relationship with local community.

“I welcome you to the land of Liberica (Pomeroon coffee) and I hope that in your brand, this unique coffee would be sold.

“And this unique coffee will be grown in commercial quantities so that people could enjoy it because of its rareness. This is a project I would challenge Starbucks Guyana to work with us on,” President Ali said.

Back in March, 2022, the company announced its market entry here. This new branch adds to some 85 markets globally for the company that has been in existence for over 27 years.

The new location is being operated by the Prestige Holdings from Trinidad and Tobago. The company has been running a branch there for seven years. According to the Chief Executive Officer, Simon Hardy, this café will provide employment and a serene atmosphere for Guyanese.

“Our investment with the bringing the new Starbucks brand to the people of Guyana will create opportunities for our partners through the jobs we create and suppliers of goods and products and hopefully many more to come,” Hardy said.

He further announced that Starbucks is collaborating with the Save Abee Foundation to improve the lives of many. Starbucks is known not only for its coffees but also for its charitable work around the world. The Save Abee Foundation aims to provide education and quality of life to children living in poverty around the world. The Starbucks brand and mission and value is “to inspire and nurture the human spirit, one persons, one cup and one neighbourhood at a time.”

President Ali also said this location is convenient because it adds value to the commercialisation of the business.

American bakery company, Cinnabon in May announced its arrival in Guyana with the opening of its newest location at the Giftland Mall in Georgetown.

“We’re excited to bring the delicious taste of Cinnabon to Guyana and to join the vibrant community of the Giftland Mall,” a representative for Cinnabon Guyana, said in a press statement.

The baked goods company known for its cinnamon rolls, will bring its signature treats and beverages to locals and visitors alike, offering a tasty new option for dessert and snack lovers.

According to the release, the Giftland Mall location will offer a wide range of Cinnabon’s menu items, including its classic cinnamon rolls as well as a variety of other baked goods, hot and cold drinks, and specialty treats.

“We can’t wait to introduce our signature cinnamon rolls and other baked goods to the people of Guyana and to become a go-to destination for sweet treats and snacks,” the company representative said.

Cinnabon Guyana is committed to providing a welcoming and comfortable atmosphere for all guests. The new location will feature modern decor and friendly staff, creating a cozy and inviting environment for customers to enjoy their treats.

TOURISM INVESTMENT Snapshot

Guyana’s TOURISM Sector World's Leading Eco-Tourism Destination

• With nature, adventure and culture-based activities, Guyana embodies a significantly diverse tourism product offering. The investment potential is high, and through the Government of Guyana’s renewed Low Carbon Development Strategy, our vision to become a leading tourism destination will be realised.

• 4th Largest Export Sector - Tourism is the 4th largest export earner sector in Guyana. .

• GDP - The total contribution of travel and tourism to GDP is estimated to be 2.3% (2021).

• Earnings - Guyana has earned approximately $64.1 billion (2022) based on the average expenditure per visitor per type at US$1,060.

• Job Creation - Travel and Tourism contribute 15,700 indirect jobs in Guyana (2021) - WTTC Economic Impact Report (2022)

• Visitors - Guyana visitor arrivals were 288,322 in 2022 (82.1% over 2021).

• Contribution - Tourism contributes to Guyana’s Low Carbon Agenda and all 17 UN Sustainable Development Goals.

Overall Strategy

Promote nature, adventure and ecotourism, both locally and internationally

Increase in world-class hotels; estimated need of 2000 additional rooms by 2025

Special incentives for new hotels and businesses

Establish several world-class eco-retreats

Employment opportunities and income

Strengthen and grow the workforce

Establishment of Hospitality Training Institute

Why Invest?

• Guyana’s pristine forest, dozens of waterfalls, stunning sun-kissed savannahs, majestic mountains, breathtaking bio-diversity and unique, authentic cultural, adventure and indigenous experiences make it the PERFECT destination for a lodge.

• Open foreign investment regime (incentives offered).

• A growing and expanding tourism industry.

• A wealth of tourism investment opportunities.

• Priority government support for tourism investment.

• Expanding international aviation capacity.

• Strategic location;-Guyana is part of South America and the Caribbean.

• Off the beat path destination.

• A country practising sustainable tourism, given its lowcarbon development strategy model.

• Affordable labour.

• A secure and stable environment to do business.

• Language (English-Speaking).

Hon. Oneidge Walrond Minister of Tourism, Industry and Commerce

Aruwai Resort, Essequibo River

Investment Projects

Potential Locations for Investment

• Region 2&3 -Beaches, resorts, falls, lakes, historical sites

• Soesdyke-Linden - Region 10 - Riverfront investment ideal

• The Rupununi - Region 9 - Gateway to the Savannahs

Existing attractions and activities

• Kaieteur National Park

• Rafting

• Boating

• Tennis

• Horseback riding

• Hiking

• Kayaking

World class exco-lodges or resorts

• To be developed in the interior and coastal regions

Nuche market products

• Investments in the infrastructure, facilities and services to support market segments such as: Bird watching, Adventure tourism, Yachting, Deep-sea or river fishing

Hospitality services

• Development of world-class hotels

• Restaurants

• Eco-Retreats

Development of business services

• Convention services

• Catering

• VIP Transportation

• Communications

Eco-retreat amenities

• Nature trail

• Animal Reserve

• Bird Trailing

• Water Park

• Agri-Tourism and Culinary Fusion

• Entertainment

• Natural Wellness Spa

• Gift shop/Indigenous/Artesian boutique

Transportation services

• Expansion of scheduled and chartered air services

• Expansion of boat and car rental services

Craft industry

• Expansion of craft production

Development project

• Development of International Drag Racing

Incentives / Favourable Tax concessions

Tax Holidays

• Exemption from Corporation Tax and Individual Income Tax on registered businesses and companies with respect to income from the new economic activity of a developmental and risk-bearing venture must create new employment in any administrative region.

Land Availability

• Vast land is available for eco-retreats and pristine nontouched lands for agro-tourism.

Tax Exemption for NEW hotels/guest houses/Inns

• Tax exemption for NEW hotels/guesthouses/Inns in Regions 2, 3, 4, 5 & 6 should not have less than fifteen (15) guest rooms, and tax exemption for NEW hotels/ guesthouses/inns in Regions 1, 7, 8, 9, & 10 should not have less than eight (8) guest rooms.

Expansion of hotels/guesthouses and inns for Regions

1, 7, 8, 9 & 10, the current complement of guest rooms must be increased by 3 rooms. For other regions, no less than 5 rooms and tax exemptions for expanding lodges and resorts in all regions.

Tax exemption Tour operator

• Full customs duty, VAT and excise tax exemptions on 50% of the value of the investment in camping equipment, floating crafts, non-motorized collapsible mobile lodging with basic amenities and each motor vehicle.

• Total excise exemption on 50% of the value of each motor vehicle.

Tax exemptions for expansion/re-tooling of operation of tour operators.

• Full customs duty, VAT and excise tax exemptions on 25% of the value of the investment on camping equipment, floating crafts, non-motorized collapsible mobile lodging with basic amenities and each motor vehicle.

• Full duty, excise tax and VAT exemption on 25% of the value of each motor vehicle.

Guyana: Investing in its Tourism Potential

Guyana boasts many untapped, sustainable resources making it the perfect tourism destination for nature and adventure lovers. Our rainforests and extensive Rupununi grasslands are just a few examples of this land’s magnitude of beauty. Now, as the country begins to benefit from new economic incentives derived from being a rising oilproducing nation, the tourism industry will undoubtedly benefit from the investment opportunities that are proposed.

By Kamrul Baksh Director,

Tourism, the fourth largest export industry in Guyana, earned approximately US$64.1 billion in 2022 based on the average expenditure per visitor per type at US$1,060. These figures are anticipated to increase as the country continues to attract a much more diversified traveller base. More importantly, the Government of Guyana, through its Low Carbon Development Strategy, has prioritised protecting and maintaining one of the key facets of the country’s tourism experiences - its pristine rainforests.

This decision solidifies not only the Government’s commitment to tourism development but also the protection of the natural environment despite new economic and infrastructural changes that will take place. This has since created an enabling environment for potential investors to tap into all that this country has to offer.

Expansion of the Hospitality Industry

As the demand for accommodation grows, a commitment has been made to expand the hospitality sector. As a

Guyana Tourism Authority

Aerial view of Kaieteur Falls. (Photo: David DiGregorio)

result of investment opportunities through internationally branded hotel franchises, including Best Western Hotel, Hyatt Place Hotel, Four Point Sheraton, Pasha Global Hotel, AC Marriott, and the Marriott Courtyard Hotel, will be established by 2025, adding approximately 991 more rooms to the country’s accommodation listing. Consequently, with the demand from a constantly growing target market and a new target audience, several areas are open to investment, including the development of upscale and luxury eco-lodges and resorts and recreational facilities.

Ultimately, these investments will require local human resources to propel their operations. The Ministry of Tourism, Industry & Commerce and the Guyana Tourism Authority will work with our stakeholders to facilitate the appropriate training initiatives as we continue to raise the standard of the tourism and hospitality industries.

New Airline Connections and Heightened International Recognition

British Airways (BA), the United Kingdom’s flag carrier, has officially relaunched its commercial flight operations to Guyana. The airline will fly from Gatwick Airport to Guyana twice weekly on Mondays & Thursdays, with stops in St Lucia. Based on statistical projections by the Guyana Tourism Authority, this connection will bring approximately 33,488 more travellers annually to Guyana, automatically increasing the country’s visitor arrival figures as penetration into existing and new markets is inevitable.

As a result of the resumptions of flights to Guyana through British Airways, there has been significant investment interest from internationally acclaimed travel agents and tour operators. Trail Finders, one of the largest travel agents in the United Kingdom, has already started promoting five (5) holiday experiences in Guyana. Journey Latin America has also launched a new trip to Guyana. Guyana has also received an influx of international press, including features in prominent international media publications like Forbes, The Times, the Telegraph, the Daily Mail, and Worldly Adventurer.

These features highlight the diversity of experiences available in Guyana and reinforce the notion that strengthening bilateral relations with international world leaders will always yield positive results.

In anticipation of this new connection, the Saint Lucia Tourism Authority in February led a sales mission to Guyana to increase tourism-related partnerships with Guyana as the region works to attract more visitors and, by extension, potential investors.

New Tourism Experiences

Fifteen (15) new tourism products will be developed in 2023 to diversify our tourism experience further. More indigenous community tourism enterprises will be

This connection will bring approximately 33,488 more travellers annually to Guyana

Welcoming British Airways back to Guyana

established. Communities in the South Rupununi, Region One Circuit, Region 10 Circuit, Essequibo Circuit, and the Berbice Circuit will be supported. A total of 18 communities will receive support.

In 2021 and 2022, 7 and 17 products were developed, respectively, due to extensive collaboration with the private tourism sector. Notably, at the end of the second quarter of 2023, the Guyana Tourism Authority will officially launch Mahaica River Tours, the Toka Experience, the Santa Rosa & Waramuri Experiences and the Aishalton Experience. The development of these experiences has been prioritised to attract an ever wider audience.

The Government of Guyana recognises the importance of the country’s tourism industry and is committed to welcoming those investment opportunities and forging partnerships that adequately complement the country’s tourism development action plan. The Ministry of Tourism, Industry and Commerce and the Guyana Tourism Authority will work together to ensure the Government’s vision is realised.

For further information on investing in Guyana’s Tourism and Hospitality Sector, contact The Ministry of Tourism, Industry and Commerce and the Guyana Tourism Authority.

Mahaica River Tours

INVESTMENT

The Guyana Office for Investment Invest 55 (55 Places to Invest)

Snapshot

OUR FUTURE HAS ARRIVED! WHY BUY THE GUYANA STOCK?

1GY: 62.3% - 2022 GDP GROWTH

Guyana will experience a compounded annual growth of 32.93% in its GDP per capita between 2020 – 2024, according to the International Monetary Fund

Highlights

• 18.3M hectares in standing forest which stores 19.5 gigatons of carbon worth US$195B

• Gas reserves have expanded from 16trillion to over 17 trillion standard cubic feet

• Guyana Oil reserves = 11B Barrels

• Expected Production = 1,000,000 BPD per day by 2027+

• Inflation rate 2022 - 7.1%

A Plethora of Investment Opportunities

We are implementing the infrastructure and energy solutions to boost our efficiency and competitiveness. We look forward to your investment in Guyana!

Focal Point

25% by 2025 Goal to Reduce CARICOM Food Bill To become net energy exporter. Reduce cost of electricity by 50% Young Educated workforce

World Class Tourism Industry

AGRICULTURE

Regional food hub – Promote improved access to markets, both export and domestic

• Soya Bean for Feed

• Rice – Value Added

• Agro processing

• Opportunities for Investment in Agro-Industrial Parks

• Dairy Plants

• Value-added Dairy

• Cattle Ranching

• Aquaculture/Seafood Processing

• Horticulture Production

• Hemp Production

• Millets Production

ENERGY

2022 Licensing round > April 14, 2023

14 blocks for tender in the shallow and deep water areas of Guyana’s offshore area.

• Gas to Shore Pipeline 300 MWs

• 30,000 bpd Oil Refinery

• Amalia Falls Hydro 165 MWs

• Hope Wind Project 20 MWs

• Solar Farms 33 MWs - Berbice, Essequibo and Linden

TOURISM

• British Airways commenced operations in March 2023 with twice weekly flights.

• Additional service will be introduced on the Guyana –Canada route

Guyana is home to:

• 900 species of Birds

• 225 species of Mammals

• 880 species of Reptiles

• 6,500 species of Plants & Trees

• 7 US branded hotels under construction

Investment Projects

• Eco-lodges

• Resorts

• Theme Park

• Medical Tourism

• Marina and Entertainment

• Cruise Ship Terminal

• Culinary Tours

• Health and Wellness Experience

• Excursions

• Nature Based Tours

MANUFACTURING

• Fabrication for Oil and Gas Industry

• Garment and Textile

• Alumina Plant

• Furniture/Value-added Timber

• Glass Factory

• Clay Bricks

• Pre Fab Houses

• Pre-caste Factory

• Biodegradable Containers

ICT

• Expanded Call Centres & BPO

• Data Centres

• Expansion of Telecom to different regions

• Innovation Village

HEALTH

• Six (6) Regional Hospitals & Multiple Health Centers

• State-of-the-art Pediatric and Maternal hospital

• 350 Bed Private Specialty Hospitals

NATIONAL PROJECTS

Linking our major urban, rural and hinterland communities to provide easy, safe and reliable access and commute.

• Deep Water Harbour - Berbice

• New Bridge Across Demerara

• State of the Art Hospitals

• 50,000 New Homes & House Lots

• Corentyne River Bridge - Suriname

• Guyana-Brazil Road Link

• 2000 Miles of New Roads

• Silica City

*Investments are not only limited to these projects and NOT ALL are eligible for incentives.

General Incentives (Available to all sectors)

• Unlimited carry-over of tax losses from previous years (Except financial sector)

• Accelerated depreciation on machinery and equipment for tax purposes

• Benefits of Double Taxation Treaties with the UK, Canada, Kuwait, and CARICOM

Sector specific incentives (available through an IA)

• Waiver of Customs Duty, Excise Tax, and Value Added Tax on certain vehicles relevant to the project

• Customs Duty and Value Added Tax Rate of Zero on a Wide Range of Processing Machinery and Equipment including:

- Packaging Equipment

- Auxiliary Plant Equipment

- Furnishings (Hotels)

- Building Materials

Special Incentives (available through an IA)

• Investors may be eligible for Special incentives such as Tax Holidays for Groundbreaking investments in key sectors such as: Agriculture | Energy | Tourism

Transfer of Funds Abroad

• The Investment Act allows investors to transfer funds, subject to payment of applicable taxes, for the following purposes:

- Repatriation of dividends, earnings, and capital

- Remittance of proceeds of sale or liquidation of an investment

- Payment of interest on international loans

Investment Protection

- Protection for Investors under the Investment Act

AMERICAN CHAMBER of COMMERCE (AMCHAM)

AmCham Guyana was established on August 13, 2018, following an initial meeting on January 23, 2018, where the legal framework for the chamber was initiated. The establishment of the chamber was enthusiastically embraced by former U.S Ambassador, Mr. Perry Holloway, and by the local private sector community.

The Chamber represents American businesses committed to trading and investing in Guyana, while focusing on expressing the collective opinions of its members and fostering mutually beneficial relationships between Guyanese and American companies. AmCham Guyana has grown significantly and currently boasts over 175 members from various sectors, including SMEs, conglomerates, and multinational corporations.

The Chamber actively supports its members by organizing a diverse range of networking events, discussion panels, seminars, and workshops that facilitate meaningful engagement between the private and public sectors, which aim to enhance the skills, knowledge, and capacity of its members.

Respected Attorney at Law Devendra

Kissoon of London House Chambers currently serves as the Chairman / President of AMCHAM Guyana.

American Chamber of Commerce (AMCHAM)

Ground Floor, Marriott Hotel, Battery Road, Kingston, Georgetown, Guyana.

T: +592 231 2524 / E: info@amchamguyana.gy / Website: www.amchamguyana.gy

BRITISH CHAMBER OF COMMERCE GUYANA (BRITCHAM)

The British Chamber of Commerce Guyana (BritCham Guyana) is an independent, non-profit business chamber that works to protect, promote, and encourage trade and commerce between Guyana and the UK and, in so doing, improve the quality of business opportunities across Guyana and the UK. The Chamber will work to create an open networking environment where companies are given a space to engage and discuss issues impacting their businesses and UK-Guyana trade and commerce. The Chamber will also organize different events, including members’ meetings, business breakfasts, seminars, and more, to enforce visibility and recognition.

The Chamber aims to be a leading promoter of business between Guyana and the UK and the primary non-government platform offering opportunities to form business relationships with business executives of both Guyanese and British companies. The Chamber will also work with the British High Commission and other government departments, facilitating their profound advocacy work in Guyana.

Faizal Khan, CEO of the Guysons Group is also currently serving as the first Chairman of BRITCHAM.

CANADA GUYANA CHAMBER OF COMMERCE

Canada Guyana Chamber of Commerce was officially launched on December 4th, 2020 at the Arthur Chung Conference Centre.

The Canada Guyana Chamber of Commerce (CGCC) is a dynamic organization that serves as a bridge between businesses in Canada and Guyana. With a mission to promote trade, investment, and economic cooperation.

The CGCC facilitates partnerships and fosters mutual growth between the two nations. It provides a platform for networking, knowledge sharing, and business matchmaking, enabling companies to explore new opportunities in diverse sectors such as energy, agriculture, mining, and technology. Through its strategic initiatives, events, and advocacy efforts, the CGCC strives to strengthen bilateral relations, encourage sustainable development, and create a favourable business environment for members and the wider business community.

Membership is comprised of Canadian Companies operating in Guyana and Canadian Nationals resident in and operating businesses in Guyana.

Mr Edward Anand Beharry - Chairman of The Beharry Group conglomerate currently serves as the Chairman of the Canada Guyana Chamber of Commerce.

BritCham Guyana Corporate Office

4th Floor, Pegasus Suites and Corporate Center, Seawall Road, Kingston Georgetown Guyana.

Tel: +592 708 9989 Email: admin@britchamgy. com / info@britchamgy.com

Canada Guyana Chamber of Commerce

I57 Waterloo Street, Georgetown, Guyana.

Tel: +592 693 5137 / Email: info@cgcc.gy / Website: www.cgcc.gy

INDIA - GUYANA CHAMBER of COMMERCE

Former Guyanese international cricketer and businessman Ramnaresh Sarwan is President of the new India-Guyana Chamber of Commerce which was announced at a business roundtable forum where India’s Foreign Minister Dr. Subrahmanyam Jaishankar was the featured speaker.

It was formed to promote and facilitate trade, investment and cultural exchange between India and Guyana. The formation was supported by the Indian High Commission and dates back to the Guyana high-level visit to India earlier this year.

City businessmen Steven Jacobs and David Fernandes are the Senior Vice Presidents while banker Shaleeza Shaw is the Secretary.

GHANA CHAMBER of COMMERCE GUYANA

The Ghana Chamber of Commerce Guyana was officially commissioned in Georgetown, on 22 May 2023 and was attended by Ghanaian government officials. Public Works Minister, Bishop Juan Edghill and Go-Invest CEO, Dr Peter Ramsaroop and private sector members also attended.

The emergence of the Chamber stemmed from a MoU signed in 2019, between the Georgetown Chamber of Commerce, and the Ghana Chamber of Commerce.

The Ghana Chamber of Commerce Guyana, is the first to be established in the Caribbean and will now foster trade, investment, and tourism between the two countries.

Ghana’s Minister for Trade and Industry, Kobina Hammond speaking at the launch of the Ghana Chamber of Commerce Guyana

India's External Affairs Minister Subrahmanyam Jaishankar (sixth from left), Guyana's Finance Minister Dr. Ashni Singh (sixth from right), the India/ Guyana Chamber of Commerce Head Ramnaresh Sarwan (fifth from left) and other government officials and private sector officials at the launch of the Chamber

General information is provided on areas of interest to investors including methods of establishing a business in Guyana, taxation issues, employment issues, investment protection, local content and environmental considerations, among others.

I: FORMS OF BUSINESS

There are several options for establishing a business in Guyana including incorporating a new company, registering an established foreign company in Guyana, establishing a partnership or operating as a sole proprietorship.

INCORPORATING A NEW COMPANY

Under the Companies Act, a company can be registered with submission of an application to the Registrar containing the following:

 Articles of incorporation giving details such as the name proposed for the company; the registered office in Guyana; the share capital – rights, privileges, restrictions, conditions, payment terms; and the size of the board of directors.

 Statutory declaration by an attorney-at-law on the suitability of signatories to the articles of incorporation.

 Details of the persons who are to be first director(s) and secretary, and their consent to serve.

A registration fee of G$63,900 is required.

There is an obligation to file an annual return with the Registrar, along with the audited financial statements.

REGISTERING A FOREIGN COMPANY

A foreign company established under the laws of a country other than Guyana can register to carry on business in Guyana as an external company under the Companies Act. To register, the following documents should be submitted to the Registrar:

 Statement containing details such as the company

name; the jurisdiction incorporated in; the date and manner of incorporation; the company’s share capital; the extent of limited liability; the undertaking in Guyana and date of commencement; the full address outside Guyana and in Guyana; and the names, addresses and occupations of the directors of the company.

 Statutory declaration by two directors of the company attesting to the information submitted to the Registrar, along with a copy of the corporate instruments of the company.

 Statutory declaration by an attorney-at-law that the Companies Act has been complied with.

 A fully executed power of attorney that shall empower some person named in the power and resident in Guyana to act as attorney of the company.

A registration fee of between G$80,000 to G$300,000 is payable depending on the share capital of the company.

A registered external company is required to lodge audited accounts with the Registrar on an annual basis. A registered company is entitled to own land in Guyana as may be authorized by licence of the President.

REGISTERING SOLE PROPRIETORSHIP OR A PARTNERSHIP

Under the Business Names (Registration) Act, a sole proprietorship or a partnership carrying on business under a business name other than the true surname of

Prepared by Khalil Alli, FCA MSc., Partner, Jack A. Alli, Sons & Co. , Chartered Accountants

the proprietor (or names of partners), is required to be registered. The Partnership Act governs the workings of partnerships in Guyana.

Registration of a business name requires submission of an application to the Registrar containing the following details:

 The business name, general nature of the business and the principal place of business.

 The name, nationality, usual place of residence and other business occupation of the sole proprietor or every individual who is a partner.

A registration fee of G$5,000 is payable.

II: TAX REGIME CORPORATION TAX

Corporation tax is charged at a rate of 40% for commercial activity (except telephone companies) and at a rate of 25% in the case of any other activity. Telephone companies pay corporation tax at a rate of 45%.

Commercial activity means an activity carried out by a company trading in goods not manufactured by it, and includes an activity of a commission agency, a telecommunications company, a bank and an insurance company (other than a long-term insurance company). Where companies are engaged in both commercial and non-commercial activities, the commercial activity is taxed at 40% and the non-commercial activity is taxed at 25%.

Where the actual corporation tax liability of a commercial company as computed at 40% or 45% is less than 2% of the turnover of the company, the Corporation Tax Act provides for the payment of corporation tax at the rate of 2% of turnover - referred to as minimum tax. Insurance companies and any company exempt from corporation tax are exempt from minimum tax. Minimum tax paid in excess of the actual corporation tax liability is recoverable once proven to the satisfaction of the Commissioner-General and on the raising of an assessment.

Tax returns must be filed by April 30 of the year following the accounting year-end. Accounting year-ends that do not coincide with the calendar year-end must be approved by the tax authority. Tax returns are required to be submitted with audited financial statements.

Corporate bodies are required to pay corporation tax in quarterly installments on March 15, June 15, September 15, and December 15 of the year of income. Any shortfall of taxes after accounting for quarterly installments should be met by April 30 following the year of income.

BRANCH PROFIT

The corporation tax rates on branch profit are the same as for companies. Branch profit net of corporation tax is subject to withholding tax at 20%.

TAX LOSSES

Losses may be carried forward indefinitely to be set off against future profits. Brought forward tax losses cannot be used to reduce the tax payable of any year by more than 50%. Loss carrybacks are not permitted.

PAYMENTS TO FOREIGN AFFILIATES

A company may claim a deduction for charges paid to foreign affiliates, provided such amounts are reasonable and necessary, having regard to the requirements of the trade. Deduction for head office expenses is restricted to the lesser of the charge and 1% of gross income of the company. Head office expenses include charges from a non-resident parent company, or a non-resident associate company of a company resident in Guyana, or a nonresident associate or subsidiary company of a non-resident company in respect of a branch or agency owned by the non-resident company in Guyana, or the head office of a non-resident company in respect of a branch or agency in Guyana, for any administrative, technical, professional or other like service of an essentially managerial nature.

GROUP TAXATION

There are no group taxation provisions.

INCOME TAX

Income is taxable when it accrues in or is derived from Guyana, whether or not the individual is resident in Guyana, and whether or not the income is received in Guyana.

Employment compensation includes all benefits and allowances derived from employment, except allowances for medical or dental expenses or for any passage to or from Guyana and allowances for subsistence, travel, vacation (limited to one month’s gross salary), entertainment, or expenses if proven to the satisfaction of the tax authority.

There is a personal allowance equivalent to the higher of G$85,000 per month or one-third of the employee’s salary. Also, the employee’s national insurance contributions are allowed as a deduction in determining taxable income.

Premiums paid for life and medical insurance are a deductible expense for individuals, up to a maximum of the lower of 10 percent of their income or G$30,000 per month. The rate of income tax is 28% on taxable income

up to G$170,000 per month and 40% on earnings beyond this level.

Self-employed persons make income tax payments in quarterly installments with any shortfall of taxes being made by 30 April following the year of income. Employed persons have income taxes withheld under the pay-as-youearn (PAYE) system. PAYE returns and payments are due by the fourteenth day of the next month.

Tax returns must be filed by April 30 of the year following the year of income.

NATIONAL INSURANCE SCHEME

National insurance contributions are required at a rate 14% of earnings, with 5.6% being deducted from employees’ salaries and 8.4% being contributed by employers. Selfemployed persons contribute 12.5% of earnings. There is a monthly earnings ceiling of G$280,000. NIS returns and payments are due by the fifteenth day of the next month.

WITHHOLDING TAXES

Withholding tax at 20% is deducted at source on gross distributions and other specified payments (e.g. royalties, management fees, rent) made to non-residents. Payments to non-resident companies on account of any contract undertakings are subject to withholding tax at 10%. These withholding taxes on contracts are a form of advance tax to be set-off against final tax liabilities. Withholding tax returns and payments are due by the fourteenth day of the next month.

PROPERTY TAX

Property tax is payable on net property of companies and individuals at the end of year of income. The first G$40 million of net property is exempt, the next G$20 million is taxed at 0.5% and thereafter a rate of 0.75% applies.

CAPITAL GAINS TAX

Gains arising from disposal of capital assets held for between 1 and 25 years are subject to capital gains tax at a rate of 20%. Capital assets held for more than 25 years are not subject to capital gains tax upon subsequent disposal. Gains arising upon the disposal of capital assets within 12 months of acquisition are subject to corporation or income tax as appropriate. Capital losses are allowed as an offset to capital gains and may be carried forward for a period of 24 years.

STAMP DUTY

Stamp duties are charged on various types of instruments, except retail transactions. The rate applicable varies by type of instrument.

CUSTOM DUTIES

Customs duty is charged on the importation of goods into Guyana. The rate applicable varies by type of good.

EXCISE TAX

Excise tax is charged on the importation or domestic manufacture of motor vehicles, petroleum products, tobacco products and alcoholic beverages.

VALUE-ADDED TAX

Value-added Tax at a rate of 14% is charged on taxable supplies of goods and services. There are certain categories of supplies which are zero-rated or exempt. VAT returns

and payments are due by the twenty-first day of the next month.

CORPORATION TAX HOLIDAY

Under the Income Tax (In Aid of Industry) Act, the Minister of Finance may grant an exemption from corporation tax with respect to new economic activity of a developmental and risk-bearing nature in one of the following fields:

 Non-Traditional Agriculture Development and AgroProcessing

 Information and Communications Technology

 Petroleum Exploration, Extraction, or Refining

 Mineral Exploration, Extraction or Refining

 Tourist Facilities

 Value-Added Wood Processing

 Textile Production

 Biotechnology

 Development and Manufacturing of New Pharmaceutical Products, Chemical Compounds and the Processing of Raw Materials to Produce Injectables

 Infrastructural Development, including the Production of Electricity using Renewable Sources of Energy

New economic activity in one of the following administrative regions of Guyana may also qualify for exemption from corporation tax:

 Region 1: Barima / Waini

 Region 7: Cuyuni / Mazaruni

 Region 8: Potaro / Siparuni

 Region 9: Upper Takatu / Upper Essequibo

 Region 10: Upper Demerara / Upper Berbice

Exemption is granted for a period of up to 5 years but may be extended up to 10 years if the activity is in one of the specified economic fields. In the case of infrastructural development, the exemption may extend beyond 10 years.

In addition to the above provisions, the Minister may grant an exemption from corporation tax with respect to income from the following activities:

 Wind and Solar Energy

 Water Treatment and Water Recycling Facilities

 Waste Disposal and Recycling Facilities for Plastic Items Exemption for corporation tax for these activities shall be for a period not exceeding 2 years.

A tax credit equalling 75% of income and corporate taxes on profits can be granted on the provision of tourism activities in regions 1, 7, 8, 9 and 10.

EXPORT ALLOWANCES

Companies that export sales of manufactured, processed or agricultural products are entitled to export allowances as a deduction from chargeable profits. The quantum of the allowance is dependent on the percentage of export sales to total sales. Products that do not qualify for this allowance are bauxite, gold, diamonds, petroleum, sugar, rum, molasses, rice, timber, lumber, and shrimp.

 Leave with Pay Act

 Shops (Consolidation) Act

 Prevention of Discrimination Act

 Occupational Safety and Health Act

 Labour (Conditions of Employment of Certain Workers) Act

 Trade Unions Recognition Act

 Employment of Young Persons and Children Act

 Licensed Premises Act

 Factories (Hours and Holidays) Act

These laws address matters such as the treatment of wages and salaries, normal hours of work and overtime, leave with pay, safety, health and welfare, accidents and occupational diseases, termination of employment and severance pay, registration and regulation of industrial establishments, collective agreements, employment of young persons and duty of employers to keep records.

The normal work week is legislated as 40 hours over not more than 5 days. Any hours of work beyond normal hours are remunerated as overtime in accordance with applicable law.

The statutory minimum wage in Guyana is G$60,147 per month; however, the public service minimum wage is G$70,000 per month.

EMPLOYMENT OF FOREIGNERS

Foreigners require a work permit to be employed in Guyana. Application for work permit requires information on both the employer and the intended non-national employee.

DOUBLE TAX TREATIES

Guyana has effective double taxation treaties with Canada, the United Kingdom and CARICOM Member States that have ratified the CARICOM Double Tax Treaty.

III: LABOUR LAWS IN GUYANA

LABOUR REGIME

Guyana has several laws which govern the employment of labour. Some of the significant laws in this regard are as follows:

 Labour Act

 Termination of Employment and Severance Pay Act

 Wages Council Act

A CARICOM national holding a CSME Skilled National Certificate and his/her spouse are not required to obtain work permits to be employed in Guyana.

IV: INVESTMENT PROTECTION

RIGHTS AND GUARANTEES

Under the Investment Act, the Government of Guyana provides various assurances to investors with respect to any investment made in Guyana, including the following:

 Not to compulsorily acquire or take possession of the investment unless for a purpose in law, on a non-discriminatory basis, with prompt payment of adequate compensation and with a right of access to the court system

 To allow investors to purchase or lease land in Guyana subject to existing laws

 Not to intervene in the management of investor’s activities, nor impose conditions on the sale, pricing or distribution of associated products, except in the pricing of utilities

 Guarantee the right of investors to determine the distribution of all profits and dividends, and to receive their share of such profits or dividends subject to settlement of corresponding tax obligations

 To allow the employment of skilled and expert foreign personnel when necessary with the approval of the relevant authority and in accordance with applicable laws

TRANSFERS OF FUNDS ABROAD

The Investment Act also allows investors to transfer funds, subject to payment of applicable taxes, for the following purposes:

 Repatriation of dividends, earnings and capital

 Remittance of proceeds of sale or liquidation of an investment

 Payment of interest on international loans

 Payment for imports

 Payment of fees for trademarks, royalties and management services

 Payment of licensing fees for franchising agreements

Transfers of funds may be prevented however in circumstances of bankruptcy, insolvency, criminal proceedings, court orders or judgements or when necessary for the protection of stockholders or creditors.

DISPUTE RESOLUTION

The Investment Act provides that in cases where disputes arise among investors or with the Government of Guyana, the following avenues are available if the matter is not amicably settled through consultation or mediation:

 Submit the dispute to arbitration under the Arbitration Act

 Refer the matter to the competent courts in Guyana

 Submit the matter to the International Centre for the Settlement of Investment Disputes (ICSID) of which Guyana is a member

V: OTHER MATTERS OF INTEREST

LOCAL CONTENT

Holders of licenses issued under the Petroleum (Exploration and Production) Act and parties to Petroleum Agreements with the Government of Guyana, and their sub-contractors, are required to comply with the Local Content Act. The legislation identifies forty sectors with defined targets that are reserved for Guyanese companies and Guyanese nationals.

A Guyanese company is defined as being incorporated under the Companies Act of Guyana and which (a) is beneficially owned by Guyanese nationals who control at least fifty-one percent of voting rights; and (b) that has Guyanese nationals holding at least seventy-five percent of executive and senior management positions and at least ninety percent of non-managerial and other positions.

ENVIRONMENTAL PROTECTION

Under the Environmental Protection Act, administered by the Environmental Protection Agency, a developer of any of the following types of project, or any other project that is likely to impact the environment is required to obtain an environmental permit.

 Construction of any hotel, guest house or inn above ten rooms

 Installation for hydro-electric energy production

 Construction of roads, harbours and airfields

 Dams and other installations designed to hold liquid or to store it on a long-term basis

 Installation for the treatment of waste water, industrial or domestic waste

GAICO Shorebase Facility at Nismes, West Bank Demerara

 Importing of any waste matter whether hazardous or not

 Release, use or keeping of any genetically modified organisms

 Harvesting and utilization of forest resources

 Extraction and conversion of mineral resources

CURRENCY MATTERS

The unit of currency in Guyana is the Guyana Dollar which is freely convertible into other currencies based on prevailing market conditions. All monetary obligations or transactions in Guyana are required to be expressed, recorded and settled in Guyana Dollars unless permission is obtained from the Bank of Guyana which is responsible for the regulation of the financial sector in Guyana.

Under the Investment Act investors may open accounts in Guyana Dollars and in foreign convertible currencies with licensed banks in Guyana.

DECLARATION OF BENEFICIAL OWNERSHIP

Companies incorporated or registered under the Companies Act of Guyana are required to declare beneficial interest to the Registrar of Companies. Beneficial interest is defined in AML-CFT legislation as

Author’s note:

person (or persons) who ultimately exercises individually (or jointly) voting rights of at least 25 percent of the total.

ANTI-MONEY LAUNDERING

The Anti-money Laundering and Countering the Financing of Terrorism Act is the primary legislation in this area. The Financial Intelligence Unit, provided for under the Act, is responsible for the handling of suspicious transaction reports and other information relating to money laundering, terrorist financing and the proceeds of crime.

STOCK EXCHANGE

The Guyana Association of Securities Companies and Intermediaries Inc. operates the Guyana Stock Exchange. There are presently fifteen companies on the Exchange.

ACCOUNTING STANDARDS

The accountancy profession in Guyana is regulated by the Institute of Chartered Accountants of Guyana (ICAG). Accounting standards adopted for application in Guyana are the International Financial Reporting Standards. The ICAG is a member body of the International Federation of Accountants and the Institute of Chartered Accountants of the Caribbean.

The information contained in this article is for general guidance on matters of interest only and is not meant to be comprehensive. It is recommended that you obtain advice specific to your circumstances from professional advisors before proceeding.

Bank of Guyana Building, Georgetown

GOVERNMENT OFFICES AND AGENCIES

Government Offices

OFFICE OF THE PRESIDENT

Shiv Chanderpaul Drive, Georgetown

Tel: (592) 225-1330

Email: opguyana@gmail.com

Website: www.op.gov.gy

OFFICE OF THE PRIME MINISTER

Colgrain House, 205 Camp St., North C/burg, Georgetown

Tel: (592) 225-2705

Email: opm@opm.gov.gy

Website: www.opm.gov.gy

OFFICE OF THE VICE-PRESIDENT

Shiv Chanderpaul Drive, Georgetown

Tel: (592) 225-1330

Email: vpguy2020@gmail.com

MINISTRY OF PARLIAMENTARY AFFAIRS AND GOVERNANCE

105 New Garden Street, Queenstown, Georgetown

Tel: (592) 231-9944

Email: minpag@mpag.gov.gy

Website: www.mpag.gov.gy

MINISTRY OF AGRICULTURE

Regent St. & Vlissengen Road, Bourda, Georgetown

Tel: (592) 223 7291

Email: agri.pr.gy@gmail.com

Website: www.agriculture.gov.gy

MINISTRY OF AMERINDIAN AFFAIRS

251-252 Thomas & Quamina Sts, Georgetown

Tel: (592) 226 5267

Email: ps@moaa.gov.gy

Website: www.moaa.gov.gy

MINISTRY OF CULTURE, YOUTH AND SPORT

71-72 Main Street, Georgetown

Tel: (592) 227-7860

Email: minofcys@gmail.com

Website: www.mcys.gov.gy

MINISTRY OF EDUCATION

21 Brickdam, Georgetown

Tel: (592) 223 7900

Email: pr@moe.gov.gy

Website: www.education.gov.gy

MINISTRY OF FINANCE

49 Main & Urquhart Sts, Georgetown

Tel: (592) 227 3992

Email: publicrelations@finance.gov.gy

Website: www.finance.gov.gy

MINISTRY OF FOREIGN AFFAIRS AND INTERNATIONAL COOPERATION

254 South Road, Georgetown

Tel: (592) 226 1606/7

Email: minister@minfor.gov.gy

Website: www.minfor.gov.gy

MINISTRY OF HEALTH

1 Brickdam, Stabroek, Georgetown

Tel: (592) 227 7986

Email: mophguyanapr@gmail.com

Website: www.health.gov.gy

MINISTRY OF HOME AFFAIRS

6 Brickdam, Georgetown

Tel: (592) 226 2444/5

Email: minister@moha.gov.gy

Website: www.moha.gov.gy

MINISTRY OF HOUSING AND WATER

41 Brickdam & United Nations Place, Georgetown

Tel: (592) 226-5533

Email: info@mohw.gov.gy

Website: www.mohw.gov.gy

MINISTRY OF HUMAN SERVICES AND SOCIAL SECURITY

357 Lamaha & East Sts, Georgetown

Tel: (592) 225 6545

Email: minister.mhsss@gmail.com

Website: www.mhsss.gov.gy

MINISTRY OF LABOUR

82 Brickdam, Georgetown

Tel: (592) 231 1379

Email: ministryoflabour.gov.gy@gmail.com

MINISTRY OF LEGAL AFFAIRS

95 Carmichael St, Georgetown

Tel: (592) 226 2616

Email: ps@mola.gov.gy

Website: www.mola.gov.gy

MINISTRY OF LOCAL GOVERNMENT AND REGIONAL DEVELOPMENT

De Winkle Building, Fort St, Kingston, Georgetown

Tel: (592) 227 3548

Email: ps@mlgrd.gov.gy

Website: www.mlgrd.gov.gy

MINISTRY OF NATURAL RESOURCES

96 Duke Street, Kingston, Georgetown

Tel: (592) 231 2506

Email: ministry@nre.gov.gy

Website: www.nre.gov.gy

MINISTRY OF PUBLIC SERVICE

164 Waterloo St, North C/burg, Georgetown Tel: (592) 226 8732

Email: personnel@mps.gov.gy

Website: www.mps.gov.gy

MINISTRY OF PUBLIC WORKS

Wight’s Lane, Kingston, Georgetown Tel: (592) 225-7420

Email: minister@publicinfrastructure.gov.gy

Website: www.mopw.gov.gy

MINISTRY OF TOURISM, INDUSTRY AND COMMERCE

229 South Road, Lacytown, Georgetown Tel: (592) 226 2505

Email: info@business.gov.gy

Website: www.business.gov.gy

Government Agencies

GUYANA OFFICE FOR INVESTMENT

190 Camp & Church Sts, Georgetown Tel: (592) 225-0658

Email: invest@guyanainvest.gov.gy

Website: www.guyanainvest.gov.gy

CENTRAL HOUSING & PLANNING AUTHORITY

41 Brickdam & United Nations Place, Georgetown Tel: (592) 226-5533

Email: info@chpa.gov.gy

Website: www.chpa.gov.gy

DEPARTMENT OF PUBLIC INFORMATION

D’Urban Park, Area ‘B Homestretch Avenue, Georgetown Tel: (592) 226-6715

Email: info@dpi.gov.gy

Website: www.dpi.gov.gy

ENVIRONMENTAL PROTECTION AGENCY

Ganges Street, Sophia, Georgetown, Tel: (592) 225-5467

E-mail: epa@epaguyana.org

Website: www.epaguyana.org

GUYANA CIVIL AVIATION AUTHORITY

73 High St, Kingston, Georgetown

Tel: (592) 225-6822

Email: it@gcaa-gy.org

Website: www.gcaa-gy.org

GUYANA ENERGY AGENCY

295 Quamina St, South CummingsburgGeorgetown

Tel: (592) 226-0394

E-mail: gea@gea.gov.gy

Website: www.gea.gov.gy

GUYANA FORESTRY COMMISSION

1 Water Street, Kingston, Georgetown

Tel: (592) 226-7271

Email: forestrygy@gmail.com

Website: www.forestry.gov.gy

GUYANA GEOLOGY AND MINES COMMISSION

93 Upper Brickdam, Georgetown

Tel: (592) 225-6691

Email: info@ggmc.gov.gy

Website: www.ggmc.gov.gy

GUYANA LANDS & SURVEY COMMISSION

22 Upper Hadfield St. D’Urban Backlands

Tel: (592) 226-6490

Email: region4office@glsc.gov.gy

Website: www.glsc.gov.gy

GUYANA NATIONAL BUREAU OF STANDARDS

Flat 15 Exhibition Site Sophia, Georgetown

Tele: (592) 219-0066

Email: info@gnbsgy.org

Website: www.gnbsgy.org

GUYANA REVENUE AUTHORITY

200-201 Camp St., Georgetown

Tel: (592) 227 6060

Email: publicrelations@gra.gov.gy

Website: www.gra.gov.gy

GUYANA RICE DEVELOPMENT BOARD

Ministry of Agriculture Complex, Guysuco Compound

L.B.I, East Coast Demerara

Tel: (592) 220-4732

Email: inf@grdb.gy

Website: www.grdb.gy

GUYANA TOURISM AUTHORITY

National Exhibition Site, Sophia, Georgetown

Tel: (592) 219-0094

Email: info@guyanatourism.com

Website: www.guyanatourism.com

LOCAL CONTENT SECRETARIAT

Ministry of Natural Resources

116-117 Cowan Street,Kingston, Georgetown

Tel: (592) 225-8315

Email: localcontent@nre.gov.gy

Website: www.nre.gov.gy

NATIONAL INSURANCE SCHEME

Brickdam & Winter Place, Stabroek, Georgetown

Tel: (592) 225-2790

Email: public_relations@nis.org.gy

Website: www.nis.org.gy

PRIVATE SECTOR AGENCIES

BERBICE CHAMBER OF COMMERCE AND DEVELOPMENT ASSOCIATION (BCCDA)

Lot 25 Main & Charles Place

New Amsterdam, Berbice

Tel: +592 333-3592

Email: bccda@guyana.net.gy

CENTRE FOR LOCAL BUSINESS DEVELOPMENT

253-254 South Road, Bourda, Georgetown

Tel: +592 223-7781

Email: info@centre.gy

CENTRAL CORENTYNE CHAMBER OF COMMERCE

Plot CC Williamsburg, Corentyne, Berbice

Tel: +592 333-5264

Email: central_chamber@yahoo.com

CONSULTATIVE ASSOCIATION OF GUYANESE INDUSTRY LTD

157 Waterloo Street North C/burg, Georgetown

Tel: (592) 226-4603

Fax: (592) 227-0725

Email: goolsarrancagi@gmail.com

ESSEQUIBO ISLANDS/WEST DEMERARA

CHAMBER OF COMMERCE AND INDUSTRY

Lot “A” Ocean View, Ruimzeight Gardens

Ruimzeight, West Coast Demerara

Tel: (592) 616-8323

E-mail: R3cco.gy@gmail.com

ESSEQUIBO CHAMBER OF COMMERCE AND INDUSTRY

Town Council Building, Essequibo Coast

Tel: (592) 649-0642 essequibochamber@yahoo.com

FOREST PRODUCTS ASSOCIATION OF GUYANA

157 Waterloo Street, North C/burg, Georgetown

Tel: +592 226-9848

Email: fpasect@guyana.net.gy

GEORGETOWN CHAMBER OF COMMERCE AND INDUSTRY

156 Waterloo Street, North Cummingsburg, Georgetown

Tel: +592 227-6441

Email: ggcicommerce2009@gmail.com

Website: www.ggci.gy

GUYANA ASSOCIATION OF BANKERS

Block A, Lots 30C and 30D, Bel Air Park, Georgetown

Tel: (592) 227-4440, 223-7938

E-mail: kim.samaroo94@gmail.com

GUYANA ASSOCIATION OF PRIVATE SECURITY ORGANISATIONS

273 Lamaha Street, Georgetown

Tel: (592) 225-4794

E-mail: thompsonchris558@yahoo.com

GUYANA GOLD AND DIAMOND MINERS ASSOCIATION

29 North Road, Bourda, Georgetown

Tel: +592 225-2217/225-1828

Email: minersassociation@yahoo.com

Website: www.ggdma.com

GUYANA MANUFACTURING AND SERVICES ASSOCIATION LTD

157 Waterloo Street, North C/burg, Georgetown

Tel: +592 223-7405/225-5615

Email: gmsaguyanaltd@gmail.com

Website: www.gmsagy.org

GUYANA RICE EXPORTERS AND MILLERS ASSOCIATION INC.

24 Water Street, North C/burg, Georgetown

Tel: (592) 227-3344, 226-8843

E-mail: newgrema@gmail.com raj@nandpersaud.com

GUYCRAFT PRODUCERS ASSOCIATION

1-4 Urquhart Street, North C/burg, Georgetown

Tel: (592) 227-0646

Email: patricia_helwig@yahoo.com

INSTITUTE OF PRIVATE ENTERPRISE DEVELOPMENT

253 South Road, Bourda, Georgetown

Tel: +592 226-4675/225-8949

Email: iped@ipedgy.com

Website: www.ipedgy.com

LINDEN CHAMBER OF INDUSTRY COMMERCE AND DEVELOPMENT

97-98 Republic Avenue, MacKenzie, Linden

Tel: +592 444-2901

Email: infolindenchamber@gmail.com

PRIVATE SECTOR COMMISSION (PSC)

157 Water Street, North C/burg, Georgetown

Tel: +592 225-5347

Email: office@psc.org.gy

Website: www.psc.org.gy

NATIONAL AIR TRANSPORT ASSOCIATION

158 D Waterloo Street

North C/burg g, Georgetown

Tel: (592) 600 - 7272

Email: nata@gmail.com

RUPUNUNI CHAMBER OF COMMERCE AND INDUSTRY

Block ‘A’ Takutu Drive, Lethem, Rupununi

Tel: +592 772-2213

Email: rupununircci@yahoo.com

SHIPPING ASSOCIATION OF GUYANA

10-11 Lombard Street, Georgetown

Tel: (592) 226-2169

Fax: (592) 226-9656

E-mail: guyana.shipping@mail.com

TOURISM AND HOSPITALITY ASSOCIATION OF GUYANA

157 Waterloo Street, North C/burg, Georgetown

Tel: +592 225-0807

Email: thag.secretariat@gmail.com

Website: www.thag.co

UPPER CORENTYNE CHAMBER OF COMMERCE AND INDUSTRY

157 Line Path B, Corrriverton, Berbice

Tel:+592 339-2935

Email: ucci.chamber@gmail.com

WOMEN CHAMBER OF COMMERCE AND INDUSTRY GUYANA

230 Camp Street, Georgetown, Guyana

Tel: (592) 632-0091

admin@wcciguyana.com

GUYANA EMBASSIES/OVERSEAS MISSIONS

EMBASSIES

BELGIUM

Embassy of the Co-operative Republic of Guyana

3rd Floor, Boulevard Brand Whitlock 114, 1200 Brussels, Belgium

Tel: 322 675 6216

Fax: 322 672 5598

Email: info@embassyofguyana.be (general); consular@embassyofguyana.be (visas, etc.); trade@embassyofguyana.be (trade)

Website: www.embassyofguyana.be

BRAZIL

Embassy of the Co-operative Republic of Guyana

SHIS Q1 05 Conjunto 19, Casa 24 Lago Sul, Brasilia DF, Brazil

CEP 71615 – 190

CNPJ: 04 489 260/ 0001-23

Tel: 55-61-3248–0874; 55-61-3248–0875; 55-61-3364-5319

Fax: 55-61-3248-0886

Email: embguyana@embguyana.org.br

CANADA

High Commission for the Co-operative Republic of Guyana

123 Slater Street, Suite 902, Ottawa, ON KIP 5H2, Canada

Tel: 613-235-7240; 613-235–7249

Fax: 613-235-1447

Email: guyana@guyanamissionottawa.org

CHINA

Embassy of the Co-operative Republic of Guyana

No. 1 Xiu Shui Dong Jie

Jian Guo Men Wai, Beijing 100600, China

Tel: 8610-6532-1601/1337

Fax: 8610-653 -5741

Email: admin@guyanaembassybeijing.cn

Website: www.guyanaembassybeijing.cn

CUBA

Embassy of the Co-operative Republic of Guyana

Calle 18, No. 506, Entre 5ta y 7ma, Miramar, Havana, Cuba

Tel: 537-204-2094

Fax: 537-204-2867

Email: geh@mission.gov.gy/ guyanasecretaria@gmail.com

Website: www.guyanaembassycuba.com

INDIA

High Commission for the Co-operative Republic of Guyana

E-7/19 Vasant Vihar, New Delhi – 110057 India

Tel: 9111- 4166 – 9717/8 (Office)

Fax: 9111- 4166 – 9714

Email: hcomm_ind@mission.gov.gy

KUWAIT

Embassy of the Co-operative Republic of Guyana

Block 3, Street 321, Villa 3, Mubarak Abdullah Al Jaber, West Mishref, State of Kuwait

Tel:965-2539-7939; 965-2539-4336

Fax: 965-2539-3448

Email: guyanaembassy.kuwait@gmail.com

QATAR

Ambassador - H.E. Safraaz Shadood

Embassy of the Co-operative Republic of Guyana Villa no.5, Street no.506 zone no.66, West Bay, Doha, Qatar

Email: sshadood@minfor.gov.gy

Tel: +974 5549 1972

SOUTH AFRICA

High Commission for the Republic of Guyana

Suite H, Third Floor, Grosvenor Place, 235 Grosvenor Street, PO. Box 12238, Hatfield 0081, Pretoria , South Africa

Tel: +27 79 648 6373; +27 12 941 1694

Fax: +27 12 342 2736

Email: ghcpretoria@hcguyana.co.za

SURINAME

Embassy of the Co-operative Republic of Guyana

Henck Arronstraat No. 82, P. O. Box 785, Paramaribo, Suriname

Tel: 597-477 -895; 597-472-509

Fax: 597-472-679

Email: gep@mission.gov.gy

SWITZERLAND

Permanent Mission of the Co-operative Republic of Guyana to the United Nations Office and other International Organizations at Geneva

1 rue du Pré-de-la-Bichette, 2ème étage, 1202 Genève, Switzerland

Office Reception: +41 22 730 1790: +41 22 730 1791

Fax: +41 22 730 1792

Counsellor’s Direct Line: + 41 22 730 1794

Trade Specialist Direct Line: +41 22 730 1795

Email: pmog.gv@gmail.com

UNITED KINGDOM

High Commission for the Co-operative Republic of Guyana

3 Palace Court, Bayswater Road, London W2 4LP, England

Tel: 44 - 207 – 229 -7684

Fax: 44 - 207 - 727 - 9809

Email: guyanahc1@btconnect.com

Website: www.guyanahclondon.co.uk

UNITED STATES OF AMERICA

WASHINGTON DC

Embassy of the Co-operative Republic of Guyana

2490 Tracy Place, N. W., Washington, D.C., 20008 USA

Tel: 0011-202-265-3834; 0011-202-265-6900; 0011-202328-1567

Fax: 0011-202=232=1297

Email: guyanaembassydc@verizon.net

Ambassador - H.E Carolyn Rodrigues-Birkett

Permanent Representative

Permanent Mission of the Co-operative Republic of Guyana to the UN

801 Second Avenue, Fifth Floor New York, New York 10017, USA

E-mail: Guyana@UN.int

Tel: 212 573 5828

Fax: 212 573 6225

VENEZUELA

Embassy of the Co-operative Republic of Guyana

Quinta Los Tutis, Segunda Avenida entre Novena y Decima Transversal, Urbanizacion Altamira, Municipio Chacao, Caracas, Venezuela

Tel: 58-212-267-7095; 58-212-261-7745

Fax: 58-212-976-3765

Email: embguyccs@gmail.com

CONSULATES GENERAL

BARBADOS

Consulate General of the Co-operative Republic of Guyana

‘Harbour View House’ Highgate Park, Collymore Rock St. Michael, BB14005, Barbados

E-mail: guyanaconsulate.bb@mission.gov.gy guyanaconsulategeneralbarbados@gmail.com

Tel: 246 537 2767

Fax: 246 537 2776/2779

BRAZIL

Consulate General of the Co-operative Republic of Guyana

Rua Joao Pereira Caldas

71-Nossa Senhora Aparecida

CEP: 69.306-450

CNPJ: 05.870.492/001-90

Boa Vista-Roraima

Email: guyanaconsulatebrazil@hotmail.com

Tel: 001 55 95 3624 1129, 001 55 95 8123 4219

CANADA

Consulate General of the Co-operative Republic of Guyana

505 Consumers Road Suite 707, Willowdale, Ontario M2J 4V8, Canada

Tel: 416-494-6040; 416-494-6059; 416-494-2679

Fax: 416-494-1530

Email: info@guyanaconsulate.com

NEW YORK, USA

Consulate General of the Co-operative Republic of Guyana

308 West 38 Street, 8-9 Avenue, New York NY 10018, USA

Tel: 212-947-5115-6; 947-5110-9

Fax: 646 915 0237

Email: cgny@guyanaconsulatenewyork.org

SURINAME - NICKERIE

Consulate General of the Co-operative Republic of Guyana

Gouverneur Straat & West Kanaal Straat, No. 10

Nickerie, Suriname

Tel: 597-211-019

Fax: 597-212-080

Email: gcn@mission.gov.gy

TRINIDAD AND TOBAGO

Consulate General of the Co-operative Republic of Guyana

No. 12 Alexandra Street

St. Clair, Port of Spain, Trinidad & Tobago

Tel: 868 622-2913; 868 628-2616

Email: ghctt@mission.gov.gy ; dyaw@minfor.gov.gy

HONORARY CONSULS

ANTIGUA AND BARBUDA

Consulate of the Co-operative Republic of Guyana

Mr Robert Edwin Reis (Bobby)

Honorary Consul

Suite 4, Corner Corn Alley & Long Street, St. John’s, Antigua

Tel: 268 720 5751

Fax: 268 463 0561

Email: images@candw.ag

BAHAMAS

Consulate of the Co-operative Republic of Guyana

Mr Jairam Mangra

Honorary Consul

Suite 12 Bayparl Building, 18 Parliament Street, Nassau, Bahamas

Tel: 242 328 2883 (Office); (242) 810 2424 (c)

Fax: 242 328 2881

Email: jmmangra@mangraandco.com ; jairammangra@hotmail.com ; guyanaconsulate. bahamas@gmail.com

BELIZE

Consulate of the Co-operative Republic of Guyana

Mr Hugh Saul

Honorary Consul

27 Ridge Lagoon Estates, Lady Ville, Belize District, Belize

Tel: 501 225 3863 (Office); 501 602 3472

Email: hughasaul@gmail.com

GUYANA EMBASSIES/OVERSEAS MISSIONS

UNITED STATES OF AMERICA

BRAZIL - BOA VISTA

Consulate of the Co-operative Republic of Guyana

Rua Joao Pereira Caldas

71-Nossa Senhora Aparecida

CNPJ: 05.870.492/001-90

Boa Vista-Roraima, Brazil

Tel: 001-55-95-3624-1129, 001-55-95-8123-4219

Email: guyanaconsulatebrazil@hotmail.com

BRAZIL - RIO DE JANEIRO

Consulate of the Co-operative Republic of Guyana

Mr Paulo Gomes Dos Santos

Honorary Consul

Rua Lauro Muller, 116 Group 2604, Botafogo, Rio de Janeiro 22290-160, Brazil

Tel. No: 001-55-21-2542-9595

Fax: 001-55-21-2295-2798

Email: Cel_paulo@hotmail.com

Website: www.celpaulo.consuladoguianario.com.br

BRAZIL - SAO PAULO

Consulate of the Co-operative Republic of Guyana

Mr Carlos Frederico Zimmermann Neto

Honorary Consul

Av. São Luís, 112 c. Conj 402a – Centro

São Paulo – SP, Cep: 01046-000, Brazil

Tel: 55-11-3159-2200

Email: zimmermann@zn.adv.br

JAMAICA

Consulate of the Co-operative Republic of Guyana

Ms Indera Persaud

Honorary Consul

2nd Floor, 34-36 Old Hope Road, Kingston 5, Jamaica

Tel: 876 968 5983 (Office); 876 815 2713 (Cell)

Email: inderasawh@yahoo.com

PERU

Consulate of the Co-operative Republic of Guyana

Mr Jorge A. Alarcon Revilla

Honorary Consul

Av. Jose Pardo 231 Piso 4, Miraflores, Lima 18, Peru

Tel: 511 447 6688; 511 9999 3331

Fax: 511 445 5339

Email: esalarcon@terra.com.per

PHILIPPINES

Consulate of the Co-operative Republic of Guyana

Mr Joseph D’ Oliveira

Honorary Consul

9G Yakal Road, Tivoli Royale, Matandang, Balara, Quezon City, Manila, Philippines

Tel:632 236 4517

Email: josephdoliveira@gmail.com

ST. MAARTEN

Consulate of the Co-operative Republic of Guyana

Ms Kim Lucas-Felix

Honorary Consul

Suite 4, D&B Commerce Center, Cannegieter Street #46, Philipsburg, St, Maarten

Tel: +(721)527-0704

Email: guyanahonoraryconsulsxm@gmail.com

SAINT KITTS AND NEVIS

Consulate of the Co-operative Republic of Guyana

Ms Deniece Alleyne

Honorary Consul

Hazel Alleyne Law Office, Victoria Road, Basseterre, St. Kitts

Tel: 869-465-3986 (office); 869-763-9257 (Cell)

Email: dalleyne@hazelalleynelaw.com (work); Deniecea76@gmail.com

Websites: www.hazelalleynelaw.com ; www. sknguyanaconsulate.com

SAINT VINCENT AND THE GRENADINES

Consulate of the Co-operative Republic of Guyana

Mr Nigel Russell

Honorary Consul

Mc Carthy, St. Vincent and the Grenadines

Tel: (784) 453-1222/ 485-6618; (784) 526-5159 (Cell)

Email: newguyanasvg@hotmail.com

CALIFORNIA, USA

Consulate of the Co-operative Republic of Guyana

Mr Raymond Anthony D’ Aguiar

Honorary Consul

150 W. Providencia Avenue, Burbank CA 91042, California, USA

Tel: 818 422 8942

Email: Raymond@americanbinderyservice.com

GEORGIA, USA

Consulate of the Co-operative Republic of Guyana

Ms Marva E. Jacobs

Honorary Consul

5683 Redan Road, Stone Mountain, GA 30088 USA

Tel: 604-578-0962

Email: marvajacobs04@gmail.com

MIAMI, USA

Consulate of the Co-operative Republic of Guyana

Mr Ramzan Roshanah Ali

Honorary Consul 6444 NW 7th Street, Miami, Florida 33150 USA

Tel: 786 235 0431 (Office); 954 432 7079 (Home); 305 389 0537 (Cell)

Fax: 305 693 9313

Email: guyconfl@aol.com

VENEZUELA

Consulate of the Co-operative Republic of Guyana

Mr Patrick Husain

Honorary Consul

Avenida Gumilla, Via El Pao, San Felix, Bolivar State, Venezuela

Phone: +58 412 1872267 (office); 0 412 8783529

Email: patrickhusain@yahoo.com

For Further Information on Contacting the Guyana Embassies, High Commissions and Overseas Missions please contact: Protocol & Consular Affairs Department

Ministry of Foreign Affairs, The Co-operative Republic of Guyana Ramphal House, Shiv Chanderpaul Drive & Charlotte St, Bourda, Georgetown

Tel: +592 225-4305; 225-7404 | Email: minfor@guyana.net.gy | Website: www.minfor.gov.gy