Invest Guyana 2021/2022. 8th Edition by AMS Guyana

Positively Shaping Guyana’s Future Power Producers & Distributors One Megawatt atInca Time

100% Operated and Maintained by Guyanese. Capacity to operate and maintain both Fossil Fuel and Renewable Energy Power Plants. Capable of providing Engine Maintenance Services to on and oﬀshore facilities within the Oil and Gas sector in Guyana. ISO 9001:2015 certiﬁed. Member of the Energy Charter’s Industry Advisory Panel.

Mudlot Water Street, Kingston Georgetown, Guyana Tel: +592 227-0982/83 Email: info@ppdi.gy Website: www.ppdi.gy

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

JUST FOR PLACEMENT

S ADVERTISING MARKETING SERVICES

INVEST GUYANA is a project of Advertising & Marketing Services (AMS) in association with the Guyana Office for Investment (Go-Invest) 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 Email: lokesh@amscaribbean.com Website: www.investguyana.net

Contents Editorial

DDL Group Invests US$20 Million in Modern Fruit Juices and Milk Processing Plant

108 110

IDB Approves US$4M to Fernandes Group of Suriname to Establish Modern Bakery in Guyana Services Investment Prospectus

112

Reimagine Guyana – ICT in Guyanese Society’s Sustainable Socio-Economic Transformation: Early Thoughts

Guyana National Bureau of Standards

115 116

Public Infrastructure the catalyst for the new Economy

Transforming Guyana: Making Homeownership easier for all Guyanese ANSA McAL a Shining Example amidst a Trying Pandemic

120

SPECIAL FEATURE: Oil & Gas

123 131

Private Equity as a Catalyst for Businesses in Guyana’s Fast Growing Economy

Guyana Office for Investment (Go-Invest)

ICT Investment Prospectus

E-Networks to Transform Guyana’s Telecommunications Landscape

Guyana: the Gateway to Opportunities

Explore the Investment Opportunities in Guyana

Telecommunications and Renewable Energy Sectors Set for Transformation and New Investments

Guyana - An Energy Powerhouse in the Making

Historic Transformation Underway in Guyana

Review of the Guyana Budget 2021

Agriculture Investment Prospectus

Guyana to Upgrade and Modernise National Laws

New GMC – Promoting Agricultural Exports & Agro Processors

Cabinet of Ministers

Tourism Investment Prospectus

IMF Projects Revised 2021 GDP Growth of 16.4 % for Guyana: Best Growth Rate for all LAC Countries – World Bank

Consultations Underway on Draft Local Content Policy as Guyana Leads Global Growth

Energy Investment Prospectus

Creating New Opportunities

133

Halliburton Energy Services

136

Guyana Shore Base Inc (GYSBI)

A New Era of Engagement for the Guyanese Diaspora

Doing Business in Guyana

138

Guyana – Positioned for Major Investments and Development

GOGEC Supports Investments and Development Plans

GAICO Construction: Pioneers in the Promising Oil Industry

Government Offices and Agencies

143

Forestry Investment Prospectus

The Canada-Guyana Chamber of Commerce

Private Sector Agencies

144

Mining Investment Prospectus

Guyana Embassies/Overseas Missions

145

About Guyana

Genequip: Three Decades of Continued Confidence in the Economy

102

Advertisers’ Index

148

Map of Guyana

Manufacturing Investment Prospectus

104

Editorial Contributors: Lokesh Singh, Martina Johnson, Khalil Alli, Devina Samaroo, Navendra Seoraj, Kurt M.A. Kisto, Tony Farnum, Wesley Kirton, Go-Invest / PSC / Canada Guyana Chamber of Commerce, GOGEC / New GMC/Haliburton / GYSBI/ GNBS / IDB Invest / CHPA / ANSA McAL / Guyana Petroleum Digest / Ministry of Foreign Affairs

Cover Design: Advertising & Marketing Services Kathryn Duncan

Advertising Sales: Lokesh Singh, Martina Johnson, Danielle Farley

Contributing Photography: Department of Public Information, Office of the President, Ministry of Foreign Affairs, Guyana Office for Investment, Guyana Chronicle, Newsroom, Central Housing & Planning Authority Dr Rosh Khan, Shaz Ally, GAICO / ANSA McAL / PSC / GOGEC / New GMC

Graphic Design & Layout: Advertising & Marketing Services Kathryn Duncan

For Further Information on Investing in Guyana Contact: Guyana Office for Investment (Go-Invest) 190 Church & Camp Streets, Georgetown, Guyana. Tel: 592 225 0658 / 227 0653 Fax: 592 225 0655 Email: goinvest@goinvest.gov.gy Website: www.goinvest.gov.gy

GOINVEST.GOV.GY

Invest Guyana 2020/21 2021/22 |

| Invest Guyana 2021/22

INVESTGUYANA.NET

Editorial

Welcome to Guyana – the fastest growing economy in the Caribbean and South America and the newest petro state of the world where billions of barrels of oil reserves have been discovered in deep waters offshore Guyana. The discovery of oil in 2015 and the continuous extraction since first oil in early 2020 has delivered an economic windfall of earnings and new investments which have positioned the country for a major transformation.

A new Government under the leadership of the youthful President Dr Mohamed Irfaan Ali took office in August 2020 and have crafted a national development agenda which will transform the country led by the construction of a range of high profile infrastructure projects comprising high span bridges across the major rivers and a network of highways which will open massive areas of new land for agriculture, housing and the creation of a network of economic hubs across the country. The core industries of rice and sugar and a range of other economic sectors have been identified for expansion and new investments to create a strong multi sector economy led by the emerging and dominant oil and gas industry. Demand for supplies and services for the oil industry have escalated and local and international investors are being courted to invest in the many lucrative opportunities that abound. The skyline of the country continues to change with new modern buildings and EOIs issued for the addition of 2,000 new hotel rooms have been fully subscribed with many leading international hotel brands set to soon take up residence in the Guyana market.

Magazine will help to educate and excite you about the development agenda of the country and the lucrative investment possibilities to be explored. Please review our advertisers and their services offered as they may be potential investment partners or suppliers of products and services. This copy is yours to take and share with your associates. Be sure to contact and visit the offices of Go-Invest and be assured of professional guidance and support in identifying the investment opportunities and fast tracking the establishment of your business in Guyana. Whilst visiting Guyana, be sure to find time to explore and enjoy our country – a nation of six ethnic groups, a fusion of cultures with a variety of culinary delights and national festivals that are truly Guyanese. Be sure to find the time to explore our interior regions and visit our tourism attractions. Wishing you a successful business trip and a productive and rewarding investment relationship with Guyana. Lokesh Singh Publisher/Managing Director Advertising & Marketing Services Lokesh@amscaribbean.com

We hope that the pages of this our eighth edition of the INVEST GUYANA

S ADVERTISING MARKETING SERVICES

GO BEYOND THE PRINT!

Access live digital links featured in this issue of Invest Guyana magazine wherever you see the QR code. Use the QR Code scanner/reader on your mobile device or tablet go online. For investment info, visit: www.goinvest.gov.gy To access the magazine online: www.investguyana.net

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

Dr. Peter Ramsaroop, MBA CEO & Chief Investment Officer Guyana Office for Investment Office of the President

Discussing ICT with Prime Minister Mark Phillips

| Invest Guyana 2021/22

INVESTGUYANA.NET

Addressing attendees at the launch of the 2021 Guyana Energy Conference

Our President’s 2021 National Budget has renewed Guyana’s purpose by expanding our economic agenda in building a healthy economy. Budget 2021 estimated expenditure is 14% higher than 2020, while revenue is estimated to grow by 22.5% relative to 2020. In particular, more than 50% of Budget 2021 is dedicated towards better serving and empowering the people while advancing the Government’s transformational development agenda through infrastructure development; housing programs, new road networks, investing heavily in the agriculture and food security sectors and agroprocessing on mega scales. In doing so, tremendous opportunities exist for foreign and local investors to exploit these opportunities in the various productive sectors.

Our Natural Resource Capacity Guyana has an abundance of natural resources. Few other countries in the world can boast being home to gold, diamonds, bauxite, sugar, rice, cattle and other livestock, forestry, oil and gas, abundant agricultural lands, fresh water and tourism. More investment in agroprocessing, agro industrial parks and manufacturing supported by a ballooning of engineering services.

Tourism - A New High Growth Opportunity Tourism offers great potential and has a bright and prosperous future. It is a fiercely competitive market, requiring skills, talent, enterprise, and a government that backs the sector. It is fundamental to the rebuilding and rebalancing of our economy. We welcome new players to this industry and offer incentives to catalyze its development. Our government is interested in having two thousand (2000) new rooms over the next five (5) years. The Lethem aerodrome, on the border with Brazil, will be developed into an international airport as part of our drive to boost eco and adventure tourism. Tourism presents a huge economic opportunity for Guyana. ICT - a Focus on Innovation We will support innovation by ensuring development in the Information and Communication Technology and expanding Guyana’s digital footprint to achieve economic competitiveness. ICT will provide Guyana with the opportunity to increase efficiency in public administration and business, enhance industrial productivity, promote competitiveness in trade and commerce and provide a higher quality of life. The Government has liberalized the telecommunications sector which has increased access to cheaper data and bandwidth and improved access to the internet, while increasing ICT literacy and expanding E-Government. Agriculture - Modernizing Known Industries Guyana’s vast tracts of productive land present enormous opportunities for growth. Agriculture is one of the most important productive sectors of Guyana’s economy. Although Guyana’s mature sugar and rice industries will continue to play an important role in Guyana’s economy, the non-traditional agriculture sector is beginning to show high growth potential. Our long term goal is to expand the rice Industry and create a viable and sustainable sugar industry. The Government will also promote value-added activities and the export of produce, to ensure our agriculture sector continues to expand and farmers can realize higher income. The Government has reduced land lease fees, land taxes, and drainage and irrigation as a measure to help farmers save. Agricultural diversification will witness a renewed focus on coconut, aquaculture, horticulture and the poultry industry. As an impetus to boosting the agricultural sector, we have already restored the zero-rating of machinery for the poultry industry.

Talking trade with India’s High Commissioner to Guyana, H.E. Dr. K. J. Srinivasa

Energy Plan 2023 - Protecting and Defending the Environment We plan to significantly reduce energy costs for investors across the board. In 2023 with the planned gas to shore pipeline along the West Bank of Demerara, Guyana will have significant opportunities for investments in manufacturing as a result of the low cost source of energy. Piping gas to shore will generate cheap and reliable energy to power industry and meet our growing demand for electricity. The world is facing a growing energy consumption, and fossil fuels will continue to play a significant part in the energy mix for many years to come. Guyana is positioned as the newest oil-producing country globally and is set to transform Guyana’s economy. ExxonMobil has made its 18th discovery offshore Guyana at the Redtail-1 well, which will add to the previously announced estimated recoverable resource of more than 9 billion oil-equivalent barrels on the Stabroek Block. Oil and gas projects offer massive potential in Guyana, not just in terms of production, but in the wide variety of employment opportunities it creates for Guyanese citizens, significant financial resources and numerous transformational opportunities for investors. These investments’ scale represents a significant business opportunity, especially for businesses involved in this sector and those providing support services. We’re seeking investors to develop a mix of energy projects to generate an additional 400MW of installed capacity. There will be an installation of a natural gas plant, pursuing hinterland electrification, including through the provision of mini-grids for large hinterland communities.

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

The Amalia Falls Hydroelectric Project will commence. Guyana is one of the best investment destinations globally and is looking forward to partnering with the private sector, including foreign investors, in these and other energy projects.

A Robust Infrastructure Development Plan Guyana is strategically positioned with direct links to Suriname, Brazil and as well as the Caribbean for trade. We have several key transformative projects outlined in the President’s agenda. The construction of a deep water harbor at Berbice to facilitate international trade. Development of a robust infrastructure corridor that defines more than one mode of transportation and linkages. Linden to Lethem road will link Guyana to Brazil seamlessly and will create opportunities for the ease of transporting goods and services. Guyana is poised to become a central hub for regional trade. The Corentyne River Bridge will provide seamless transport of goods between Guyana and Suriname hence bolstering trade between regional neighbours.

other evolving areas. Our local companies will be given a level platform to compete; training and capacity building initiatives along with the transfer of skills and technology will be critical for this process. We are seeking Public Private Partnerships to enhance success across several sectors including oil and gas and agriculture to name a few. Local content and talent will be vital as we move our people into this new age. The oil and gas institute will contribute greatly in developing local talent. In accordance with the national budget strategy, Go-Invest will promote a diversified and resilient strategy for local content development. We will facilitate investments in both traditional, new and emerging sectors in order to create 50,000 jobs for Guyanese in the next five years.

Conclusion – Embrace Our President’s Vision Guyana is poised for momentous economic growth. We encourage both local and foreign investors to come and reap the benefits of what our country has to offer. The future is bright! With a wealth of resources at our disposal, we welcome all who can contribute to the transformative development of our nation and share our President’s vision. We have a rapidly transforming economy and will become the energy capital for the region, Guyana is the most lucrative place in the region for investments – and is open to both local, regional and global investors. The time to visit Guyana is now. We encourage you all to explore the possibilities and become a part of this economic transformation of Guyana.

Dr. Peter Ramsaroop observing the production process of plastic bags at Flexotech Inc.

Culture of Excellence We are striving to create a culture of excellence in Guyana. Under our President’s leadership, a key mechanism for furthering the development of Guyana will be a robust Local Content Policy to ensure that Guyanese have opportunities for knowledge transfer in the oil and gas sector and 10

| Invest Guyana 2021/22

INVESTGUYANA.NET

Celebrating Guyanese culture with members of the dedicated Go-Invest Team

goinvest@goinvest.gov.gy

www.goinvest.gov.gy

Welcome Investors! Our country is ripe for both local and foreign investment; the future has arrived. Our President has outlined an aggressive economic agenda which will complement massive investments from the private sector across a vast range of economic activities: Tourism, Industrial Development, Agriculture and Oil to name a few. We are ardent to boost investments in evolving areas such as Agro-processing, Industrialization, Manufacturing, Climate Services, Oil and Gas, Environmental Services, Bio Diversity, Sustainable Tourism Management and Aquaculture. We will work to cultivate our emerging sectors and it is vital for us to strengthen our capacity in the traditional sectors to become more efficient and competitive. We are excited to work with both local and foreign investors to achieve the President’s vision. Incentives Investing in Guyana has many benefits. Unlimited carry-over of losses from previous years, Accelerated depreciation on plant and equipment, Full and unrestricted repatriation of capital, profit and dividends and benefits of double taxation treaties with the UK, Canada, Kuwait and CARICOM. Importantly, both our local and foreign investors will benefit from these incentives. Our President’s 2021 National Budget has renewed Guyana’s purpose by expanding our economic agenda in building a healthy economy. Budget 2021 estimated expenditure is 14% higher than 2020, while revenue is estimated to grow by 22.5% relative to 2020. In particular, more than 50% of Budget 2021 is dedicated towards better serving and empowering the people while advancing the Government’s transformational development agenda through infrastructure development; housing programs, new road networks, investing heavily in the agriculture and food security sectors and agroprocessing on mega scales. In doing so, tremendous opportunities exist for foreign and local investors to exploit these opportunities in the various productive sectors.

Our Natural Resource Capacity Guyana has an abundance of natural resources. Few other GOINVEST.GOV.GY

Invest Guyana 2021/22 |

The capital Georgetown and East Coast Demerara Photo: Shaz Ally

Explore the

Investment Opportunities

in Guyana

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

Guyana is a sleeping economic giant. From its vast tracts of arable lands to its resource-rich forested regions and lucrative offshore oil-rich basin, the country is teeming with investment opportunities.

uyana is rich beyond imagination. Its agricultural lands endow it with the potential to become the breadbasket of the Caribbean; its mineral wealth includes gold, diamonds, bauxite and manganese; its forests are home to some of the world’s most durable and prized timbers; its terrestrial and aquatic wildlife and other natural capital

| Invest Guyana 2021/22

INVESTGUYANA.NET

make it a world-beater in eco-tourism; its ethnic diversity and educated and skilled workforce further qualify it as an enterprising business destination. Guyana’s resources require investment – human, financial and technological – for their sustainable development. Guyana invites investment in the areas of agriculture, aquaculture, educational services, energy, forestry, healthcare services, housing, information communications technology, infrastructure, manufacturing, mining, petroleum and tourism and hospitality. The country has a remarkable future ahead. It is positioned to become the most prosperous state in the region, a major industrial heartland, an energy powerhouse, an eco-tourism hotspot and the conference capital of the Caribbean.

Chief Executive Officer of the U.S. International Development Finance Corporation, Adam Boehler greets President Irfaan Ali at State House. Boehler was part of a high-level investment team of agencies from the United States who have offered, collectively, US$200 billion (approximately G$42 trillion) in financing for businesses interested in investing in Guyana.

My Government is fashioning a more diversified, resilient and investor-friendly economy. Growth is on an upward trajectory. The country’s economy is already the fastest growing in the Western Hemisphere. Rewarding economic opportunities are erupting. Economic transformation is being propelled by catalytic investments which will revolutionize the country’s energy, transportation and tourism sectors. Business procedures are being simplified, bureaucratic red tape done away with, and attractive fiscal incentives are being rolled out for investors. Citizens are enjoying improved standards of living, including through and enhanced spending power from increased disposable incomes.

President Irfaan Ali and Surinamese President, Chandrikapersad Santokhi, signed a strategic dialogue cooperation agreement establishing a framework for dialogue to guide future collaboration to improve the lives of citizens of both countries.

President Irfaan Ali, Vice-President Bharrat Jagdeo and a Ministerial Team meeting with his Highness Sheikh Ahmed Dalmook Juma Al Maktoum of the United Arab Emirates (UAE) and an eight-member delegation on their three-day official State visit to Guyana. The UAE is one of the top oil-producing countries globally and is expected to lend assistance to Guyana in oil and gas, agriculture, mining among other areas.

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

Key investment in social development. President Irfaan Ali presenting land titles to future home-owners at the “Dream Realised” ceremony. Looking on (at left) is Hon. Colin Croal, Minister of Housing and Water and (R) Hon. Susan Rodrigues, Minister within the Ministry of Housing and Water.

The next five years will witness unprecedented, soaring development, including the reduction in the cost of energy by more than 50%, the establishment of industrial estates and technology parks, the creation of world-class health and educational services, ecotourism resorts and conference tourism facilities. A construction boom will result from the government’s planned distribution of more than 50,000 house lots and its ambitious infrastructural agenda. That boom will include the upgrading of the country’s network of roads, bridges and aerodromes and the creation of modern urban spaces. Yes, Guyana is a haven of business opportunities! Investors can be assured of a stable political and economic

President Irfaan Ali and businessman Mr. Hemraj Albert turn the sod for the construction of the West Central Mall at Groenveldt, Leonora, West Coast Demerara. Also present (L) is Dr. Peter Ramsaroop, CEO of Guyana Office for Investment.

environment and a friendly and supportive investment climate with access to key markets in the Caribbean, the Americas and Europe. Those attractive attributes along with the country’s professional, highly-skilled workforce and abundant resources, make it an ideal investment destination.

I welcome investors to awaken Guyana’s sleeping giant. Dr Mohamed Irfaan Ali President The Co-operative Republic of Guyana

www.op.gov.gy

A massive infrastructural transformation and huge spin-off benefits from the construction of a four-lane highway in Region Three, running from the new Demerara Harbour Bridge to Parika. President Irfaan Ali in discussions with Minister of Public Works, Hon. Bishop Juan Edghill and engineers during the tour.

| Invest Guyana 2021/22

INVESTGUYANA.NET

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

Telecommunications and Renewable Energy Sectors Set for

Transformation and New Investments Liberalisation and New Energy Initiatives Attracting Major Operators

Brigadier (Ret’d) Mark Phillips

Prime Minister The Co-operative Republic of Guyana

rime Minister Hon. Brigadier (Ret’d) Mark Phillips Prime Minister Phillips, who is responsible for the telecommunications and renewable energy portfolio has taken bold steps to ensure the delivery of quality and reliable service to the Guyanese community as part of the Government’s national development agenda.

In a major announcement on Monday 5th October 2020 he confirmed that Commencement Orders had been issued, bringing into force the Telecommunications Act 2016 and the Public Utilities Commission Act 2016. He stated that this historic initiative aligns the nation’s telecommunications regime to other countries, and will end a thirty-year-old anti-competitive telecommunications monopoly and create a modern and competitive environment for telecommunications, and which will immediately result in greater choices, better quality of service and lower prices for consumers. He said the legislation is consistent with Government’s vision and addresses the expansion of telecommunications networks and services into unserved and underserved areas through the institution of a new universal access/ universal services programme. Since this announcement local operators have announced major investments to expand services across the country and internationally including the laying of a new fibre optic cable between Guyana and Suriname. These decisions will also impact positively on the local ICT sector with the Covid pandemic forcing high demands for online services to businesses, academic institutions and households. In addition Guyana is now positioned as a more attractive market for expansion of its BPO sector which will deliver significant new employment opportunities.

| Invest Guyana 2021/22

INVESTGUYANA.NET

Prime Minister Brigadier (Ret’d) Mark Phillips also manages the portfolio of telecommunications and renewable energy for Guyana.

Prime Minister Brigadier (ret’d) Mark Phillips also outlined some of the Government’s plans to address the challenges facing the Guyana Power and Light Incorporated (GPL) and to diversify the energy sector to ensure reliable power countrywide. “One of the first steps taken is to establish power purchasing agreements (PPAs) with local entities to fill in the gap for the present shortfall of electricity. One month after the PPP/C’s ascension to office more than 30 businesses including the Giftland Mall have submitted Expressions of Interest (EOI) to supply power to GPL after a request from the Government”. “The establishment of a gas-to-shore facility will be transformational for the country and the manufacturing sector in particular. It is expected to be constructed by 2024 and produce approximately 200 megawatts (MW) of power. This along with the GPL power will satisfy not only the domestic, but the commercial and industrial needs of Guyana,” the Prime Minister said.

President Irfaan Ali in close conference with Prime Minister Brigadier (Ret’d) Mark Phillips, during a break at Parliament.

Injection of Government $161.1 million for developmental projects in over a dozen North Pakaraima villages Of the total, $152M will go towards an Investment Fund (COVID-19 Relief Grant) and $9.1M to Capital Grants and Assets.

Touring a Guyana Power and Light Incorporated (GPL) generating facility.

Prime Minister Phillips also advised that a number of offgrid stations powered by renewable energy sources will be constructed primarily in hinterland communities that are not connected to GPL’s grid.

The funds will be used for capital projects in the mountainous communities and for communities to begin the groundwork to benefit from fully equipped ICT hubs. Approximately $1M to $2M of the Investment Fund will be allotted to either construct a new building for an ICT hub or towards the renovation of an existing structure in each community. The remaining monies will be used to fund a project of the community’s choice or to assist with critical transportation needs.

In addition the use of solar, wind and hydro-electricity sources are critical to the overall energy mix the Government is working to establish.

The Government is also looking at projects being proposed by potential investors to convert waste to energy as additional sources of clean power generation.

Flagship hydropower projects such as those to be done at the Amaila Falls, Kato Village and Kumu Falls are being pursued.

The developments of the telecommunications and renewable energy opportunities have generated significant investor interest in both sectors and the Government stands ready to interface with all investors to explore the possibilities.

Aside from the construction of solar farms, US$10 million has already been allocated for the purchase of solar panels for Amerindian communities. President Dr. Mohamed Irfaan Ali made this announcement in September 2020.

www.opm.gov.gy

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

Liza FPSO is working for ExxonMobil off Guyana

GUYANA – AN ENERGY

POWERHOUSE IN THE MAKING Where Oil and Gas Drives Social Transformation

bounding opportunities for business growth and excellence exist in Guyana’s fast-growing, diversified and resilient economy that is poised to expand by a remarkable 20.9% in 2021. To date, the country has received payments for five lifts of Profit Oil at the end of March 2021: February 19, 2020

1st Lift : Payment : US$54.9 million

May 26, 2020

2nd Lift : Payment : US$35 million

August 8, 2020

3rd Lift : Payment : US$46 million

December 8, 2020

4th Lift : Payment : US$49.4 million

February 2021

5th Lift : Payment : US$61 million

• Total Revenues Earned for Profit Oil Sales to Date: US$246.5 million • Inclusive of royalties of US$21.1 million, the Natural Resource Fund account at Federal Bank of New York now stands at US$267.6 million.

Hon. Dr. Bharrat Jagdeo

Vice-President The Co-operative Republic of Guyana

Source: Ministry of Natural Resources – Guyana.

Economic stability, attainable national policies, and a fair tax regime are hallmarks of this prime investment destination that will soar to greater heights through private sector investment and government support. Our government has already begun to put the necessary frameworks in place to enable the evolution and expansion of the local and international private sector in Guyana. 18

| Invest Guyana 2021/22

INVESTGUYANA.NET

Capital City of Georgetown and environs at night.

Coupled with massive renewable energy solutions through solar, wind and hydro farms, our country will soon become an energy powerhouse that is capable of satisfying the needs of business enterprises in all sectors, especially manufacturing. President Irfaan Ali and Vice-President Hon. Dr. Bharrat Jagdeo getting the business of the country done.

respect for the rule of law and upholding of democratic principles that will enable confidence in the economy.

Under the visionary leadership of President Dr Irfaan Ali, we will build a modern Guyana with world-class facilities and services combined with a highly-skilled workforce that is capable of responding to the needs of traditional and emerging sectors.

Our country is one of the newest petroleum producing nations in the world, boasting a proven reserve of over nine-billion barrels of crude oil in the Stabroek Block with projections of producing over one-million barrels of oil per day by 2027.

In the next five years, our country will be transformed beyond imagination and live up to global expectations of becoming the ‘new Dubai’ of the region.

The booming oil industry will be the driving force behind the socio-economic transformation of this resource-rich nation that is positioned to become the most prosperous country in the Caribbean and South American region. Indeed, Guyana was the sole country in the Caribbean with positive Gross Domestic Product (GDP) growth in 2020, which expanded by more than 20% in spite of the innumerable external shocks triggered by the pandemic.

Investors can be assured of an ever-improving enabling environment that will eliminate bureaucratic systems; fiscal incentives that will ensure greater market competitiveness; tax regimes that will guarantee profitable returns; and

President Irfaan Ali, with Vice-President Hon. Dr. Bharrat Jagdeo to his left and Prime Minister Brigadier (Ret’d) Mark Phillips to his right, at the state dinner held for the visiting high-level investment team of agencies from the United States.

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

Vice President, Hon. Dr Bharrat Jagdeo leads discussions at the first stakeholder consultation on the draft local content policy framework.

Vice President Bharrat Jagdeo with Hon Robeson Benn, Minister of Home Affairs at Parliament.

Our government is determined to continue along this upward trajectory and guard against the resource curse through good governance practices and sound long-term development planning.

needs of business enterprises in all sectors, especially manufacturing.

Already, we have in the pipeline a variety of transformational projects that will boost our vast economic sectors and improve the quality of life of all citizens. On the forefront of these initiatives is the pioneering gasto-shore project which will significantly slash local energy costs by more than 50% when it comes into operation by 2024. Coupled with massive renewable energy solutions through solar, wind and hydro farms, our country will soon become an energy powerhouse that is capable of satisfying the

Vice-President Hon. Dr. Bharrat Jagdeo delivering an address at the annual dinner of Guyana’s Private Sector Commission (PSC).

| Invest Guyana 2021/22

INVESTGUYANA.NET

We are also crafting a robust local content policy that will encourage investments as well as provide equal opportunities for growth of local enterprises. Our philosophy is; we want oil companies to prosper but we also want Guyanese to have a share in that prosperity. Our government is also strengthening institutional frameworks to better govern the oil sector, free from undue external interference and influence. We are also introducing modern legislation geared at protecting investors’ interests while simultaneously safeguarding the country’s patrimony.

Guyanese employees at work in oil industry.

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

Historic Economic Transformation Underway in Guyana Ashni Kumar Singh Senior Minister in the Office of the President with Responsibility for Finance

uyana’s vast economic potential has long been recognised. There has, however, never been a time in our history when that potential was nearly as likely to be realised as it is today. Nor has there ever been a time in our history when our economic prospects were remotely as bright as they are now. The Guyanese economy is undergoing a dramatic transformation of historic proportions. This brings with it unprecedented opportunities for the international and domestic investment community. The result is that Guyana is rapidly being recognised as one of the most attractive destinations for investment in the Caribbean, throughout the Western Hemisphere, and beyond. While much of the excitement is justifiably generated by developments in the oil and gas sector, our Government has spared no effort to articulate and emphasise our vision of a dynamic and highly diversified economy, which in turn means a more resilient and sustainable economy for the longer term. To this end, much policy emphasis has been placed on ensuring that the foundation is laid for rapid growth in the non-oil productive sectors of the economy also. As a result, sectors such as agriculture and agrobusiness, tourism and hospitality, and business process outsourcing (BPOs) have already emerged as major sources of growth and job creation going forward. Foremost amongst our immediate policy priorities is to ensure a recovery from COVID-19 in the shortest possible time. In this regard, we have invested heavily in providing household income support to minimise the impact of the virus on the population. We have ramped up spending in the health sector to ensure access to health care by those affected by the virus. We are implementing a large public investment programme, which stimulates economic activity in the short term and lays a strong foundation for

| Invest Guyana 2021/22

INVESTGUYANA.NET

Dr Ashni Singh addressing civil society stakeholders during consultations on Budget 2021

the longer term. And, we are rolling out an aggressive programme of vaccination to secure protection from the virus and facilitate a full reopening of the economy. Given the Government’s proactive response to contain the domestic impact of the pandemic, along with our other policies aimed at attracting investment and generating economic growth, the Guyanese economy is projected to be amongst the fastest growing in the world, with real GDP projected to grow by 20.9 percent in 2021 and to remain strong into the medium term. This growth outlook reflects the very bright prospects for the oil and gas sector, but also reflects very strong performance across the entire non-oil economy, with the non-oil economy projected to grow by a very respectable 6.1 percent in 2021. Amongst the factors underlying the strong growth outlook for 2021 and beyond, is the high priority placed on catalytic and supportive infrastructure. We are investing in expanded

Dr Ashni Singh with President Irfaan Ali, Minister Hugh Todd and Captain Gerry Gouveia at State House.

Dr Ashni Singh visiting BPO Operator Qualfon Inc with Dr Peter Ramsaroop, CEO, Go-Invest and Ms Luanna Persaud, Manager of Qualfon Guyana.

transport infrastructure to open vast new acreage of arable land both on the coastal plain and in the intermediate savannah. This will facilitate private investment in large scale agriculture and improve connectivity within the country. Additionally, work is progressing on developing the gas-to-shore project which will reduce the cost of electricity dramatically, with consequential transformative advantages for agroprocessing, other manufacturing, and industrial enterprise.

companies have already signalled interest in constructing and operating hotels, including under major international brands, with the expectation that total industry capacity will increase dramatically in the near future.

The business climate has been made much more welcoming to investors, both international and domestic, and aggressive efforts are being pursued to attract, encourage, and facilitate private investment. Apart from the rapid influx of private investment in the oil and gas value chain and onshore support services, other sectors that have seen a dramatic uptick in investor interest include tourism and hospitality. A number of international and domestic

Breaking ground with Directors of Assuria (Guyana) Inc. for the construction of their new US$8million headquarters complex in Georgetown

Other sectors that show tremendous promise include information and communications technology (ICT) and ICT-based operations such as BPOs. As soon as our Government assumed office, we moved to liberalise the telecommunications sector. Increased competition in the sector will inevitably lead to improved access, better service quality, and lower costs. Apart from the advantages for households, business sectors such as BPOs which require reliable, high quality, and affordable connectivity will therefore benefit tremendously, thereby increasing Guyana’s attractiveness as a destination for BPO business.

Guest Speaker at GCCI 2021 Awards Ceremony.

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

At the same time, our Government recognises that this transformation is only achievable if supported by improved wellbeing for all the people of our country. A healthy, well-educated, highly skilled, and adequately equipped population delivers higher levels of production and productivity. To this end, we are investing in improving both access and quality of social services, particularly education and health, and we are incentivising private investment in world class education and health services provision. This will dramatically improve service delivery and improve quality of life for all Guyanese and others living in or visiting Guyana. Finally, we recognise the importance of ensuring that this entire agenda is implemented while maintaining a stable and attractive macroeconomic environment. No investor wishes to have to be concerned about the threat of macroeconomic uncertainty and erosion of the value

www.etegra.com

| Invest Guyana 2021/22

INVESTGUYANA.NET

of their investment due to macroeconomic instability. In this regard, our Government’s entire agenda is being implemented in a manner than ensures that economic growth is strong but sustainable, that fiscal and debt sustainability is safeguarded, that inflation is kept in check, and that interest rates and exchange rates are stable and competitive. All these factors are reflective of a deliberate policy stance adopted by our Government to make Guyana the most attractive investment destination possible, and to lay the foundation for a rapid and lasting transformation to prosperity for all our people. That transformation is already underway and is visible for all to see.

www.finance.gov.gy

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

Review of the

Guyana Budget 2021 “A Path to Recovery, Economic Dynamism and Resilience”

Hon. Dr. Ashni Singh, Senior Minister in the Office of the President, presenting the 2021 National Budget

Overview

PERFORMANCE OF NATIONAL ECONOMY IN 2020

The Senior Minister in the Office of the President,

Budget 2020 had projected that the national economy would have grown by between 48.4 percent and 51.2 percent in 2020, while the non-oil economy was expected to contract by between 1.4 percent and 4.3 percent. However, actual growth for 2020 was 43.5 percent, with the non-oil economy contracting by 7.3 percent. The contraction of the non-oil sectors was attributed to the impacts of the COVID-19 pandemic and the protracted delay in the conclusion of the national elections process.

Honourable Dr. Ashni Singh, presented the 2021 Budget on 12 February 2021. The previous budget was presented five months earlier on 09 September 2020. The short interval between Budget presentations was due to the late delivery of the 2020 Budget caused by the holding of national elections on 02 March 2020 and the ensuing delays resulting in the declaration of results in early August 2020. Budget 2021 was presented under theme “A Path to Recovery, Economic Dynamism and Resilience”. It projects total expenditure of G$383 billion (US$1.837 billion) while total revenue is estimated at G$307 billion (US$1.472 billion). The budget deficit for 2021 is estimated at G$76 billion (US$365 million).

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

| Invest Guyana 2021/22

INVESTGUYANA.NET

National Output The gross domestic product at current prices was US$4.904 billion in 2020 compared to US$4.475 billion in 2019, while per capita GDP in 2020 was estimated at US$6,855 compared to US$6,539 in 2019. The contributions to the gross domestic product of the major sectors, as measured at 2012 prices, are shown in the table overleaf.

% of 2020 GDP

% of 2019 GDP

Petroleum Agriculture, Fishing and Forestry Mining and Quarrying Manufacturing Services: Real Estate Construction Wholesale and Retail Trade Administrative and support services

37 18 8 4

2 25 14 6

5 5 4 4

7 7 7 6

Financial and Insurance Activities Other

3 12

5 21

Sector

Source – Budget Speech 2021

The petroleum sector expanded significantly in 2020 with the first full year of production from the Liza offshore oilfield. The agriculture, fishing and forestry sector is estimated to have grown in 2020 by 4.1 percent on account of growth in rice, other crops and livestock, offsetting declines in sugar, forestry and fishing. Rice and other crops were estimated to have grown by 4.8 percent and 6.6 percent, respectively, while the livestock industry grew by 5 percent. The strong performance of the rice industry was attributed to larger hectares under harvest. The sugar industry was negatively impacted by factory downtime and flooding of some fields during the November – December rainfall.

Chart: Guyana’s upward oil production trajectory since production began in December 2019 on the Liza Destiny. Vice President, Hon. Dr. Bharrat Jagdeo and Natural Resources Minister, Hon. Vickram Bharrat, participating in a webinar, themed ‘Oil and Gas Opportunities in Guyana’

Within the mining and quarrying sector, the gold industry declined by 7.8 percent due to the lower output from the two large scale operators and notwithstanding the increase in output from small and medium scale operators. All other mining and quarrying subsectors are estimated to have contracted in 2020 due to depressed market conditions, supply chain disruptions and the impact of COVID-19 restrictions.

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

increased payments for business services. The capital account of the balance of payments declined from US$2.7 billion in 2019 to US$0.7 billion in 2020 due mainly to increased capital outflows from private enterprises offsetting foreign direct investment. Rice production grew by 4.8 per cent in 2020

Balance of Payments The balance of payments recorded a surplus of US$60.6 million in 2020 compared to a deficit of US$48.9 million for 2019. The main contributors are highlighted below. 2020 US$mln

2019 US$mln

Current Account Merchandise Crude Oil Gold Rice Bauxite Sugar Timber Other and Re-exports Fuel & Lubricants Other Imports Current – Services (Net) Current – Transfers Total Current Account Deficit

1,064.1 979.2 243.2 73.3 24.1 27.7 175.8 (395.2) (1,677.4) (1,824.7) 658.1 (651.7)

0 876.6 222.7 127.0 27.8 33.7 279.2 (506.7) (3,533.3) (932.2) 581.5 (2,823.7)

Total Capital Account Surplus

720.9

2,744.6

Errors and Omissions

(8.6)

30.2

Overall Balance

60.6

(48.9)

Account

Source – Budget Speech 2021

Overall, the current account of the balance of payments reflected an improved deficit position of US$0.6 billion compared to a deficit of US$2.8 billion in 2019. Guyana benefitted in 2020 from the first full year of crude oil sales. Additionally, despite the decline in gold production, the high world price resulted in an improved contribution from the gold industry in 2020. The non-fuel import payments declined significantly in 2020 reflective of lower nonoil activity. The performance of goods was offset by the increased deficit on the net services account which grew to US$1.8 billion from US$0.9 billion in 2019 because of

| Invest Guyana 2021/22

INVESTGUYANA.NET

The balance of payments surplus resulted in an increase in net international reserves at the Bank of Guyana to US$680.6 million as of 31 December 2020, compared to US$575.9 million at the prior year end. Public and Guaranteed Debt Total public and guaranteed debt amounted to US$2.59 billion at the end of 2020 with external debt and internal debt amounting to US$1.32 billion and US$1.27 billion, respectively. The debt (including guaranteed debt) to GDP ratio at 2020 year-end was 47.4 percent. The increase of US$825 million from the end of 2019 arose from the inclusion in 2020 of the NICIL $30 billion bond and the Government’s overdraft with the Bank of Guyana as domestic debt. The NICIL bond is guaranteed by the Government of Guyana.

BUDGET REVENUE PROJECTIONS FOR 2021 Of the total projected revenue for 2021 of G$307 billion (US$1.472 billion) in Budget 2021, G$266 billion (US$1.276 billion) is from current sources while G$41 billion (US$197 million) is from capital sources. The major sources of current revenue of G$266 billion are summarized in the table below. 2021 Budget G$bln

2020 Budget G$bln

Value-added tax

53.6

52.6

Corporation tax

38.2

33.7

Excise tax

40.1

32.0

Personal income tax

37.9

33.3

Import duty

21.2

19.9

Withholding tax

37.4

32.6

Other tax revenue

13.7

10.3

Transfers from statutory and non-statutory bodies

3.4

2.4

Rent, royalties and land development schemes

3.3

3.5

Bank of Guyana profits

2.5

1.5

Other current revenue

14.8

4.7

266.1

226.5

Form of Current Revenue

Source – Budget Estimates 2021

Minister of Public Works, Hon. Bishop Juan Edghill, officially commissioning the $185 million runway at the Lethem Aerodrome, Region Nine. The construction of the runway, which was done by H. Nauth and Sons Civil Engineering, will allow for larger aircraft to land at the Lethem Airport.

The fiscal measures announced in Budget 2021 are: I. Value-added tax:  Restoration of several food and household items as zero-rated for VAT purposes, that were classified as zero-rated up to May 2015 and then reclassified as standard-rated or exempt. Impacted items include basic wheaten flour, basic breads, oats, unflavoured cracker biscuits, cooking oil, locally produced bedsheets and pillowcases, toothbrushes, among others.  Classification of certain construction materials as zero-rated for VAT purposes, including: - Stone imported for construction and housing from CARICOM - Locally produced pre-stressed concrete piles - Locally fabricated mild steel beams for building construction - Locally manufactured roofing - PVC products for building construction  Removal of VAT on data for residential and individual use  Restoration of the zero-rated status for VAT in relation to imported goods and works and services purchased by a budget agency of the Government. II. Import duties:  Reduction in import duty on industrial grade cement from 15% to 5%

 Removal of import duty on ATVs for use in the hinterland III. Capital gains tax:  Restoration of previous provision that exempts sale of assets that were owned for more than 25 years from capital gains tax. IV. Other:  Increase in low-income mortgage ceiling from G$10 million to G$12 million  Increase in lending ceiling of the New Building Society from G$12 million to G$15 million  Increase in Old Age Pension from G$20,500 to G$25,000  Increase in Public Assistance monthly payment from G$9,000 to G$12,000  Cash grant of G$15,000 per child to be given to parents of children in the public school system  Reduction in water tariffs by 5% Capital revenue of G$41 billion is expected to be received principally through external loans of G$30.6 billion (US$146.8 million) and external grants of G$10.4 billion (US$49.9 million). The Inter-American Development Bank is expected to provide project loans and balance of payment support loans amounting to G$10.5 billion (US$50.5 million) and G$11.9 billion (US$56.9 million), respectively.

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

Some of the policy and expenditure priorities highlighted in the Budget 2021 Presentation are as follows.

Construction of the alternate East Bank Road from Mandela Avenue to Eccles

BUDGET EXPENDITURE PROJECTIONS FOR 2021 Budget 2021 projects total expenditure of G$383 million (US$1.837 billion) compared to G$329 billion (US$1.578 billion) in 2020. The table below analyses the allocation of total expenditure across responsible agencies, with comparative allocations from Budget 2020. 2021 Budget G$bln

2020 Budget G$bln

Ministry of Finance Ministry of Public Works / Public Infrastructure Ministry of Health / Public Health Ministry of Social Protection /Human Service and Social Security Ministry of Education

Ministry of Home Affairs / Public Security

Ministry of Agriculture

Ministry of Housing and Water

Guyana Defence Force

Regional Authorities

Other Authorities

Responsible Authority

Public Debt

383

329

Source – Budget Estimates 2021

| Invest Guyana 2021/22

INVESTGUYANA.NET

 With respect to the petroleum sector: - Amendment of the Petroleum Act - Development of a model Petroleum Sharing Agreement - Exploring a revised petroleum fiscal regime - Advancement of a local content policy and associated legislation - Advancement of the Petroleum Commission Bill - Building capacity of GRA to meet the needs of the sector  Planned developments in road networks linking the following corridors: - Timehri to the East Coast of Demerara - Schoonord to Parika on the West Coast of Demerara - Parika to Goshen - Timehri to Bartica  Budgetary allocations for the road link between Linden and Mabura and four-lane highway between Eccles and Mandela Avenue  Bridging of the Demerara and Corentyne Rivers  Gas-to-shore pipeline to a location along the West Bank of Demerara by 2023  Resuscitation of efforts to augment national power grid with hydropower from the Amalia Falls  Expansion of the Low Carbon Development Strategy into a comprehensive development strategy, and the initiation of process to access US$135 million earned under the forest partnership between Guyana and Norway  Budgetary allocation to further upgrade and modernise the Cheddi Jagan International Airport  Budgetary allocation for critical capital works at GuySuCo

Cane on the move at Guysuco Estate

PROJECTED PERFORMANCE OF THE NATIONAL ECONOMY IN 2021 It is projected that the national economy will grow by 20.9 percent in 2021, with the non-oil sectors and oil sector expected to grow by 6.1 percent and 46.7 percent, respectively. This positive outlook is however premised on the ability to gradually lift COVID-19 restrictions and fully re-open the economy. Apart from the continuing petroleum activity, it is projected that the gold, bauxite and other mining industries will recover in 2021. The quarrying industry is expected to benefit from the resumption of public construction works, along with private sector investment in infrastructural projects. All major industries in the agriculture, forestry and fishing sector are expected to grow in 2021. The balance of payments position is expected to record a surplus of US$60 million with higher export receipts on all commodities, including crude oil exports projected to increase by US$1 billion. The capital account is expected to decline to a deficit of US$6 million reflecting higher outflows of private enterprises, net of foreign direct investments. Inflation is projected at 1.6 percent, reflecting expectations of increased economic activity as COVID-19 restrictions are lifted, compared to 0.9 percent in 2020. Author’s Note Budget Estimates 2021 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. ABOUT THE AUTHOR: Khalil Alli is a partner with the professional services firm of Jack A. Alli, Sons & Co. He holds a BSc. and MSc.in Economics from the London School of Economics and Political Science, and is a Fellow of the Institute of Chartered Accountants in England and Wales.

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

Guyana to Upgrade and Modernise National Laws No doubt, the newly found oil and gas sector is predicted to catapult Guyana to a new trajectory of such magnitude, never hitherto anticipated. Necessarily, there is a corresponding need to prepare every sector of the country to meet this developmental thrust. Critical to this phenomenal transformation, is the creation of a modern legal infrastructure, which will not only assure investors of an effective/efficient impartial system of justice to settle commercial and other disputes but also, a legislative framework to accommodate the provision of modern social services, including the health care sector. It is the Attorney General’s Chambers and the Ministry of Legal Affairs that is statutorily and constitutionally responsible to create such an environment. With the risk of being accused of blowing my own trumpet, I will boldly assert, that this Ministry is not only ready to assume this new challenge but indeed has already begun the process.

Attorney General and Minister of Legal Affairs Hon. Mohabir Anil Nandlall SC MP with Chancellor (ag) Hon. Mme Justice Yonette Cummings-Edwards (R) and Chief Justice (ag) Mme Justice Roxanne George-Wiltshire (L)

Legislation and Constitutional Reform For the year 2021 alone, we are working on more than one hundred pieces of legislation, embracing every sector of the economy, including the Legal, Health, Fiscal, Hospitality, Oil and Gas, Environmental, Security, Local Government, Agriculture, Information Technology and the Housing sectors, among others. Major modern legislation are being prepared and once promulgated, will completely overhaul and modernize each of these sectors. At the same time, anachronistic sections of current legislation are constantly being reviewed, repealed and amended. Additionally, this Ministry has already begun the fundamental process of reviewing Guyana’s electoral laws with a view of 32

| Invest Guyana 2021/22

INVESTGUYANA.NET

Mohabir Anil Nandlall

Attorney General and Minister of Legal Affairs of Guyana

Hon. Mohabir Anil Nandlall making a contribution at the budget debate in Parliament

strengthening them, in order to protect the integrity of our electoral machinery from anti-democratic miscreants and to restore public confidence in the system. To assist with this massive undertaking, this Ministry will soon appoint a Law Reform Commission, whose first task will be to revise the Laws of Guyana and upon completion, to assist in the drafting of new and review of existing legislation for amendments. The Attorney General and Minister of Legal Affairs has been elected as the Chairman of the Constitutional Reform Committee of the National Assembly, which will be the vehicle that government would use to pursue promised Constitutional Reform. The work of this committee has already begun. To prepare for the task ahead, a team of bright, diverse, young Lawyers have been assembled and specialized education through scholarships are being arranged to boost our human resource capacity.

Legislation with Judiciary It is the Ministry of Legal Affairs that is constitutionally empowered to liaise with the Judiciary on behalf of the Executive and to collaborate in a common enterprise of modernizing the judicial sector. In this regard, a small unit has been established between these two agencies that are interfacing within acceptable constitutional parameters to pursue this developmental agenda. This joint engagement has already borne fruit, in the construction of some fifty four (54) virtual courtrooms across the country, using recycled shipping containers which are situated in close proximity to prison centers. This is an anti Covid-19 measure to avoid unnecessary exposure of prisoners, judicial officers and staff of the Judiciary. This project is still ongoing but the

benefits thus far, simply from transportation and security costs saved, are immeasurable. Additionally, a number of joint projects are currently on stream, technological and otherwise, designed to accessing information on litigation and to effectively manage litigation generally. The Guyana Police Force is also integrated in these endeavors.

Legal Advice and Representation The Attorney General remains the principal legal advisor of the Government of Guyana and has the mandate to represent the Government and the State in all civil, constitutional and public law proceedings. This is a pivotal function, to ensure that the public good is protected and the legal interest of the State is properly defended and prosecuted in the court system as well as to provide, timely and competent legal advice to the Government of Guyana. This crucial function is a day to day exercise of great complexity and magnitude. It is the Ministry of Legal Affairs that also bears the responsibility of ensuring that all of Guyana’s legal obligations under various treaties, agreements as well as bilateral commitments are met and discharged. Expectedly, the Attorney General’s Chambers is charged with the responsibility for the protection of the national patrimony and to ensure that State assets that were corruptly alienated are brought back within the State’s ownership. This requires working closely with various agencies of Government, the Guyana Police Force and various Departments of State.

Hon. Mohabir Anil Nandlall representing Guyana at the CCJ

As a result of the inextricable link between Law and Order and the Security Sector, the Legal Affairs Ministry is obliged to give robust support to the Director of Public Prosecutions, the Guyana Police Force, the Guyana Defence Force as well as the Home Affairs Ministry. Quite apart from defending these agencies in litigation, the Ministry constantly endeavors to improve the investigative, forensic and detection capabilities of the Guyana Police Force

AG Nandlall with US Embassy and AMCHAM Executives discussing importation of goods from the USA to Guyana

and other adjunct organs performing law enforcement functions, scattered across the State apparatus, including the Guyana Revenue Authority, the State’s revenue collection arm. A cohesive working relationship between and among these various organizations is critical and the Attorney General’s Chambers normally coordinate and manage these symbiotic functional endeavors.

Creation of a Modern Climate Lastly, the Attorney General’s Chambers works assiduously to create that climate and environment so necessary to doing business in Guyana easy and to ensure that barriers which restrict free flow of economic activities are dismantled. For example, the Attorney General’s office led the process which saw the demolition of a monopoly over the telecommunication sector enjoyed by the Guyana Telephone and Telegraph Company (GTT). Similarly, the Deeds and Commercial Registry which falls under the administrative portfolio of this Ministry is constantly undergoing reform to modernize the way information is stored as well as to move the processes from paperdriven to e-driven. Indeed the entire Central Government is undergoing a similar transformation which is legislatively driven and this legislation is generated by the Legal Affairs Ministry. In conclusion, the Attorney General’s Chambers and Legal Affairs Ministry remains and will continue to be that fundamental platform that catalyzes Guyana’s development journey. After all, economists and financial analysts the world over have long recognized a causal link between law and order and a competent legal system on the one hand and economic growth and social progress on the other. 

https://mola.gov.gy GOINVEST.GOV.GY

Invest Guyana 2021/22 |

HON. MARK PHILLIPS

| Invest Guyana 2021/22

INVESTGUYANA.NET

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

Movie Towne Complex

IMF Projects Revised 2021 GDP Growth of 16.4 % for Guyana Best Growth Rate for all LAC Countries – World Bank

Guyana’s projected economic growth for 2021, measured through its real Gross Domestic Product (GDP), has doubled from 8.1 percent to 16.4 per cent.

Earlier projections from the IMF indicated that Guyana’s GDP would grow by 8.1 per cent this year, building on the 26.2 per cent real GDP growth projected for 2020. But, in this 2021 Outlook, the IMF reported that Guyana’s GDP grew by 43.4 per cent in 2020 and is now projected to grow by 16.4 per cent in 2021. The Real GDP is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy (in this case, Guyana’s economy) in a given year. Real GDP measures a country’s total economic output, adjusted for price changes. 36

| Invest Guyana 2021/22

INVESTGUYANA.NET

Source:www.imf.org

The latest projection was revealed in early April in the biannual International Monetary Fund (IMF)’s World Economic Outlook.

While presenting the 2021 National Budget in February, Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, noted that Guyana’s growth in 2020 was actually 43.5 per cent. The IMF’s revised growth rate for 2020 (43.4

Electric Rider Trucks

Electric Narrow Aisle Rider Trucks

Electric Pallet Jacks & Stackers

Internal Combustion Engine Trucks (WITH CUSHION/SOLID & PNEUMATIC TYRES)

per cent) is now closely aligned with the figures provided by the Senior Minister. Meanwhile, in February also, the Dr. Singh projected that Guyana’s economy is expected to grow by 20.9 per cent in 2021. Looking forward, the IMF projects that Guyana’s economic growth will continue. In 2022, the economy is expected to grow by a further 46.5 per cent.

Banks Automotive & Services Inc. is the official Unicarriers Forklift Truck dealer in Guyana, under the umbrella of the Mitsubishi Logisnext Americas Group. Unicarriers which commenced operations in 2013, is a merger between TCM America and Nissan Forklift Corporation. In 2015, Mitsubishi Heavy Industries and Mitsubishi Nichiyu Forklift Company, who are both part of the Mitsubishi Logisnext Americas Group, subsequently acquired Unicarriers.

Meanwhile, Guyana, which started producing oil in 2019, was the sole Caribbean country with positive Gross Domestic Product (GDP) growth in 2020. This is according to an earlier World Bank report that shed light on how Latin America and the Caribbean economies fared in 2020. According to the World Bank report “2021. Renewing with Growth. LAC Semiannual Report”, Guyana was able to do what 27 other countries in the region could not – record GDP growth, notwithstanding the global COVID-19 pandemic.

Block 'X' Plantation Ruimveldt, Georgetown 592-225-0910 | Ext. 2415 redmondson@banksdih.com The Future In Transportation & Alternative Energy

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

Guyana – Positioned for Major Investments and Development PSC ENCOURAGES PRIVATE SECTOR TO TAKE ADVANTAGE OF THE OPPORTUNITIES

Nicholas Deygoo-Boyer PSC Chairman

As we advance into 2021, the Private Sector Commission continues to create a comprehensive plan that seeks to promote our mission for continued sustainability and development of the private sector in Guyana through multiple engagements with regional and international stakeholders. As the economy prepares to catapult drastically with oil production, the goal of the private sector is to explore and develop all business opportunities that exist within the energy sector. Concurrently the International Monetary Fund (IMF) in an updated forecast, indicated that oil prices are expected to average just above $50/b in 2021, which is more than a 21% rise from 2020’s level. Based on these projections from the IMF, this could see Guyana earning around US$50 million from each shipment exported, representing its share of crude from the Liza Phase 1 Development. Guyana, having received payment of US$49.3 million for its fourth oil lift, had ended the year on a high note with approximately

| Invest Guyana 2021/22

Signing of an MoU between Go-Invest and the PSC aimed at better positioning local businesses to capitalise on investment opportunities that will emerge in the petroleum economy

Head of America’s Development Bank, Adam Boehler (centre), US Ambassador Sarah-Ann Lynch (left) and Private Sector Commission Chairman Nicholas Deygoo-Boyer after discussions about US investments in mega projects and small- and medium-sized businesses in Guyana.

US$200 million being generated so far from the country’s budding oil and gas sector. Further, Guyana developing a robust local content policy will allow for greater Guyanese participation as the economy develops.

INVESTGUYANA.NET

More importantly, the measures, policies, and programmes outlined in budget 2021 are designed to enable the diversification of Guyana’s economy as well as resuscitating the major productive sectors – such as the agriculture, construction, and infrastructure sectors.

PSC Chairman making his contribution at the first stakeholder consultation

Regarding construction, this sector recorded growth for 2019, driven by public infrastructure projects. The sector contributed $73.2 billion to GDP in 2019, an increase from the $71 billion achieved in the previous year and accounted for 8 percent of GDP in 2019. Several construction projects have been outlined in budget 2021. These include the resumption of the housing development drive – targeting 10,000 house lot distribution. To this end, fiscal incentives for building and construction materials coupled with the increase in the mortgage ceiling will allow for the housing, construction, and banking sectors to experience significant expansion in their activities for 2021. The $25 billion allocations for transformational infrastructure development will lead to the opening up of lands, coupled with new road works across all the regions is another element of the significant budget. The accessibility and availability of new lands for commercial, industrial, housing development, and agricultural purposes will advance economic growth and development on a larger scale. This means an opportunity for large scale investment by the manufacturing sector – both

PSC delegtation led by the Chairman, engaging with the Minister of Finance Hon. Dr. Ashni Singh

local and foreign investors as well the emergence of new business ventures. These will also facilitate the massive infrastructure development in other areas other than housing such as hotel projects, new roads and bridges, shore base facilities, public infrastructure, and private sector infrastructure. Similarly, of equal importance to Guyana’s development is our agriculture and manufacturing sector. Agriculture plays a major role in contributing to our GDP. Regrettably, the rice and sugar industry has faced several challenges during 2020. Notwithstanding, there are a few success stories. For 2020, rice exports for the period January to October have reached 474,192 tonnes, valued at US$194.3 million. Despite some setbacks, annual average yields for rice production are continuing to increase steadily. With higher production, there will be a greater capacity to supply existing and new markets being pursued by the government. As it relates to our sugar industry, though it has been four years since the closure of the sugar estates, if managed efficiently using a new production model, it can become viable once again with significant

Commissioner of Police Nigel Hoppie (left) receiving a donation of masks for the police force, from PSC Chairman Nicholas Deygoo-Boyer

contributions to the economy. Restructuring the sugar industry is a substantial task given the way it is rooted in Guyanese economic history. H.E. President Irfaan Ali has pledged his administration’s commitment to the survival of the sugar industry. The projected growth rate for 2021 is 20.9 % while the wider Caribbean is likely to experience a decline in GDP. However, Guyana is on the path for major transformational development, and therefore, our young people to see a bright future ahead. As we delve into 2021, we look forward to the increased development of these sectors as Guyana sits on the cusp of economic and environmental change.

GOINVEST.GOV.GY

For further information: Tel: (592) 2250977

www.psc.org.gy

Invest Guyana 2021/22 |

GOGEC Supports Investments and Development Plans Working with Authorities to Finalise Comprehensive Local Content Policy

2015

Guyana

became

one

the

their

international

associates

newest petroleum producing regions in the world. The

develop the infrastructure and deliver

discovery of the prolific oil reservoirs was made by Exxon

the support products and services for

Mobil in the deep waters of the Stabroek Block offshore

the successful operations of the oil

Guyana. The country has since seen a growth in the number

industry.

of discoveries to date with an estimated resource of approximately nine billion barrels of oil. With first oil having been extracted in early 2020 Guyana has now become the latest member of the oil producing nations of the world and is positioned at becoming a major oil producer with its economy being driven by the oil and gas sector. Our new Government has outlined its development agenda focused on a massive transformational infrastructure programme of new roads, highways and bridges which will open thousands of acres of new lands for development. This new found wealth is expected to stimulate investments, boost economic development and create improved living conditions for its people.

Whilst we welcome the investors and investments, GOGEC is fully committed to ensuring that Guyanese are offered equal opportunity to become significant partners and beneficiaries through the establishment of a strong Local Content policy governing the industry. We are heartened that our President, Dr. Mohamed Irfaan Ali and the government are engaging various stakeholders through nationwide consultations in formulating such a Local Content Policy. GOGEC is actively working with the Ministry of Natural Resources to craft a comprehensive policy which we would like to see contain realistic and

This new oil and gas industry has opened many opportunities for the Guyanese people and attracted the attention of all major oil industry operators and investors to the country.

reliable targets. It is our aim to continue working with all the stakeholders, the Government, Exxon Mobil and all the subcontractors

The Guyana Oil and Gas Energy Chamber (GOGEC) believes

and service providers to maintain a vibrant and profitable

that with the proper use and management of the resources

industry that will benefit all Guyanese especially the poor

and new wealth generated, the country can benefit and

and vulnerable.

thrive on a path of sustainable economic development. This industry has since become the catalyst for a wave of massive investment and development by oil majors and

President Manniram Prashad signs MoU with CEO of Go-Invest

| Invest Guyana 2021/22

Minister of Natural Resources Hon. Vickram Bharrat MP presenting Certificate to Guyana Consumers Association

INVESTGUYANA.NET

info@guyanaogec.com

www.guyanaogec.com

Karen Matusic, Senior Director, Public and Government Affairs, ExxonMobil presenting Certificate to AFS Shipping

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

| Invest Guyana 2021/22

INVESTGUYANA.NET

Lilian Chaterjee, former High Commissioner to Guyana and Suriname and His Excellency President Mohamed Irfaan Ali, President of the Co-operative Republic of Guyana

“We were here when you had no oil. We have accompanied you in all stages of your development when very few were here to support you. We are not your donor, we are your partner and you can count on Canada to continue to partner with you…”, were the words of former Canada High Commissioner to Guyana Lilian Chatterjee in June 2019 when it was announced that a Canadian Chamber of Commerce would be formed in Guyana. The Canada-Guyana Chamber of Commerce (CGCC) formation resulted from the growing Canadian presence in Guyana on the heels of the discovery of large off-shore Oil Reserves, which were projected to propel Guyana into a major economic transformation. There were increasing business opportunities that could benefit from Canadian investment, experience and technology as Guyana sought to diversify its economy and ensure sustainable development. In the year between the announcement and the launch of the CGCC, the High Commissioner enlisted the service of key business leaders from Canada and Guyana with a likeminded vision. These “Founder Members” demonstrated their confidence and support of Canada-Guyana relations by making legacy donations for the formation of the Chamber. During weekly pre-COVID breakfast meetings and post-COVID virtual meetings, they crafted the objectives and governance structure of the CGCC. The objective of the CGCC is to strengthen, promote and foster bilateral trade, investment and economic relations between Guyana and Canada and other countries, as well as to, represent, support and promote Canada and Guyana business interests. With offices both in Canada and Guyana, the CGCC facilitates businesses looking for opportunities to

President Ali receiving Letters of Credence from His Excellency Mark Berman, which accredited him as High Commissioner Extraordinary and Plenipotentiary of Canada to Guyana

increase trade and investment, particularly in sectors that offer attractive returns and complement their own business strategies such as, the Energy sector (including Alternative Energy), Infrastructure Development, ICT, Mining, Finance, Education and Housing. The Chamber also identifies concrete linkages for close cooperation and technical assistance to support public administration initiatives with innovative private sector projects. On December 4, 2020 the Canada-Guyana Chamber of Commerce was launched in Georgetown, Guyana helmed by Anand Beharry, Chairman of the eighty-six-year-old Guyanese conglomerate, The Beharry Group, which spans a wide array of sectors such as Banking and Finance, Food and Beverage and Insurance as the Chamber’s Inaugural Chair. The CGCC Co-Chair, Winston Kassim, President of Winston Kassim Consulting; Chair of Global Monitoring for International Development Relief Fund and retired Royal Bank Executive, recognised with the Order of Canada and the Queen’s Diamond Jubilee Medal for Global Volunteerism, participated virtually with the Canadian Members and several thousand virtual viewers.

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

To safeguard value for its members through its organisational structure, the Chamber employed Natalia Seepersaud as its Chief Executive Officer, to manage the Chamber operations in both Guyana and Canada. The Board takes a policy creation and guidance role while the CEO and her team are fully in charge of operational matters.

At its launch, keynote speaker President Mohamed Irfaan Ali, pledged the Government’s support for the Chamber in his address:

“The creation of the Canada-Guyana Chamber of Commerce is an important step forward in increasing trade and investment between our two countries. Our Government is aligned with the mission of the Chamber, and its leadership will have our support at the Ministerial level.” Bilateral treaties between Canada and Guyana such as an Avoidance of Double Taxation Agreement and an Air Services Agreement and preferential duty-free or reducedduty access to major developed country markets through CARIBCAN (Canada) make Guyana attractive to Canadian Investors.

| Invest Guyana 2021/22

INVESTGUYANA.NET

Above: Dignitaries at the launch of the Canada-Guyana Chamber of Commerce in December 2020 Left: President Ali speaking at the launch

Guyana’s Vice-President Dr. Bharatt Jagdeo has stated that the Guyana Government is wary of allowing the Oil Sector to dominate the economy, and wishes to avoid the fate of many Oil economies around the world which lacked diversification and as a result saw a decline in other sectors of their economy. There are an estimated fifteen Canadian Companies operating in the Oil and Gas sector in Guyana. This includes Oil and Gas exploration activities from CGCC Founder Members CGX Energy Inc, Cataleya Energy Inc., and JHI Associates, Inc. and Oil services support from CGCC Members such as the Province of Newfoundland and Labrador, Guysons and Panthera Solutions Inc. Canada’s imports from Guyana during 2020 were approximately C$417,645,800, while its exports to Guyana were estimated at C$294,219,000. Guyana’s main export to Canada was metal ores and non-metallic minerals totaling C$282,454,900 followed by metal and non-metallic mineral products at C$115,812,000. There are approximately ten Canadian companies operating in Guyana’s Mining Sector. CGCC Founder Members in the Mining Sector include Gold Source Mines, Gold X Mines, Guyana Goldfields and Dean Hassan. Canada’s imports of farm, fishing and intermediate food products has increased incrementally over the years. According to the Guyana Marketing Corporation, Canada was a top destination for agricultural commodities exports in 2020, which included coconut water, mango, pumpkin, cassava and value added agro-products such as pepper sauce and cassareep.

Annual Canadian International Merchandise Trade with Guyana by Product Section (x 1,000) Exports

2016

2017

2018

All sections

36,732.90

28,622.50

31,389.70

Farm, fishing and intermediate food products

13,227.10

7,928.40

2,107.40

1,505.70

Energy products

4.1

0.5

13.2

71.3

106

Metal ores and non-metallic minerals

5.1

26.6

35.8

86.8

502.3

793.2

991.5

1,823.20

1,109.20

Metal and non-metallic mineral products Basic and industrial chemical, plastic and rubber products Forestry products and building and packaging materials

2019

2020

39,532.90 29,421.90 1,692.40

351.5

285.5

815.6

2,337.90

1,301.80

2,896.00

2,505.10

3,990.70

2,530.80

1,809.00

Industrial machinery, equipment and parts

4,906.60

3,766.10

7,113.30

10,811.10

4,913.30

Electronic and electrical equipment and parts

2,081.60

2,775.80

1,836.50

4,373.40

3,818.80

Motor vehicles and parts

719.7

196

346.8

659.5

542.1

Aircraft and other transportation equipment and parts

3,588.90

704.8

2,611.10

610.5

2,860.90

Consumer goods

7,742.20

7,687.00

8,918.20

8,932.90

8,354.00

707.7

1,980.00

2,618.80

5,840.90

2,827.50

2016

2017

2018

2019

2020

Special transactions trade

Imports All sections Farm, fishing and intermediate food products Energy products

666,963.40 661,484.50 573,919.70 505,663.50 417,645.80 2,051.20

9,496.90

4,567.00

4,727.10

4,512.60

Metal ores and non-metallic minerals

294,223.00 488,945.80 540,425.30 486,668.50 282,454.90

Metal and non-metallic mineral products

358,567.50 151,476.10

Basic and industrial chemical, plastic and rubber products Forestry products and building and packaging materials

15,403.40

0.1 115,812.00

1.9

3.3

12.9

1.4

7.8

65.9

121.1

84.5

53.5

52.2

Industrial machinery, equipment and parts

4.2

195.7

36.2

36.8

Electronic and electrical equipment and parts

9.2

1.6

123.8

3.1

65.1

Motor vehicles and parts

8.3

0.8

0.5

10.3

0.2

Aircraft and other transportation equipment and parts

1.3

2.2

12,030.80

11,433.80

13,106.50

0.1

Consumer goods Special transactions trade

14,162.40 14,701.70 0.7

Citation: Statistics Canada. Table 12-10-0130-01 Canadian international merchandise trade by country and by product section, customs-based, annual (x 1,000)

As you look across the Canadian landscape, the major industries in Canada, vary. The top five industries that are prospering in Canada are Agriculture, Energy, Technology, Services and Manufacturing. Guyana’s Senior Minister with Responsibility for Finance, Dr. Ashni Singh projects 2021 growth for Sectors such as Agriculture, Services and Manufacturing in Guyana at 5.6%, 5%, and 7.3% respectively. There is therefore great potential for Canadian private sector investments and strategic partnerships with Canadians to harness the skills and expertise that have been honed in Canada for over 154 years to help develop Guyana for the betterment of both economies. To this end the CGCC has a premium network which it will continue to grow and build to ensure high-level access in the public and

private sectors for its members. The Chamber is inclusive, collaborative and respectful and welcomes membership from all businesses and individuals and conducts its affairs in a manner that is free of systematic or other barriers.

The CGCC is available to support and encourage business development between Canada and Guyana. For further information we can be contacted at: Tel: Guyana +011 592-693-5137 Canada +1-905-769-1956 Email: info@cgcc.gy

www.cgcc.gy

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

ABOUT GUYANA 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. 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.

| Invest Guyana 2021/22

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. 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

INVESTGUYANA.NET

average temperature range from 24°C to 31°C. Rainfall is approximately 2,300mm a year in Georgetown. POPULATION Approximately 773,453 with diverse culture of six (6) different ethnicities. 90% of the population lives on the coast leaving the country’s lush interior untouched. 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.

BUILD SMARTER. BUILD FASTER

ALLIED'S STEEL BUILDING SOLUTIONS GREAT WORK STARTS WITH COLLABORATION. Since 2003, allied has focused on building relationships. From the first phone call to the completion of every prefabricated metal structure, our priority has been, and always will be, our customer.

OUR EASY PROCESS DESIGN CONSULT & APPROVAL

ENGINEERING

FABRICATION

DELIVERY & ONSITE SUPPORT

EXPERIENCED SUPPLIERS Oil & Gas Industry Warehousing & Distribution Production Facilities Supermarkets Cold Storage Facilities Multistory Office Towers Parking Garage Platforms

CONTACT

WLLAMOSA@ALLIEDBUILDINGS.COM (954) 590-4934 GOINVEST.GOV.GY Invest Guyana 2021/22 | 47

| Invest Guyana 2021/22

INVESTGUYANA.NET

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

Private Equity as a Catalyst for

Businesses in Guyana’s Fast Growing Economy Kurt M.A. Kisto President & CEO Cedros Capital Partners The 2021 National Budget of Guyana was presented under the theme - A Path to Recovery, Economic Dynamism and Resilience. Acknowledging the severity of the Covid-19 impact, both human and economic, the budget premises the attainment of 2021 projected Real GDP growth of 20.9% on the easing of pandemic restrictions and the re-opening of the economy. If this Real GDP growth target is attained, it will establish Guyana’s position as the fastest growing economy in the world. This growth is extraordinary for an emerging economy such as Guyana. Guyana’s high projected economic growth creates an unprecedented opportunity to transition its economic development. Rapid growth will demand increased access to investment capital by small and medium sized enterprises to facilitate the rapid expansion of businesses to keep pace with opportunities and competition.

industries in all sectors; complemented by the enactment of the local content law creating joint venture opportunities, will all increase demand for capital to share risk and strengthen balance sheets; as such equity rather than debt financing will be required along with skilled negotiating capability.

With higher cash inflows and the ramping up of public sector investment spending, local companies must also increase their investments to upgrade their production and operating systems to improve competitiveness and to avoid being crowded out; particularly since the pandemic has drained coffers and constricted working capital, consequentially increasing the necessity for financing. Undoubtedly there could be excellent opportunities for equity investment in underperforming assets. As the country inevitably experiences greater volumes of foreign trade, opportunities to benefit from enhanced technological transfers, supply chain upgrades, and new market-development, will be created, which will require access to knowledge, financial capital and expertise.

At a recent local content policy forum, the director of ExxonMobil’s Center for Business Development explained that as Guyana’s economy changes, all aspects must evolve and transform. She further stated that “… we have cases where companies have a contract but the requirement of collateral from banking institutions is hampering private sector development” (Starbroek News, 16th Feb 2021, p. 3). At some point in their journey, a fresh injection of capital preferably from equity financing or external managerial expertise is often necessary to help companies overcome developmental challenges, to realize their full potential and size opportunities in fast growing economies.

There is an extensive and successful Guyanese diaspora in developed economies where an unprecedented global economic slowdown is occurring. As a result, Guyana offers a unique opportunity to trained, experienced talent and investment capital for its diaspora. The reduction in the cost of electricity expected in the medium term, expanding modern infrastructure, boosting value added

| Invest Guyana 2021/22

INVESTGUYANA.NET

The needs and demands of businesses with such growth trajectories often creates a financing gap which exceeds the capabilities of and services provided by the established financing mechanisms of traditional financial institutions and consulting firms. This financing gap is best addressed by Private Equity in the form of venture, growth, and buyout funds, at its best offering patient and medium-term capital, dedicated expert advice and hands-on operational support.

Private Equity Funds will typically make investments in privately-owned companies by acquiring a majority or minority stake in a company. Investments can either be active or passive. In an active private equity investment the fund manager will play a significant role in the day-to-day operations of the company. In a passive investment, the company management runs the day-to-day operations and takes the major decisions; in some instances, private equity managers may play an advisory role at most. Private Equity Funds are fixed term funds and the investment hold period is usually 4-6 years, as the fund must exit the investment and return the capital and dividends to its investors. Prior to investment, the fund evaluates exit alternatives including the strategic buyer landscape, locally, regionally and internationally, active pursuit of consolidation plays both intra-country and cross-border, public listings on local/ regional stock markets, sale of the fund as a portfolio group of investment, and buy back of shares by the investee company. In addition to providing capital that is patient and risk sharing, private equity requires and facilitates strengthening of financial controls, governance, management and operating systems within a business, catalyses the rapid transfer of knowledge and technology, and allows businesses to avoid excessive debt which can constrain growth or create a debt trap. Private equity has been shown to have several structural advantages over other asset classes, which make it particularly well-suited to high growth trajectories. The medium-term nature of Private Equity as an asset class, and the stability of its patient capital when complemented with the active management model, allow for quick and decisive action with a medium to longer term view, allowing businesses to grow and compete in a rapidly expanding and competitive economy such as Guyana.

Mr. Kisto is Founder, President & CEO of Cedros Capital Partners based in Panama, where he focuses on fund development, leadership, governance and investing of Private Equity and Real Estate Funds in the Caribbean. Kurt brings over 20 years of experience as a senior business executive, entrepreneur, adjunct lecturer, development financier and Private Equity professional in the LAC Region. He has served on the board of directors of several corporations and is a former executive director of the Inter-American Development Bank. He has lived and worked in Trinidad & Tobago, Guyana, Panama, the Dominican Republic and Washington D.C.

www.cedroscapitalpartners.com GOINVEST.GOV.GY

Invest Guyana 2021/22 |

Guyana Office for Investment About Go-Invest Go-Invest was established by Order pursuant to the Public Corporations Act in 1994 as a semi-autonomous body with the focus of contributing to Guyana’s Economic Development, which is mandated in the agency’s mission. It was also established to promote and facilitate local and foreign private-sector investment and exports in accordance with the country’s approved investment and export strategies. Over the years, the services provided by Go-Invest have evolved to meet the needs of investors, and we continue to improve the services we offer. Go-Invest has three core functions:

Investment Facilitation and Promotion

Export Promotion

of services to domestic and foreign investors as well as export-ready Guyanese businesses. Under the Investment

Policy Advocacy

| Invest Guyana 2020/21

Act, foreign investors receive equal treatment and legal protection to domestic investors.

Suriname’s President Chandrikapersad Santokhi and President, Dr. Irfaan Ali greeting each other. Guyana and Suriname signed an agreement to bridge Corentyne River and discussed the establishment of a unit to tap business, investment opportunities in both countries

With these functions, Go-Invest offers a full complement

Guyana’s Chief Investment Officer and CEO of Go-Invest Dr. Peter Ramsaroop meeting with the Private Office of H.H. Sheikh Ahmed Dalmook Al Maktoum, Mr. Gaspar Lino from Dubai, United Arab Emirates

INVESTGUYANA.NET

Dr. Ramsaroop and other dignitaries commemorating the inaugural flight of Jet Blue Airlines to Guyana

Our Portal

www.goinvest.gov.gy Linking investors with opportunities in Guyana The Guyana Office for Investment bids to optimize its services to investors and promote Guyana’s diverse investment opportunities. The investment portal allows investors to search and initiate direct exchanges with Go-Invest. It also encourages local companies, startups, and individuals to build and present their projects to potential partners and investors. The investment portal is intuitive and easy to navigate, and some of the key features include: • Local and foreign investors can effectively use the platform • It showcases investable projects and opportunities across all economic sectors • Investors can search, view, and respond on the site to investment projects and opportunities • Persons or companies looking for investors, partners, buyers, or distributors can build and present their projects on the Portal • Investor online dashboard showing investment interests and projects • Expression of interest forms for investors who are ready to start working with Go-Invest And many more exciting investors focused features Go-Invest is focused on fast-tracking our economic development and is re-engineering our systems and resources to actively respond to the increased investor interest in Guyana. The Portal is a significant tool to expedite the process and deliver higher levels of efficiency.

CEO of Go-Invest Dr. Peter Ramsaroop and Chairman of the Private Sector Commission, Mr. Nicholas Boyer signing an MoU

President Ali and Dr. Ramsaroop at the sod-turning ceremony for the US$5M West Central Mall which will be located in Leonora, Region Three

Dr. Peter Ramsaroop (left) and President of the Guyana Manufacturers and Services Association, Mr. Shyam Nokta signing a cooperation framework between Go-Invest and GMYSA

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

Benefits of contacting Go-Invest Facilitation services offered by Go-Invest 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, as well as additional incentives in priority sectors. Go-Invest assists investors to obtain fiscal incentives, including exemptions of customs duties and taxes on equipment, machinery and vehicles. Go-Invest prepares a draft 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. Go-Invest assists in facilitating joint ventures between local and foreign investors. Go-Invest assists in identifying export markets and providing market access information. Go-Invest shares information on investment opportunities in Guyana Go-Invest assists exporters in participating in local and international exhibitions and trade missions. Go-Invest provides investors with a summary of 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 Aff airs 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: 1. The Business Names (Registration) Act and the Partnership Act are the legal basis for a sole proprietor or partnership registration.

| Invest Guyana 2020/21

INVESTGUYANA.NET

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. 2. 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. On submission of this information and payment of the prescribed fee, the Registrar of Companies issues a Certificate of Incorporation, which serves as evidence of the existence of the company as at the date stated on the Certificate.

Investment Process with Go-Invest Acquiring Incentives for New and Expanding Projects Investors are required to complete and submit the Go-Invest 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 Go-Invest 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. All forms can be downloaded from the Go-Invest website: http://Go-Invest.gov.gy/forms

Information required from the investor Cover letter to Go-Invest making reference to an application for exemptions Completed Expression of Interest Form 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. A TIN is a unique computer-generated number allocated to each taxpayer. All taxes are the same for overseas companies registering in Guyana as that of the local companies. Register for Value Added Tax (VAT) certificate through GRA.

What should be business proposal

included

your

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 in triplicate to the Agency. As noted above, returning investors are also required to complete and submit the Investment Agreement Progress Report.

1. Executive Summary Your 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 Should include key information about your business, your goals,and the customers you plan to serve. Your company description should also discuss how your business, its products, and the services you are providing will stand out from others in the industry.

3. Description of Ownership, Management, and Organization Your business plan should outline the way that your organization will be set up. You will introduce your company owners and managers. An organizational chart can be included. Indicate whether your business will operate as a partnership, a sole proprietorship, or a business with a different ownership structure. If you have a board of directors, you will need to identify the members.

4. Local Content Plan Outline local partner 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 them 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. You will need to show that you know their strengths and weaknesses, and you know how your business will stack up.

10. Marketing Plan

Describe how you intend to get your products and services in front of potential clients. Pinpoint the steps you are going to take to promote your products, and you will need to mention the budget you will need to implement your strategies. GOINVEST.GOV.GY

Invest Guyana 2020/21 |

11. Sales Plan

13. Financials

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

Projected Financial statements for at least 3 Years (With the detailed justification of Input figures). Source of Funding (Bank Letter Addressed to Go-Invest, Audited Financial Statements, Credit Rating Report ECT.

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

14. List of Items for duty and tax waivers A comprehensive breakdown of items that is specific to the proposed operations as needed in phases outlined in the Project timeline.

EXPORT PROCEDURE STEP Step 1 1

Protection Agency); the exporter will need to have been a legal resident of Guyana for more than a year and will require a permit from the Ministry of Agriculture; Poultry Feed, Wheat flour, Beet Sugar and Cane Sugar In Solid Form, Fertilisers, Hides and Skins, Gold, Jewelry made from precious metal or rolled precious Metal, Weapons and Ammunition, Seafood (licence from Fisheries is required for export).

Register Business – Exporters should ensure that their business is registered. This can be completed at the Commercial Registry. (See page XX “Starting a Business in Guyana”)

STEP Step 2 2 Taxpayer Identification Number – Exporters are required to register with the GRA for a TIN.

STEP Step 3 3 Identify Source of Product(s) – Exporters should consider where they will be sourcing a steady supply of the product for export. Points to be noted are: Is the exporter the producer, or will they be purchasing the product for export? If so, will the supply be consistent? Are contractual arrangements in place between the exporter and supplier to ensure reliability?

STEP4 Step 4 Identify External Markets – Pertinent questions to ask include: Which countries are the main importers of this product from Guyana/ Caribbean? What is the tariff applied to the product by the target country? What are the importers paying for this product? In some cases, Go-Invest can assist in identifying markets for products.

| Invest Guyana 2020/21

STEP Step 7 7 STEP Step 5 5 Packaging Requirement – What are the packaging requirements in the target market? Countries have specific packaging and labeling requirements for retail products. Some importers also have mandatory standards for exporters. For instance, organic produce often requires certification that no chemical fertilisers were used in their cultivation.

STEP Step 6 6 Acquire Appropriate Licence – There are a number of items that require an export licence to exit Guyana legally. These include: Wildlife (birds etc.) (will also require a licence from the Environmental

INVESTGUYANA.NET

Identify the mode of transport (air/ sea) – Exporters should consider the best means to transport products. Does the product require certain storage conditions to avoid spoilage, e.g., refrigeration? Reliability of the shipping company should also be considered. Go-Invest can supply exporters with a list of shipping companies in Guyana.

STEP Step 8 8 Identify a Broker – A good broker will make the exporting process relatively easy. The New Guyana Marketing Corporation (New GMC) offers brokerage services to exporters.

Step 9 9 STEP

Export!

Conclusion By virtue of Guyana being on the cusp of an economic transformation wherein it just become a petroleum producing state, Guyana has an opportunity to become the driver of a transformative agenda within the region, viz-à-viz an enhanced framework that would foster deeper regional economic integration of South America and the Caribbean with the rest of the world. This notion is premised against the backdrop of its arguably geopolitically potent location, its emerging petroleum industry, coupled with the increasing global interests in Guyana especially from the United States, United Kingdom, European Union (EU), Canada, India and many other countries. Notwithstanding the economic and financial impacts of the pandemic at the onset, Guyana is poised to experience an economic ‘boom’ in the medium to long term outlook. Oil production commenced off shore by ExxonMobil in December 2019. In addition to the significant number of direct job opportunities created in the oil and gas sector, there will be a surge in demand for support goods and services, and thus the creation of indirect employment. Many companies are already forging ahead to form strategic partnerships – a mixture of both local and foreign companies. As such, both the Government of Guyana and the local private sector ought to work closely together to ensure that all possible means are explored and exploited to build

institutional capacity, skills development and the requisite competences in all possible respects to capitalize on the sea of opportunities that this new and emerging sector will induce. It is against these backgrounds, and the high level of investors’ confidence, both local and foreign, that Guyana’s development outlook is extremely positive. These developments have strategically positioned Guyana to lead a regional integration agenda aimed at strengthening South-South cooperation in South America, Latin America and the Caribbean through the auspices of CARICOM and the other regional trading bloc as mentioned herein, within the framework of leveraging the country’s development needs. Within these respects, for example, Guyana’s geographic location in South America which places it at an advantage in terms of access routes to the rest of the world, is an important factor that has to be considered in the deep water harbour project and the Brazil-Guyana road link project. These are two key transformative projects that can integrate more South-South cooperation in the area of trade and commerce which will not only facilitate Brazil’s goods to move through Guyana thereby creating new industries and commerce; but for other South American countries goods can be transported through Guyana to access the rest of the world’s markets.

goinvest@goinvest.gov.gy

www.goinvest.gov.gy

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

INFORMATION & COMMUNICATIONS TECHNOLOGY

ICT

Connecting with the World

Overview

Prime Minister Brigadier (Ret’d) Mark Phillips MP

Information and Communication Technology (ICT) continues to change the way we live and conduct business in the 21st Century. While Guyana continues its quest for sustainable development, ICT must be utilized as a tool for economic growth and social transformation. As Prime Minister of Guyana, with direct oversight over the ICT sector, I am committed to developing infrastructure by providing an enabling environment to promote the use of ICT countrywide.

We must diversify our economy into a knowledge-driven one, through innovation, entrepreneurship and investment. ICT is viewed as an essential component in securing international competitiveness when it comes to investment opportunities to develop Guyana’s economy. Our Government is committed to using ICT as a catalyst in the development of Education, Health, Industry and Agriculture, by reducing transaction costs, improving effectiveness, efficiency and productivity.

ABOUT GUYANA’S ICT SECTOR The overall vision is a knowledge-based society which is globally competitive and productive, and giving rise to the strategic placement of Guyana as a premier ICT hub in the region. Liberalized telecommunications sector Guyana’s ICT Sector has progressed over the last decade The ICT Industry comprises telecommunications operators, internet service providers, telemarketing call centers, inbound customer support, voice mail transcription, medical records transcription, and data warehousing & operators, broadcast institutions, ICT education providers, internet cafés, etc. The ICT industry was improved by with two submarine fibre optic cables and services rolled out in 2017 and 2019 ICT will bridge the divide between the Hinterland and Coastland. Mobile Operators in Guyana: Digicel & Guyana Telephone and Telegraph The ICT sector is under the oversight of the Office of the Prime Minister There are over 5100 persons currently employed in the ICT sector majority of whom are women. Contributed to GDP US $140.46 Million (2018)

| Invest Guyana 2020/21

INVESTGUYANA.NET

US$140.46M towards GDP (2018)

5100 persons employed in ICT

ICT OVERALL STRATEGY The government will implement measures to: Building ICT Capacity Building ICT capacity by utilizing several traditional and contemporary training methodologies to better prepare Guyana’s workforce for the technological age. ICT Job Creation and Business Incubation Plan and implement novel initiatives that will foster the creation of ICT job opportunities. ICT Economic Growth and Advancement Creating an atmosphere that is conducive to the development of an ICT Business Segment that generates wealth and prosperity for all Guyanese. ICT Outreach Create awareness about ICT to facilitate citizen buy-in which is necessary to support ICT transformation and a knowledge-based society. Modernized ICT legislative and policy environment Provide for a regulatory and policy environment that supports the growth and sustainability of industry and innovation in general and the ICT sector in particular. Universal Internet Access Ensure that there is ubiquitous internet access especially for poor, remote and disadvantage demographics.

GUYANA’S COMPARATIVE ADVANTAGE Guyana is the only English-speaking country in South America with comparable wages to Latin America Openness to Investment Guyana’s unique geographic positioning and its sociopolitical heritage put it at the gateway of South America and the Caribbean. The labour force is well educated, with a high literacy rate, and known to have a good work ethic. Affordable Labour Attractive Incentives (Utilities & Tax Holidays)

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. Room for Data Centers as band width is getting cheaper. Need for more Call Centers. 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).

Prime Minister Brig. (Ret’d) Hon. Mark Phillips MPpresents Operators Licence to E-Networks CEO, Vishok Persaud

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

INVESTMENT PROJECTS Business Processing Outsourcing (BPO) Back and front office functions Call Centers Outbound and sales telemarketing Inbound customer sales support Voicemail transcript Medical records transcription ICT business incubators Computer and Information Services Consultancy Services Installation of computer hardware Software Implementation Services Network management and security Software development Application support

Database Services Data warehousing Telecommunication Services Voice Telephone Service (Landlines and Cellular Services) Telephony Telex services Telegraphy services Facsimile services Utility Computing Service Data centers Business start- up: Venture capital/innovation funds specifically targeted at ICT business start-ups. Research and development Computer Software/ Engineering Software development Maintenance Software installation, support and maintenance Device maintenance and repair Computer and mobile assembly factories

| Invest Guyana 2020/21

Training and education: Specialized training in areas that would be needed due the liberalization of the telecommunications sector, for example fiber optic installer and maintenance. Electronic Business: Virtual Services E-agriculture (consultancies and opportunities to supply modern technology driven agriculture equipment and machinery). E-health E-tourism (promote Guyana as a virtual tourist destination) E-commerce E -Learning Other ICT-Enable Services Insurance services Financial services Royalties and license fees Personal and recreational services Smart grids

Data Processing Services Web development Internet services

Hardware Retail Device sale and distribution

INVESTGUYANA.NET

Other Business

INCENTIVES Incentives from budget 2020

Removal of VAT on cellphones and data Repeal taxation on electricity Reversal on 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 The company will enjoy a full exemption from corporate taxes for a 10-year period, which will begin from the first year of commercial operation.

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

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

Transforming Guyana’s Telecommunications Landscape

E-Networks Chairman ( R) Rakesh Puri and CEO Vishok Persaud during the landing of the Fiber Cable in Guyana Cable Ship lands the Fiber Optic cable from Guyana on the beach in Barbados

E-Networks Inc. headquartered in Georgetown,

with

branches

and

affiliate offices across the coast is well

Premises Network in 2013, the first

constantly keep apace with new world

recognised for innovation and as a

Direct-to-Home (DTH) system in 2017,

technologies being introduced and to

leader in Guyana’s ICT sector, providing

the first iDirect Satellite Hub in 2018,

ensure that its network not only stands

television,

internet,

the first locally owned Subsea Cable in

out from the competition but also

technology

and

2019, and the first 5G Network in 2020.

brings global service delivery standards

information

media

services.

to Guyana.

Founded in 2003, E-Networks has made significant contributions to the

With the advent of liberalization of

ICT sector by building out an extensive

Guyana’s telecommunications sector,

In January 2019, E-Networks landed

network across Guyana, comprising

E-Networks is now poised to soon

Fiber Optics, 4G/5G, and a Satellite

introduce additional cutting edge

optic cable to Guyana from Barbados.

Hub.

technology and expanded services

Dubbed

to further transform the telecoms

substantial

landscape.

an alternative source of international

The company has been a pioneering

international the

submarine

Xlink

project,

investment

fiber this

introduced

connectivity to Guyana and enabled

operator and the first to introduce many advanced technologies to Guyana. CEO

Mr Persaud expressed his pride with

E-Networks to provide better, faster

Vishok Persaud proudly confirmed

E-Networks leveraging Guyanese talent

and more affordable connectivity. This

the many historic achievements to

to impact the industry, with a concerted

cable also delivered higher bandwidth

date which include the first digital

focus on improving service delivery,

capacity to meet the growing demand

IPTV Platform in 2006, the first WiMax

reliability, and customer service. This

for data and enhanced services.

Network in 2010, the first Fiber-to-the

focus has driven the company to

| Invest Guyana 2021/22

INVESTGUYANA.NET

These

developments

were

also

timely improvements to the Guyana’s

best economic benefits by leveraging local content.

telecoms sector with the advent of the COVID-19 pandemic which

Today’s

necessitated work and learning from

has changed the operator’s role:

home initiatives. These measures

from

created huge demand for faster and

offering a comprehensive suite of

highly reliable

connectivity

internet to support

telecommunications providing

service

services

age

only

backed

to by

remote work and education, including

premium support. To meet business

bandwidth-intensive programs such

and enterprise customers’ evolving

as video conferencing. The company

needs, E-Networks strives to be as

swiftly unveiled a suite of faster internet

flexible and customisable as possible

options at very affordable pricing,

- recognising that the “one-size-fits-

resulting in a rapid rise in its share

all” approach doesn’t always work. In

of the market. For these initiatives,

tandem with the substantial network

E-Networks was recognised by the

infrastructure

Georgetown Chamber of Commerce

made, E-Networks has released a new

and named 2020’s “Large Business of

range of products to the market that

the Year.”

delivers value-added services. These

investments

being

include leveraging cloud computing, The company also plans to further

providing international leased lines

expand its network during 2021

and redundant international links, and

targeting expansion to Guyana’s towns

offering hosted data centre solutions

and economic hubs. This will allow

to a local and international clientele.

cable,

E-Networks to provide first-world

For E-Networks, its ultimate aim is to

E-Networks was able to upgrade its

services to a more significant part of

both improve customer experience

advanced fibre optic backbone to

the population, currently experiencing

and reduce costs. Over the long-term,

deliver improved data services and

only 2G speeds.

the company looks forward to its

CEO Vishok Persaud at Cable landing station in Georgetown

Since

landing

the

Xlink

advanced network’s impact and the

launch Guyana’s first 5G network in May 2020. This network, which comprises

E-Networks is a 100% Guyanese

difference it will make to the country’s

fiber optics and wireless technology,

owned,

broader

enabled the company to expand access

company, and the company is proud

by bringing more people and new

to improved and more affordable

of delivering world-class services and

services online. E-Networks also aims

internet services. E-Networks also

advancing technological developments

to be the company that all future-

dramatically raised the bar for business

employing Guyanese talent and skills.

focused organisations turn to for

users, providing 20 times the speed

This uniquely positions the company as

end-to-end communication solutions

of the other service providers in the

the only indigenous company offering

and will continue to deliver the best

market.

This enhanced business

the most advanced technologies and

technologies in Guyana.

productivity through newfound access

services. This point is particularly

to cloud-based and other bandwidth-

pertinent in the context of Guyana’s

intensive

were

recently discovered significant offshore

previously impractical due to poor

oil and gas reserves, for which the

commercial internet options.

government is anxious to obtain the

applications

that

managed

and

staffed

economic

development

(592) 231 3890 csr@ewirelessgy.com

www.enetworks.gy

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

Reimagine Guyana – ICT in Guyanese Society’s Sustainable Socio-Economic Transformation: Early Thoughts

Tony Farnum

While ICT is a critical component for attaining rapid and sustainable national socio-economic transformation by majority citizen productivity through gainful employment, and same level citizen access to social, health, education, physical security, and other public and private sector national services delivery, it is not a magic wand. ICT’s effectiveness requires a national enabling environment including: 1. Computer literate users and ICT technical staff. 2. Modernised legal and operations frameworks which recognise electronic citizen ID#s and transactions. 3. Civil society and private sector buy-in with parliamentary commitment to a National ICT Plan. 4. Free (subsidy with sunset clause) internet for all citizens to access public and private sector services. 5. Free public ICT charging stations. 6. Education from primary school to tertiary, as well as venture capital, to support transformation from job seekers to entrepreneurs. 7. Cheaper ruggedized devices. ICT’s key transformative roles include: 1. Public and private sector services delivery to each citizen where they are. 2. Providing public timely, data required for national development plan development/refinement and its performance monitoring by civil society, and 3. Identifying opportunities for entrepreneurs.

| Invest Guyana 2021/22

INVESTGUYANA.NET

Guyana Today Guyana’s greatest ICT challenge is its size and population density which is amongst the lowest in the world at less than 4 people per km2 as the cost of services delivery to every connected citizen is high. Therefore, there must be high socio-economic returns with involvement of the Diaspora in developing an entrepreneurial cadre producing refined traditional and new commodities and services. Given this and the Climate Change challenge, there is an ICT Internet of Things (IoT) linkage, all new physical infrastructure, buildings, roads, bridges, sea defences, etc. should be built against 21st Century standards which are Climate and ICT smart as retrofitting is more expensive, can undermine the integrity of the newly built infrastructure, or result in poorly located infrastructure. Another major challenge is the absence of ICT recognition in most if not all of the existing out of date Laws and Regulations governing public and private sector operations. An Electronic Transaction Act is an urgent requirement as is the need for a consistent citizen’s National ID# from birth or naturalization. In today’s 4th Industrial Revolution, there is need for Cloud, State and Citizen Data Sovereignty, and Intellectual Property Acts if Guyana is to leapfrog in the digital world of today. Private and public sector operations are still 20th Century data processing where transactions processing is paper based on loosely compliant, out of date, standard operating procedures manuals. Transactions are captured in electronic form largely for cheque printing and reporting compliance purposes rather than for policy formulation, improving operational efficiency and transparency, and identifying entrepreneurship and investment opportunity. The result is poor manual operational efficiency,

effectiveness, and coordination across the public and private sector which limits 21st Century ICT penetration countrywide into routine operations compliance and standardization. Consequently, ICT graduates and other post-colonial new skills, become a large part of the tertiary educated human capital flight projected to be over 90%. In the absence of a broadly legitimate and embraced National ICT Roadmap there is opaqueness on the roles of the State and the Private Sector in Guyana’s transformation. But investors are not waiting. A new private sector fibre optic cable has landed in Guyana. The telecommunications sector has been liberated. Investment opportunities abound. Given the above, it is encouraging that in the Minister of Finance’s 90+ page 2021 Budget Speech, the word ‘technology’ appears 16 times. But given the narrowness of the past 3 elections victories, is this sufficient given the competition between the political objective of winning the next election versus the National ICT Roadmap and urgent national requirements?

Reimagine Guyana As Guyana moves from an under developed state posture to one of a resource richer country, the public sector, must become more of a facilitator to encourage the private sector (inclusive of Diaspora, regional and other investors) and fledgling entrepreneurs to be more proactive technology investors. Change management practitioners know that the change cannot exceed the capacity of the people if it is to be successful, and that sufficient people must have a clear awareness of the transformation and desire for it. Effective change of this magnitude will take at least 15 years and involve most of the population at home and in the Diaspora. This demands national buy-in if it is to be sustained. It will be up to civil society and the private sector to become more involved in the transformation specification, refinement, and implementation processes if the change initiative is to survive changes of Government. Such involvement in partnerships with Diaspora, regional and other investors will bring on board a diverse range of skills and expertise critical to Guyana’s accelerated transformation.

Guyana is already becoming an entry point to South America with the Surinamese and Brazilian investors and Venezuelan migrants who are bringing a work ethic like the Salvadorian refugees in Belize who transformed Belize’s construction sector. Trinidadian and other regional investors are seeking opportunity. There is need for a broadly consulted formal investor and investment arrangement which also facilitates local entrepreneurship. Effective transformation needs to be incremental against a roadmap reviewed every 5 years. Roadmap identified model public and private sector agencies with their citizens service provision will strengthen buy-in, proof of concept viability, and identify where refinement is necessary. Out of this there must be sufficient human capital capacity to carry forward lessons learnt to the next set of model agencies and citizen services. We must use this to arrest human capital flight of our tertiary educated and potential entrepreneurs.

Tony Farnum received a Public Service Ministry scholarship in 1974 to Queen’s University, Canada and graduated with a B. Sc. (Hons.) in Computing and Information Technology in 1978. After Queens College he worked as a computer operator for the Teachers Payroll system implemented on an accounting machine. Payroll processing was a 24/7 operation and took 20 days to complete each payroll cycle. Upon graduation and return to Guyana, he was tasked with writing the payroll system for government which was led by a team of senior civil servants including the Secretary to the Treasury, Auditor General, Accountant General, and Heads of the Payroll Agencies. This was his first major ICT transformation task requiring changes to the legal and operational frameworks. In 1983 he started his international fiscal and political governance transformation career as a UNDP funded consultant establishing the National Computer Centre in Belmopan, Belize, trained ICT staff, and wrote their first Trade Statistics and Accounting systems. Since then he has worked on fiscal and political governance transformation projects funded by countries themselves, all multilateral development partners, regional development banks in the Caribbean, Africa, and Asia, and leading bilateral development partners out of the UK, USA, Canada, and Germany.

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

Public Infrastructure -

the catalyst for the new Economy By Navendra Seoraj Creating the right conditions to accommodate and facilitate local economic growth is essential as Guyana moves ahead and transitions into a new economy, driven by a thriving petroleum sector and other lucrative, productive industries. It is no secret that the key to a sturdy structure is a strong foundation, a principle which could be applied even in Guyana’s case, since the country is expected to make the necessary investments to not just create an environment that is conducive to business, but also one that is wellpositioned for the expected advancements and new “gold

Minister of Public Works, Bishop Juan Edghill is inspecting the works being done on the Sherriff/ Mandela Road Expansion Project

standards.” Having recognised the task at hand, the Government of Guyana has started making the necessary provisions for

and the basis for re-starting economic growth, which would

there to be broad-based development, particularly in the

have been hindered by a protracted electoral process and

area of infrastructure, which has attracted a large portion

the pervasive COVID-19 pandemic.

of the country’s 2021 Budget. In moving forward, construction, the sector with one of The government is expending close to $172.4 billion or 45

the highest multiplier effects in the economy, is anticipated

per cent of its $383.1 billion budget on education, public

to provide employment and spinoff effects to catalyse

infrastructure and healthcare. And, based on an analysis

economic growth.

of the country’s budget, a sum of $58.2 billion of planned expenditure on public infrastructure is the second largest

“You have to prepare for the new economy. The economy

component of the government’s fiscal programme.

before you is an expanding oil and gas sector, and we will need infrastructure onshore to move goods, people and

Also, Minister within the Ministry of Public Works, Deodat

services more efficiently and cheaper,” Minister Indar said

Indar, has said that the budget for infrastructure represents

during a recent interview with the Invest Guyana Magazine.

$32.9 billion or 32 per cent of the total capital expenditure

The country’s potential economic growth is reflected by

for the country, for 2021. The country’s aggregate capital

the NASDAQ Stock Market in a report published in October

expenditure for this year is $103 billion.

2020, which states that Guyana will remain as the fastest growing economy in the world.

This investment, according to the Georgetown Chamber of Commerce and Industry (GCCI) in its message following

Looking forward, according to NASDAQ, Guyana’s growth is

the announcement of Budget 2021, provides the financial

expected to come in at 12 per cent in 2021, 49 per cent in

grounding for the buildout of the country’s infrastructure

2022 and 28 per cent in 2023. The country’s Gross Domestic

| Invest Guyana 2021/22

INVESTGUYANA.NET

be completed in three years after the commencement of work, will replace the existing structure which was built in 1976, over four decades ago. Another critical infrastructural link is the Ogle to Haags Bosch four-lane highway. This project is being funded by the Government of India to the tune of US$50 million. “We expect work on this [project] to start in the last quarter of this year, after the procurement process is finished,” Minister Indar said.

President, Dr. Irfaan Ali and officials inspect the landing site at Peter’s Hall for the new high span Demerara Harbour Bridge

In this time, the government will be commissioning studies for a four-lane highway from Schoonard on the West Bank of Demerara to Parika on the East Bank of Essequibo. This

Product (GDP) of about $6.8 billion is expected to more

project forms part of a wider initiative to create direct

than double by 2025, reaching over $14 billion.

linkage to Bartica, Region Seven (Cuyuni-Mazaruni).

In light of this, Guyana’s President, Dr. Irfaan Ali, has said

According to Minister Indar, there are plans to connect

that the right infrastructure is needed to accompany

Goshen to Monkey Jump, both in Region Ten (Upper

development and catalyse transformation.

Demerara-Berbice), and subsequently Monkey Jump to Bartica. Also, there are plans to connect Parika to Timehri

President Ali is quoted by the Guyana Chronicle, in its

and Timehri through Mabura to Monkey Jump.

March 7, 2021, publication, as saying: “We need to have the right infrastructure. We have to build and modernise

This will be supplemented by the construction of 125

and do what is necessary for growth and development,

kilometers of road from Linden to Mabura Hill.

but there cannot be an overreach and over spending… critical infrastructural links have to and will be created.”

“This a big one… it will cost about US$192 million and tenders are already out for it,” Minister Indar related.

Already, the government is working to reduce the cost of energy by at least 50 per cent through an energy mix and building roads and bridges, which will serve as arteries to development, linking Guyana and its geographical neighbours, communities and villages even in remote areas. Speaking specifically about some of the major projects in the pipeline, Indar said firstly that the government has already advertised for Expressions of Interest (EoIs) for the construction of a bridge across the Corentyne River, connecting Guyana to Suriname. Further, nine contractors have been shortlisted for the construction of a new bridge across the Demerara River. The new four-lane high-span bridge, which is scheduled to

Minister within the Ministry of Public Works, Hon. Deodat Indar, meeting with the Indian High Commissioner to Guyana, H.E Dr. K. J. Srinivasa and team to discuss several infrastructural investment projects that the Indian Government is pursuing with the Government of Guyana

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

Cardinal Investments Inc executives Roy and Denise Bassoo finalising agreement with Marriott International for a US$20 Million/140-room Courtyard by Marriott hotel at CJIA, expected to open in early 2023

Minister Edghill inspecting road works in Region 10

The government’s total budget for road programmes is $23.7 billion, $7.9 billion of which will go specifically towards the development of community roads. Of the budgeted sum, $2.1 billion has been set aside for hinterland roads and the rehabilitation of a number of hinterland airstrips.

Ministers Edghill and Indar meeting with representative from Edison Chouest Offshore Guyana and Mr. Philip Fernandes, CEO, John Fernandes Group

“We are doing a lot in terms of infrastructure… we are looking

According to an American research group, the Brookings

at pavements, parks and other areas of infrastructure

Institution, Infrastructure enables trade, powers businesses,

development,” Minister Indar said, noting that there is also

connects workers to their jobs, creates opportunities for

the expansion of the Cheddi Jagan International Airport

struggling communities and protects the nation from an

and other projects which are ongoing.

increasingly unpredictable natural environment. From private investment in telecommunication systems, broadband networks, freight railroads, energy projects and pipelines, to publicly spending on transportation, water, buildings and parks, infrastructure is the backbone of a healthy economy. The research group has determined that an economy needs reliable infrastructure to connect supply chains and efficiently move goods and services across borders.

Minister Edghill (centre), Minister Indar (first right), along with CEO of the Cheddi Jagan International Airport (CJIA), Ramesh Ghir and other officials during an inspection of the ongoing work at the airport

| Invest Guyana 2021/22

INVESTGUYANA.NET

http://publicworks.gov.gy/

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

AGRICULTURE Ready, Set, Reap!

Overview

Hon. Zulfikar Mustapha MP Minister of Agriculture

Despite the benefits that will be gained from the emerging Oil sector, Agriculture has and will continue to play a vital role in the development of Guyana. As we look to the future, the Ministry of Agriculture will work to ensure that measures are implemented to promote a diversified Agriculture-based economy, ensure Guyana remains food secure and that our farmers reap the rewards of their labour. The Government will make available the resources that are needed to propel the Agriculture sector along a sustainable path. To ensure sustainable development of the Agriculture sector is achieved, no industry will be left abandoned. Government will provide opportunities for farmers and agroprocessors to grow, process, and benefit from increased

trade, both regionally and internationally. Our farmers will benefit from the removal of Value Added Tax (VAT) from agricultural inputs and the granting of tax concessions on investment in Agro-processing, Cold Storage and Packaging Facilities. The Ministry will provide the necessary aid needed by farmers to get from the farm to the market, to ensure adequate food is produced, and livelihoods maintained. Guyana is about to leapfrog its growth and development. Guyana’s Location, Trade and Investor Agreements facilitate access to key markets. Investing in Guyana therefore carries Market Access advantages. Guyana has an attractive Investment Regime which is being further refashioned to become more investor-friendly.

Minister of Agriculture Hon. Zulfikar Mustapha MP met with a team of executives from the Yuken Corp from Florida to discuss areas for investment in the agriculture sector. The group discussed investments in corn, soya bean, fish and sugar, to name a few.

| Invest Guyana 2020/21

INVESTGUYANA.NET

GOVERNMENT STRATEGY Promote a diversified economy Create more jobs Increase income for farmers

SECTOR OVERVIEW GDP

Contributes to 16% of Guyana’s GDP

JOB CREATION

Employs 17% of the Guyanese workforce

FOREIGN EARNINGS WATER RESOURCES CULTIVABLE LAND

G$70 billion to foreign earnings 200,000 cubic meters of water per capita Exceed to 20 million hectares Massive hectares of organic crop land

NONTRADITIONAL SUGAR

G$2.5 Billion to foreign earnings

RICE

Highest production of rice per capita in the world,

WHY INVEST? Guyana’s climate is very stable in that it is not in the hurricane and earthquake zones. The low coastal plain is flat, highly fertile, and below sea level. The well-established drainage and irrigation system supports the cultivation of rice, sugar cane, fruits and vegetables, dairy and beef production. The Hilly Sand and Clay region includes the immediate savannahs of large areas of brown, well-drained soils which is good for beef, milk, citrus, corn, cashew nuts, legumes, peanuts, soybeans, dairy products, and orchard crops. Abundance of land with fresh water supply. Political will/friendly business environment from Government. Guyana offers geographic positioning to investors. Its trade relations/agreements-regional, multilateral and bilateralallow access to major markets and provide protection for investors.

Guyana’s Agriculture has phenomenal potential

Contributed 9% to GDP Exported G$5.9 Billion

7% national GDP (growing & manufacturing)

18% to agricultural GDP 14.2% export earnings, that is G$46.7 billion

COMPARATIVE ADVANTAGE A diversified agricultural environment Organic crop land Irrigation (approximately 30% of Guyana’s cropland is irrigated) Agricultural population (50% of Guyana’s population remains rural and closely linked to agriculture) Trainable farmers Market access Favorable climatic conditions Access to cheap labor

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

INVESTMENT PROJECTS INVESTMENT PROJECTS A. Large Scale Cultivation of Horticultural Crops, Fruits and Vegetables TRADITIONAL Rice Rice production Downstreaming processing of rice into pasta, noodles, cereals, snack foods, etc. Sugar NON-TRADITIONAL Coconut value chain Spices value chain (ginger, turmeric, black pepper, nutmeg) Herbs and spices Root and tubers Fruits and vegetables Honey value chain Corn value chain Soyabean value chain Coffee and cocoa Aquaculture

B. Poultry

Broiler Meat, Table Eggs, Black Giant, Layers, Others (Duck, geese, quail). Increase in demand (local market, tourism coupled with offshore oil sector). Maximize profitability through value added product development. Excess production can be exported to niche’ markets both regionally and internationally. Guyana is self-sufficient in fresh/frozen poultry meat products but imports in excess of US$ 3 Million worth in processed products annually.

| Invest Guyana 2020/21

INCENTIVES Rice Incentives Reversal of VAT and duties on machines and equipment for agriculture such as tractors, trailers and combines. The construction of more farm to market roads Removal of VAT on pesticides and agrochemicals The reversal of high land rental fees at MMA and D&I charges Sugar Incentives Reversal of VAT and duties on machines and equipment for agriculture The construction of more farm to market roads $4 Billion budgetary support to revitalize the sugar estates Non-Traditional Agriculture Incentives Reversal of VAT and duties on machines and equipment for agriculture Removal of VAT on pesticides, fertilizers and agro chemicals Tax concessions in agro-processing and cold storage capacities Special incentive to stimulate Corn and Soy production The reversal of high land rental fees at MMA and D&I charges Fisheries Incentives No VAT on fisheries inputs

Livestock Incentives

The poultry industry has a zero-rate status. VAT-free concessions on key inputs such as poultry feed, bilding materials and other items for the development of the poultry industry sector. This will enable potential agro-processors to create products such as poultry sausage, ham, cutlets, marinated chicken and other such products. Special incentives such as access to land, tax holidays, and exemption of duties on equipment for processing and machinery for Corn and Soy production (major ingredients in poultry feed). Fresh water supply, available lands accessible by network of roads and waterways. Concessions for large-scale livestock farming, e.g. Intermediate Savannah. Incentivized private investment in dairy plants, dairy processing facilities, and the establishment of modern abattoir facilities in livestock producing regions. Machinery, equipment, motor vehicles, tools, spares and supplies for agroprocessing, land preparation, cultivation and harvesting VAT-free.

INVESTGUYANA.NET

INVESTMENT PROJECTS C. Cattle & Livestock

Production of Goat meat (Boer, Saanen, Anglo Nubian, Creole-Crosses) Halaal Value for meat and milk, for both large and small ruminants Non-Halaal dairy value chain Organic-range grown poultry for meat and eggs Grass fed beef, mutton and chevon Captive wildlife breeding e.g. iguana, alligator, deer, labba etc. Companion animal breeding and multiplication e.g. Cats, Dogs, Birds

D. Equipment

Assemblage of Agriculture machinery and equipment GPS, robotics and precision agriculture systems. Fertilizer production / assemblage

E. Broad Agricultural Projects

Technological Solutions along with value chain Storage, Transportation and logistics Climate-smart Agricultural solutions and tools Production Development (Seeds, organic pesticides etc, Packaging and labeling Technological Solutions along with value chain Online Agricultural Services-Distribution, Marketing and Administration Agricultural Finance- block chain and crowd funding Algae production for ethanol and animal feed production Beauty Products e.g. face, hair & skin creams, beauty masks, scrubs, oils Nutraceuticals Cut flowers Agroforestry - furniture wood e.g. mahogany, red cedar and tibisuri and nibbi Oil Palm – for food and bio dieseline Gastronomy-food and food export

INCENTIVES General Incentives to Benefit Agriculture

No VAT on electricity and water No VAT on building and construction materials The reversal of the policy on used tires The reversal of the 8-year limit on used vehicles The reversal of high renewal fees for motor vehicle license. Removal of 14% VAT on all-terrain vehicles Address deficiencies in D&I Systems across the Low Coastal Plain Provide farm to market roads in Regions 6 and 5 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

Increase productivity through research and development into new strains of rice and improved pest control methods by the GRDB. Restore budgetary support for adequate provision and maintenance of drainage and irrigation systems, and farm-to market access roads. Zoning to minimize conflicts between livestock farmers and rice and cash crop farmers. Appropriate breeding stock, training, and facilities for cutting packaging, and storage of meat. Technical support provided by NAREI, GRDB and GMC.

Hon. Zulfikar Mustapha MP inspecting a sample of Guyana’s newest rice variety, the GRAND 16, which was launched at the Burma Rice Research Station in Mahaicony.

www.agriculture.gov.gy

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

New GMC – Promoting Agricultural Exports & Agro Processors Major Improvements to Facilities & Services Planned for 2021 The New Guyana Marketing Corporation (GMC) is the Marketing arm of the Ministry of Agriculture (MOA) responsible for coordinating and facilitating the development of quality non-traditional agricultural produce and products. The newly appointed General Manager, Ms. Teshawna Lall is committed to revamping GMC’s services to better support Guyana’s farmers, agro-processors, and exporters. The Corporation will be aggressively marketing and promoting local produce/products on the local, regional and international markets by participating at trade fairs and exhibitions, conducting market assessments, linking farmers to markets, providing market advisory services, and increasing brand awareness and advertising. As part of the Ministry of Agriculture and Government of Guyana’s ‘push’ to encourage agro-processing to reduce food imports, improve Guyana’s food security, and to further create export opportunity, GMC will be establishing and retrofitting Agro-Processing Facilities in regions 3 (Parika), 6 (Tarlogie), 9 (St. Ignatius and Aranaputa), and 10 (Kara Kara). The aforementioned agro-processing facilities will address the concerns of wastage created by glut and spoilage. The Corporation will be strengthening its Cold Storage facility by purchasing refrigerated containers and trucks to assist with the increased requests by our local stakeholders, especially exporters, who are required to maintain cold temperatures while transporting products. They will further complement the cold storage facilities that already exist at the Central Packaging Facility and the Parika Agro-Processing Facility. Through the Agri-Business Development Unit, GMC’s OneStop Shop will play an integral role in assisting potential and existing agro-processors at one central location where all necessary documentation can be processed. Additionally, advisory services on label requirements, barcode, nutritional content, label design, and printing will be done at GMC’s One Stop Shop. GMC will undertake the task of sourcing and subsidizing raw materials for agro-processors who need preservatives,

Fresh produce packaged for export

Local products on sale in Guyana Shop

packaging materials, and other input supplies. This initiative will reduce the time it takes for the agro-processors to import these essential items and at the same time, assist with the reduction in production cost due to low volume purchases and transport of these materials. Our Extension Department will work assiduously with farmers and agro-processors to provide training in Cost of Production, Post Harvest Management, and Product Development among others. Visits will also be done to determine their scale of production, inform them of GMC’s services, and link farmers to buyers. This will support the improvement of the farmers and agro-processors database to have readily accessible information for exporters and other persons interested in purchasing local produce/products. Guyana Shop will be expanding its locations throughout the country by partnering with supermarkets and shops so that consumers across Guyana can have access to local products. A new and improved website will aid in the purchasing of local products both locally and internationally so that persons in the Diaspora will also be able to purchase local agro-processed products. The New GMC is encouraging Farmers, Agro-Processors, and Exporters to reach out for any assistance needed to take their business to the next level.

Contact: Tel: (592) 220 5522/24/25 | Email: info@newgmc.gov.gy | www.newgmc.gov.gy 74

| Invest Guyana 2021/22

INVESTGUYANA.NET

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

TOURISM

An Undiscovered Gem to Explore

Overview

Hon. Oneidge Walrond MP Minister of Tourism, Industry, Commerce Guyana has rightfully earned its place as one of the world’s leading eco-tourism destinations, with our beautiful people, virgin rainforest, and exceptional flora and fauna. We also boast scenic locations including our spectacular waterfalls and rapids, as well as our mouthwatering cuisine. Through resiliency, planning and increased marketing, Guyana Tourism Authority (GTA) continues to promote nature, adventure, and ecotourism both locally and internationally.

The Government continues to provide support measures such as the reversal of VAT on hinterland travel and special incentives for new hotels and businesses. Soon, the Hospitality and Training Institute will be completed and as such, policies will be implemented to strengthen and grow the workforce. The Government understands the huge potential of our tourism industry, and will continue to give the industry the backing it needs.

SECTOR HIGHLIGHTS WORLD’S #1 ECOTOURISM DESTINATION

Guyana is recognized as the world’s #1 Ecotourism destination, Best in Sustainable

2 LARGEST EXPORT SECTOR

Tourism is the 2nd largest export sector in Guyana after gold

GDP

The total contribution of travel and tourism to GDP is estimated to be 7.8% (2018)

JOB CREATION

Travel and Tourism contributes to 22,000 jobs in Guyana (2018)

TRAVEL AND TOURISM

Travel and Tourism injected approximately G$62.6B directly into Guyana’s economy (2018)-Travel and tourism investment in Guyana is projected to increase to GY$7.7B by 2028

VISITORS

Guyana received 286,732 total visitors in 2018 which accounts for a 15.9% increase from 2017-Guyana received 183,639 visitors for tourism alone in 2018 which account for a 21% increase

EXPENDITURE

Based on the analysis of the VEMS survey of the BoS, GTA estimates that the average expenditure per international visit is GY$222,216

CONTRIBUTION

Tourism contributes to Guyana’s Green State Agenda and all 17 UN Sustainable Development Goals

Tourism, and Top 10 Sustainable Destination (2019)

OVERALL STRATEGY Government’s Vision is for Guyana to boast several world class eco-retreats. Government will implement measures to: Promote nature, adventure and ecotourism, both locally and internationally Removal of VAT on hinterland travel Increase in world class hotels; estimated needs of 2000 additional rooms Special incentives for new hotels and businesses Employment opportunities and income Strengthen and grow the workforce Establishment of Hospitality Training Institute

| Invest Guyana 2020/21

INVESTGUYANA.NET

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 both South America and the Caribbean. Off the beat path destination. A country practicing sustainable tourism, given its low carbon development strategy model. Affordable labour. A secure and stable environment to do business. Successive GDP growth from year 2007 onwards, 4-5% increase over the years. Language (English-Speaking).

INVESTMENT PROJECTS A. Potential Locations for Investment Essequibo Circuit Region 2&3 Beaches, Resorts, Falls, Lakes, Historical Sites Soesdyke-Linden Region 10 River front investment ideal The Rupununi Region 9 Gateway to the Savannahs

D. Niche Market Products Investments in the infrastructure, facilities and services to support market segments such as. Bird watching Yachting Deep –sea or river fishing E. Hospitality Services in Georgetown Development of world class hotels Restaurants Eco-Retreats

B. Existing attractions and activities Kaieteur Falls Park Single largest free fall waterfall in the world by volume of water poring over it. Development area as a major tourist destination

F. Development of Business Services Convention services Catering VIP transportation Communications

Recreational facilities and activities Rafting Boating Tennis Horseback Riding Hiking Kayaking Mountain Biking Golf Recreational facilities

G. 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 H. Transportation Services Expansion of scheduled and chartered air services Expansion of boat and car rental services

C. World Class Eco-Lodges or Resorts To be developed in the Interior GOINVEST.GOV.GY

Invest Guyana 2020/21 |

INCENTIVES Favourable tax concessions Tax Holidays Exemption from Corporation Tax with respect to income from new economic activity of a developmental and risk bearing must create new employment in Regions 1,7,8,9 & 10. Vast land available for eco-retreats and pristine non-touched lands for agrotourism. Tax exemption for NEW hotels/guesthouses/Inns in Regions 2, 3, 4, 5 & 6 should not have less than thirty (30) guest rooms and tax exemption for NEW hotels/ guesthouses/inns in Regions 1, 7, 8, 9, & 10 should not have less than fifteen (15) guest rooms. a. Full custom duty and VAT exemptions on the value of the investment on building materials, fittings, equipment furnishing and appliances. b. Full excise tax exemption on the value of each motor vehicle. Expansion of hotels/guesthouses and inns for Regions 1, 7, 8, 9 & 10, the current complement of guest rooms must be increased by no less than 3 rooms. For other regions, no less than 5 rooms and tax exemptions for expansion of lodges and resorts in all regions. a. Full customs duty and VAT exemptions on 50% of the value of the investment on building materials, fittings, equipment furnishing and appliances for extended part of the entity. New lodge or resort in Regions 1, 7, 8, 9, & 10 should have no less than eight (8) rooms, those in Regions 2, 3, 5 & 6 should have no less than fifteen (15) rooms and those in Region 4 should have no less than thirty (30) rooms. b. Full customs duty and VAT exemptions on the value of the investment on building materials, fittings, equipment furnishing and appliances. c. Full excise tax exemption on the value of each motor vehicle. Tax exemption Tour Operator a. Full customs duty, VAT and excise tax exemptions on 50% of the value of the investment on camping equipment, fl oating crafts, non-motorized collapsible mobile lodging with basic amenities and each motor vehicle. b. Full excise exemption on 50% of the value of each motor vehicle.

| Invest Guyana 2020/21

INVESTGUYANA.NET

Tax exemptions for expansion/re-tooling of operation of tour operators. a. Full customs duty, VAT and excise tax exemptions on 25% of the value of the investment on camping equipment, fl oating crafts, non-motorized collapsible mobile lodging with basic amenities and each motor vehicle. b. Full duty, excise tax and VAT exemption on 25% of the value of each motor vehicle. Vehicles Incentives for Incorporated Companies The following excise tax exemptions and reductions apply to motor vehicles that are used exclusively overland in the tourism industry in Regions 1, 7, 8, 9 and 10. a. These motor vehicles must be used EXCLUSIVELY by incorporated entities in the tourism industry that have been in existence and operating for at least five years to transport people within Regions 1, 7, 8, 9 and 10. Other incentives within the Tourism Sector Exempt from the payment of import duties and excise taxes, motor buses with 12 or more seats, not exceeding four years old, purchased and used exclusively for the transportation of tourists anywhere in Guyana, and registered and licensed as a tourism operator by the Guyana Tourism Authority (GTA). a. Vehicles eligible for concessions must have twelve seats and over for tourist accommodation facilities. b. For incorporated entities operating in Regions 1, 7, 8, 9 and 10 for at least five years, reduction in the rates of excise tax on the importation of overland transportation used for tourism purposes is applicable to vehicles between 2,000 cc and 4,000 cc. c. Free vehicle licenses granted to motor buses and motor vehicles that operate in Regions 1, 7, 8 and 9. d. VAT will be removed on vehicles that are less than four years, which are equipped to transport more than 21 persons. e. Duty-free concessions are limited to 50% of the value of investment for new projects f. Duty-free concessions are limited to 25% of the value of investment for expansion projects. g. Exemption of VAT and waiver of 5% import duty for boats (not exceeding 7.08 cubic metres (250 cubic feet)) used in rural and riverain areas designed for the transport of goods and persons. h. Exemption of VAT and waiver of 5% import duty on aircraft engines and main component/parts.

GOVERNMENT CONTRIBUTION TO INFRASTRUCTURE TOURISM INDUSTRY Aerodromes and Airstrips Lethem Aerodrome: The major infrastructure improvements planned for the Lethem aerodrome will address growing tourism market demand through the provision of expanded facilities, including maintenance facilities, to allow for aircraft operating out of Lethem as a hub. Airstrip Maintenance: Regularly and properly maintain tourism airstrips to a high standard in Annai, Fairview, Surama and Karanambu. Kaieteur Airstrip: Expand the airstrip at Kaieteur National Park to improve safety and risk management and to accommodate larger aircraft, and add runway lights to facilitate emergency evacuations.

Roads and Public Amenities Linden to Lethem Highway Ease Congestion in Georgetown Road linkage from Diamond to Ogle. Suriname-Guyana Border Matters: Reinitiate the SurinameGuyana ferry. Improve Access to Kaieteur: Improve the Mahdia-Pamela Landing road and the access road to Amaila Falls. Stellings Improve the Georgetown Stelling Improve the Fort Island Stelling.

www.agriculture.gov.gy

South Rupununi Airstrip: Improve and upgrade the Wichabai or Aishalton Airstrip. Repair the Orinduik Airstrip

Minister Walrond participating in the sod turning for Guyana’s newset boutique hotel, the Aiden Hotel

Tourism month Curry Tour

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

US$1 Billion in New Hotels with 2,000 Luxury Rooms to be Built Close to US$1 Billion will soon be injected into Guyana’s economy in the form of world-class hotels which will be constructed across the country to cater for the anticipated increase in visitors, who are being attracted by the nation’s burgeoning oil and gas sector and its value added benefits. In anticipation of a rise in visitors to Guyana, with the evolution of its evolving oil industry and projected transformational developments, the Government invited Expressions of Interest to build 2,000 new luxury hotel rooms to develop Guyana as a “Convention Destination”. This call has seen an outstanding response with local and international investors coming forward in partnership with world renowned hotel brands and unveiling a range of new hotel developments providing first-class accommodation and amenities to be built across the country. These include, among others: Hyatt Hotels Corporation

Radisson Hotels

Hilton Hotels and Resorts

Sheraton

The Element

The Marriott Courtyard; Delta Marriott

Best Western Hotels and Resorts

H-Tower Luxury Hotel

Minister of Public Works, Bishop Juan Edghill was reported recently as saying that more than 30 EoIs were submitted to the Government, with at least two of them eyeing areas next to the Cheddi Jagan International Airport (CJIA). Hilton-branded “El Dorado Hotel” – a proposed US$100 Million investment in a 17 to 20-storey luxury hotel featuring 90 executive suites and two ultra-luxury rooms, a helipad and other amenities will be ‘iconic’ and ‘magnificent.’

Tourism and Hospitality Training Institute to be Built in 2021 at Providence The Caribbean Development Bank has approved a US$11 million loan for the development of Guyana’s Tourism and Hospitality Training Institute. Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, confirmed that as part of the national 2021 Budget, G$185 million has been allocated towards continuing the long-awaited project.

Dr. Singh said work will commence in 2021 on the construction of the Tourism and Hospitality Training Institute which will accommodate some 1,800 students annually with the capacity to offer certificate, diploma, associate degree and degree courses in areas relating to tourism and hospitality. He also said that the institute is being pursued as a means of supporting the growth and development of tourism as a rapidly emerging sector that should be equipped to provide a world class experience in service delivery.

| Invest Guyana 2021/22

INVESTGUYANA.NET

FASTEST TRANSIT FROM U.S. TO GUYANA.

to book Call 592.227.7204

ONLY 6 DAYS!

• Full Container Load (FCL) & Less than Container Load (LCL) • LCL Cargo Pick Up in the Continental United States • Consolidation Services • Pallets, Barrels, Small Parcels

• Refrigerated and Dry Cargo • Project Cargo • Marine Insurance • Online Booking, Payment, Tracking • Global Carrier Partnerships • Inter-Island Sailings

GEORGETOWN SEAPORT: Tropical Shipping 72 High and Barrack Streets Kingston, Georgetown, Guyana

P: 592-227-7204 to 6 guyana@tropical.com

tropical.com U.S. Customer Care: Ph: 561-881-3999 CustomerCare@tropical.com

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

ENERGY

Powering Guyana’s growth!

Overview

Hon. Vickram Bharrat MP Minister of Natural Resources

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. Under the new administration, the Department of Energy is now being supervised by the Ministry of Natural Resources. Although Oil exploration and production remain the main focus for this emerging sector, the Government of Guyana will be pursuing the option of utilizing Natural Gas extracted from the reservoirs as an alternative for power generation on-shore. Hence, under the guidance of the Government of Guyana, the Ministry of Natural Resources will continue to concentrate on strengthening the sector’s overall work and Ease of Doing

Business. As it embraces the responsibility for the new Oil and Gas sector, there is significant focus on developing the legislative framework, which would see every success for the country and the citizens. Therefore, as we progress, the Ministry of Natural Resources is committed to ensuring accountability and transparency within the sector. Moreover, the Ministry remains committed to engaging and supporting our human resources, stakeholders, communities, and investors in meaningful ways, while considering avenues to expand the Natural Resources’ portfolio. The Government aims to strengthen local and international partnerships, facilitating more vital collaboration and access to training and capacity building to assist the Ministry and potential investors in achieving its goals and objectives, and ensuring that all Guyanese can benefit from the Nation’s Resources.

HIGHLIGHTS Guyana, country located in the northern corner of South America To date the gross recoverable resources now estimates more than 9.0 billion Oil-equivalent barrels discovered offshore. One of the most significant Oil finds in recent years. With the development of Guyana’s embryonic Energy sector, a plethora of opportunities are anticipated to emerge in 2021 and beyond. Guyanese businesses to capitalize upon the formation of 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 by the multinational Oil companies such as ExxonMobil. There will be a surge in demand for support goods and services, and thus the creation of indirect employment. The International Monetary Fund (IMF) in its 2019 Article IV report on Guyana has projected a growth of 26 percent in real GDP for 2020 and annual real GDP growth will be in excess of 13% over the next four (4) years. The increase in oil production estimates that Government revenues could start in the range of US$270 million in 2020 and reach US$10 billion annually by the end of the decade. The formulation of a Local Content panel was completed, which includes and is led by private sector leaders.

| Invest Guyana 2020/21

INVESTGUYANA.NET

ENERGY

COMPARATIVE ADVANTAGE

1. Estimated mean recoverable Oil and Gas reserves stand at more than 13.6 billion barrels of Oil and 32 trillion cubic feet of Gas. 2. ExxonMobil made its first discovery in May 2015 and began Oil production in December 2019 from its Liza 1 development project. 3. In January 2020, ExxonMobil announced an increase from six to more than eight billion Oil equivalent barrels subsequent to its sixteenth Oil discovery. To date, a total of nineteen Oil discoveries were made in Guyana’s Exclusive Economic Zone. 4. Hess Corporation revealed that the current break-even price for Liza 1 Oil is US$35 per barrel and is poised to decline. 5. Guyana’s offshore development remains competitive for the global market and is an attractive investment opportunity. 6. Exxon’s Liza 1 has a production capacity of 120,000 barrels per day. 7. The proposed Liza 2 project has a production capacity of 220,000 barrels per day with expected start-up ranging from mid to late 2022. 8. The Payara project, is Exxon’s third development project.

1. Guyana’s geographic location in South America which places it at an advantage in terms of access routes to the rest of the world is an important factor. 2. Additionally, Guyana has good governance and strong political leadership and stability. 3. Attractive Incentives.

ENERGY OVERALL STRATEGY 1. A framework for proper management of the resource 2. Transparency and accountability 3. Securing benefits for Guyanese

RENEWABLE ENERGY

1. Over 92% of the country’s energy needs are met with imported fuel. 2. The largest current renewable source of electricity is biomass from sugarcane. 3. Biomass already accounts for significant electricity. 4. Petroleum products constituted about a third of total import bills between 2008-2017. 5. Guyana’s Energy generation is largely fossil fuel-based, coming from plants utilizing heavy fuel Oil. 6. Cost of electricity is USD 0.32 per KWH. 7. Hydropower potential is over 7,200 MW with 67 potential sites.

WHY INVEST? 1. 2. 3. 4.

Vast Oil and Gas Potential Environmental Regulations Attractive Incentives Digital Geological data easily available

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

Offshore Guyana Basin

Onshore Guyana Basin

1. Area C is located north east of the offshore Guyana basin. That area is commonly known as the “ultra-deep water area”. 2. 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. 3. The Area extent is at least 8,700 sq. kilometres in size. 4. Geology wise, not much is known about the lithology of the area but could be early to mid- Cretaceous in age (66 to 145 million years old). There are possibilities that Area C could have many hydrocarbon reservoirs based on the geology of Tanager-1 well. 5. Only a few 2D seismic regional lines were completed in Area C in 2008. No other major exploration has been completed.

The deepest part of the southern “boundary” is some 150 miles from the Guyanese coastline. NABI Oil and Gas Inc. and ON ENERGY Inc. companies have concessions within this part of the Basin. Thirteen (13) wells have been drilled within this part of the basin from 1916 to present day. Only Rose Hall-1 drilled in 1941 and Drill-1 in 1967 had oil shows. The eastern part of the onshore Guyana basin has the largest thickness of sediments reaching some 2,500 m. It should also be noted that the Gas found on the coast is nearly all biogenic, with a very small area yielding Thermogenic Gas. Areas within this part of the basin are still available for exploration, and continues to attract prospective investors at this time.

Takutu Basin Located in the southwestern area of Guyana and of which, CANACOL/ TOGI, a joint Canadian and Guyanese partnership has that concession. The CANACOL comprises at least 75% of the Takutu basin. The Karanambo-1 well drilled there in 1982 by Home Oil Company, was the best prospect drilled within this basin. Located in south western Guyana, a small amount of light crude was accrued. Tests conducted on samples from Karanambo-1 found that the Oil is of good quality (420API) and is of a “sweet” variety, containing less than 0.5% hydrogen sulphide. However, its geological characteristics are mainly naturally fractured reservoirs, thus proving more difficult to find commercial petroleum than regular reservoirs. Other wells drilled in the Takutu are Lethem-1 (1980), Turantsink-1 (1992) and Apoteri K2 well (2011), respectively. To date, applications have been made for concessions in the basin.

www.nre.gov.gy

| Invest Guyana 2020/21

INVESTGUYANA.NET

SBM OFFSHORE COMPANY PROFILE

A87 Issano Place West, Bel Air Park, Georgetown, Guyana 74 Sheriff Street, Georgetown, Guyana The SBM Offshore affiliate - Guyana Deep Water Operations Inc (GDO Inc) was incorporated under the Companies Act of Guyana on the 15th December 2016, under the Company No.8634. The registered shareholder is Guyana Deep Water Operations UK Ltd. at 100%. The Directors of the company are Mr. Jerome Lemercier and Mr. Alexander Glenn.

SERVICES The Company’s main activities are the design, supply, installation, operation, and the life extension of floating production solutions for the offshore energy industry over the full lifecycle. SBM Offshore is the operator of the Liza Destiny FPSO, producing oil offshore Guyana. The company is buildng and will also be operating the Liza Unity FPSO and the Prosperity FPSO for ExxonMobil's Liza Phase 2 and Payara Development projects at the Stabroek Block offshpore Guyana.

MISSION STATEMENT SBM Offshore believes the oceans will provide the world with safe, sustainable and affordable energy for generations to come. We share our experience to make it happen.

KEY PERSONNEL DIDIER ABBO

TERI O’BRIEN

Mr. Abbo, our Operations Manager, has been working for SBM Offshore for eight years in various countries. He has held similar roles in various overseas assignments.

Ms. O’Brien has over 25 years of experience in the Travel and Tourism industry. With the emergence of the Petroleum industry, she took advantage of the opportunity to be a part of this new era in Guyana.

Operations Manager

Mr. Abbo has a Master of Science degree in Industrial Engineering, and has played various roles in the petroleum industry—including that of a Field Engineer, Petroleum Engineer, and FPSO Engineer. In his role as Operations Manager, Mr. Abbo has a special interest in training Guyanese to build their capacity to take up key roles in our company.

Administrative Assistant

She is dedicated and detail-oriented, and has a keen interest in ensuring all practices of the company are in keeping with the highest Health, Safety, Security and the Environment (HSSE) standards.

ONECIA JOHNSON

JASON ALLI

Ms. Johnson was the first Guyanese to be employed by our company. In her role as Human Resource Supervisor, she oversees the Human Resource management activities in Guyana. in relation to both onshore and offshore employees.

Mr. Alli oversees all finance-related matters such as meeting the taxation requirements, accounting and financial forecasting. He is suitably qualified and has several years of experience in large organisations such as the Guyana Power and Light Incorporated and Guyana Telephone and Telegraph company.

Human Resource Supervisor

Her role involves setting the pace for the employees and bridging the SBM Offshore culture with that of Guyana

Finance and Administrative Manager

Mr. Alli is committed to meeting all challenges head on and aspires to develop his expertise within the oil and gas industry.

Invest Guyana 2020/21 |

Halliburton Energy Services Founded in 1919, Halliburton is one of the world’s largest providers of products and services to the energy industry. With approximately 40,000 employees, representing 130 nationalities in more than 70 countries, the Company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset.

Halliburton Guyana Inc. has been providing services to the local energy sector since 2015. We are continuously increasing our investment and portfolio of solutions, and we currently provides the following services in Guyana: Directional Drilling, Surface Data Logging, Drill Bits, Drilling Fluids, Cementing, Completion Services, Reservoir Evaluation, Coil Tubing, Stimulation Services and Landmark Software applications.

Sustainability is integral to our overall strategy as we seek to deliver long term value while minimizing our environmental footprint and having a positive impact on society. Over the last two years we have reached several key milestones in our commitment to expansion in Guyana including: •

The commissioning of state-of-the-art repair and maintenance workshops for directional drilling equipment.

•

The construction and commissioning of Liquid Mud Plant and Cement Bulk facilities, enabling 100% deliverability from Guyana.

•

Creation of a dynamic pool of local engineers, technicians and administrative support staff.

•

A comprehensive portfolio of vendors delivering various critical services fundamental to our operations

Halliburton Guyana Inc is committed to: •

Safety, which is our priority.

•

Integrity and High Ethical Standards.

•

Delivering Service Quality Excellence.

•

Collaboration and Engineering Solutions to maximize asset value to our customers.

•

Creativity and Reliability.

•

The growth and development of guyanese suppliers and employees.

| Invest Guyana 2021/22

INVESTGUYANA.NET

With greater than 90% of our services presently being provided out of Guyana, our goal is to be 100% in 2021 and supporting the Caribbean region. Technology

Halliburton Cementing introduced key technologies

Halliburton is committed to delivering technology and

including the SuperFill™ Big Bore and CommanderTM

solutions to maximize our customers’ production and increase their efficiency. Our extensive line of customized technology offerings, the ability to provide quickturnaround custom solutions, and our on-site or regional design and manufacturing capabilities support this commitment.

1000 Top-Drive Cement Head and the most novel technologies for shallow water flow control such as DeepFX™-L, as well as cementing chemistry to ensure wellbore stability and effective zonal isolation.

Local Content Local content is a fundamental part of our strategy in

In Guyana, various key technical solutions have been

Guyana. Our commitment is to the development our

deployed to solve various challenges.

Guyana labor force and our local vendors. One of our guiding principles is to enhance the economic and

Sperry Drilling has integrated the latest technology in

social well-being of our employees and the communities

the Bottom Hole Assembly such as Earth-Star™ Ultra

in which we operate − our intent is to be a preferred

Deep Resistivity, Geo-Pilot Duro, Penta-combo (including

employer and make a positive impact in the communities

Azimuthal Litho-Density, Thermal Neutron, Azimuthal

where we live and work.

Deep Resistivity) to optimize well placement in the reservoir.

Halliburton Drill Bits use its Design at the Customer Interface (DatCI™) process to apply the appropriate bit technology and design based on customer goals and offshore Guyana drilling conditions. Halliburton Completion Tools has provided a full range

1216-1218 Eccles Industrial Estate, Georgetown, Guyana

of downhole solutions including conventional completion

jobs.halliburton.com, ta-caribbean@halliburton.com halliburton.com

products and services, intelligent completions, liner hanger systems, sand control systems, and wellbore service tools.

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

Guyana Shore Base Inc. (GYSBI) is a partnership between Muneshwers Limited, TotalTec Oilfield Services, Pacific Rim and LED Offshore Limited. GYSBI is a majority owned Guyanese company established in 2017. GYSBI is the premier Shore Base and Logistics Company to Guyana’s Petroleum Industry.

Our management and operational resources have enabled our team to effectively manage up to 8 vessels within 24-hours. Our fleet of shore base equipment includes forklifts ranging from 4-ton to 20-ton, cranes with up to

We are dedicated to the development and promotion

300-ton capacity, Terberg tractors with trailers and various

of Guyanese through formally tiered training programs

miscellaneous equipment necessary to operate a world-

including safety skills and career progression through our

class shore base facility.

internally developed ‘Competency Program’. To date we have employed and trained over 400 Guyanese with over

We offer services such as licensing, waste management,

94% of our workforce being Guyanese.

real estate, chemical storage, warehousing, construction, berthing of supply vessels, cargo marshaling area, loading

We currently occupy 140-acres of land strategically located

and offloading, supply chain management, expatriate

south of Georgetown and north of the Demerara Harbor

management, and customs services.

Bridge, enabling the most efficient logistic solutions with immediate water access and 2 berths. Our port consists of 40-acres of developed land with 1200ft of wharf, and our industrial estate consists of 100-acres of various facilities and services. The industrial estate is being established to fulfill a magnitude of needs, from simple storage to chemical mixing and loading. A ll facilities operate 24/7/365. 88

| Invest Guyana 2020/21

INVESTGUYANA.NET

Our Mission is to become Guyana’s ‘onestop-shop’ for all offshore support services. To fulfill this mission, our services include dedicated experts in Health, Safety, Security, Environmental, Permitting, Licensing, Real Estate, and Procurement.

Our team includes: ►a General Manager who manages the overall effectiveness of the company and to maintain long-term sustainability; a Chief Financial Officer who manages all financial and accounting matters company-wide; Business Development Managers who engage with other companies to decipher mutually beneficial business opportunities; Base Managers who ensure the availability of manpower on base and assist with the execution of supply base operations; Construction Managers who oversee and direct construction projects from conception to completion; a Human Resource Manager who develops and administers programs, procedures, and guidelines to align the workforce with strategic company goals; a Supply Chain Manager who plans and supervises all material control activities; a QHSSE Manager who analyzes hazards and incidents on the

Contact Information Address: Plantation ”A”, Houston District, Greater Georgetown, Guyana Contact Numbers: +592-227-2380/1 Email: GYSBI.info@gysbi.com www.gysbi.com

base; and a Fleet Supervisor who keeps record of all servicing schedules of the company’s fleet and ensure compliance with country rules and regulations. GOINVEST.GOV.GY

Invest Guyana 2020/21 |

GAICO CONSTRUCTION

PIONEERS IN THE PROMISING OIL INDUSTRY

aico construction has been a part of Guyana’s growing industry for 28 years. Together we have seen countless milestones achieved by this dynamic company. Starting with constructing bridges over canals with primitive mechanisms to now utilizing state of the art equipment to assist in heavy duty construction, Gaico has grown along with Guyana. Each year becoming more and more diverse in an attempt to keep up with this fast paced economy.

Although, with all the improvements and advancements we’ve gone through the years, we haven’t and don’t intend to, forget our roots, nor any of the people who have played a large part in getting us where we are today. Gaico started with a man and his wife that had a dream to be set apart, to do as much as they can together, Komal Singh (CEO) and his wife, Chandrowtie Singh (Company Secretary). But of course, the excitement behind the start-up was quickly engulfed by the struggles and trials of a new industry. Lunches with the family became a picnic basket in the backseat of the old ’92 Toyota Carina, dinners became fast food from the nearest restaurant to the current worksite.

| Invest Guyana 2021/22

INVESTGUYANA.NET

Gaico’s team of female engineers

Even in 2021, the most important decisions of the company are made with the board of directors at the Singhs’ kitchen island during dinner. They believe strongly in a tight family bond, and it is this culture that has reflected straight through the company, because everyone that wears our logo is a part of the family. This is what sets Gaico apart in the industry, this hands on, family-oriented approach of employee involvement in critical decisions, management by walking around and a strong relationship built on trust, has allowed Gaico to maximize our efficiency in every job we execute.

Komal Singh

Chief Executive Officer Success is derived from interdependence on each sector of an organization. At Gaico we work as a team.

Gaico offers a wide array of services, categorized by marine, civil works and oil spill services. Our marine sector provides transportation for heavy duty equipment and materials, dredging, vessel support, submarine cable laying, etc. Some of our civil works services include traditional road construction, deep foundation and wharf construction. The newest addition to our portfolio is oil spill services/waste management. Gaico realized that in order to remain relevant and have the proper expertise to support the economy, it was necessary to seek professional partnership from overseas. Due to this, Gaico Corena was born, in a

joint venture with a Finnish company, Corena Services. This has allowed the company to become the first in the country to have the capacity to handle oil spills within the waters of Guyana. Gaico also has very close relations and partnerships with other highly reputable foreign companies from around the globe, such as Tampa Tank Inc. for tank and fuel line fabrication, GRL Engineering for pile driving analyses, and Yellow Fin Marine for marine support, among others. These companies have assisted us in increasing our capacity, building our reputation and building relationships all over the world.

Chandrowtie Singh Company Secretary

Gaico is a family, and that relationship is what has made us stand out in today’s world.

Chandini Singh HSE Director

The work that our employees are engaged in is already dangerous. One simple misstep and they could lose their life. That is why we are very serious when it comes to occupational health and safety in the workplace. It is a major aspect of our work culture at Gaico.

Khishan Singh

Business Development Director

Difference isn’t the obstacle of proficiency, but rather the reward of diversity. At Gaico, we believe that variety assists our success and increases our knowledge.

Yeamarthi Maraj

Administrative Manager

Success is the sum of equal efforts and hard work.

GOINVEST.GOV.GY

Invest Guyana 2020/21 2021/22 |

Mukesh Ramlogan

Operations Manager

From the beginning we learnt together and today we teach each other, that is the key.

Premchan Sokram Civil Engineer

The Projects we have completed demonstrate what we know future projects decided what we will learn.

Lissette Perez Civil Engineer

Nothing is more important, nor is it so urgent that it cannot be done safely.

Narendra Dewnath Civil Engineer

Over the years we have executed some very difficult and technical projects all over the country, the first big one being a section of the new East Bank four lane highway, which opened up Gaico to a new level of the market. Not long after this construction, we got into more dredging for local companies such as GPL and SOL along with foreign ones such as ExxonMobil. Much of our deep foundation work and wharf construction was done for Exxon’s support companies such as Schlumberger, the Guyana Shorebase Inc. and SAIPEM. Through each of these projects, we not only built reliable and everlasting relationships, but also learnt very valuable skills that are going to help the company and our team to advance across the spectrum. Corporate social responsibility is also a very important matter for us at Gaico, as we aim to contribute whatever we can to the country and people that helped us grow. We constantly support charitable organisations on a community and nationwide basis aiming to assist in the education of Guyana’s youth and their livelihood (including constructive recreation), women’s rights and the National Disability Council. Gaico has also been involved in multiple hurricane relief efforts around the Caribbean backed by the Private Sector Commission. But our main method of contribution to Guyana is through our education and provision of

Working in the oil and gas industry has really broadened my horizon and truly made me an over all more rounded engineer.

Neshaul Gowkarran Civil Engineer

Focus and determination will always pan out in the long run. At Gaico we take our time to dedicate to our goals.

| Invest Guyana 2020/21 2021/22

INVESTGUYANA.NET INVESTGUYANA.NET

opportunities for our employees. Gaico’s workforce is 99% local (of a 100+ team), all of whom have received certified training in safety and operations and have gained a vast amount of knowledge and skill through technical works in not only the oil and gas industry but in every sector of the company. With that said, it must be expressed that safety is of paramount importance on each of our sites. In this field it takes a split second for an accident to become fatal for not only one, but many. To combat this Gaico utilizes strict HSE training, HSE officers on site constantly monitoring the operations, and foreign consultancy companies to assist in the safe and proper execution of technical works. Every member of the Gaico family appreciates and understands the importance of safety and do their best to watch out for their colleagues. With time flashing by as the Guyanese economy speeds on bringing the South American country into a new era, Gaico is determined to remain right alongside throughout the journey, building our brand, our people and our country, one step at a time. Tel: 226-5165/623-4161 Email: gaico@bbgy.com Scan to visit Gaico

FORESTRY

Lumber for All Applications

Overview

Hon. Vickram Bharrat MP Minister of Natural Resources

Like the mining sector, the forestry sector is also ripe with opportunities; the authorities are looking to increase production, export, and investments in value-added forest products. The main aim is to place more emphasis on valueadded products rather than exporting raw materials. A barrier to value-added production over the years has been the cost of electricity. However, the government is committed to reducing this by 50 percent within the next five years. The government remains committed to working with the stakeholders in this sector to re-tool and re-capitalize their operations. Additionally, to that measure, tax concessions were granted on all-terrain vehicles (ATVs), removal VAT on all exports, removal of VAT on Hinterland Travel, all of which will benefit the forestry sector. Further, the amendment to the Log Export Policy allows sawmillers to export logs,

resulting in a significant boost in production for the industry. The government intends to maximize our value-added forests products so that this initiative will ensure exports of lesserused species.” The investment opportunities in the forestry sector are abundant, from harvesting to processing and manufacturing high-end products, especially using our lesser-used and known species. Several lucrative opportunities exist for investors interested in working with Guyana’s wood industry. The Ministry of Natural Resources is committed to strengthening the Guyana Forestry Commission’s competence and expertise with an emphasis on enhancing its monitoring and enforcement capabilities to confront corruption and illegal logging.

FORESTED ECOSYSTEM

Closed forest formations Open forest Mangrove forest Biological, soil, and water resources of the ecosystem Part of the Guiana Shield and the Amazon rain forest

ABOUT GUYANA’S FORESTRY SECTOR Forest

85.5% forest coverage Guyana comprises 12.1 million hectares of prime tropical forest which is approximately 67.2 of the total forest estate GDP - Forestry (as a raw material) contributes to 1.42% of Guyana’s National GDP (2021) Export Guyana remains one of South America’s largest mineral producers and exporters Total export value of primary exports has ranged between US$35M and US$42M over the past 5 years with the largest percentage of the total exports coming from logs and sawn wood with a peak export value for logs recorded at US$20.7M and for sawn wood US$18.8M

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

Added Value Exports

have ranged between US$5M and US$8M over the past 5 years.

Raw Materials Availability of a wide range of prime and LUS species of raw materials

Job Creation

Employs approximately on average 22,000 of the Guyanese workforce

Global Level At a global level, forestry is estimated to contribute some 2% of world GDP and 3% of international merchandise trade

Contribution

The sector has contributed approximately US$36MUS$45M in export value annually over the past 5 years, and has contributed production level of timber and plywood of 400,000m3 to 500,000m3 annually

Export Products Logs, round wood (piles, poles, posts), primary lumber, Split wood (shingles & staves), fuel wood (firewood & charcoal), plywood and veneer

FORESTRY OVERALL STRATEGY Government will implement measures to: Provide marketing support including bilateral arrangements to expand and create new markets Improve infrastructure (maintenance of primary roads) Provide incentives for re-tooling and expanding the industry Recapitalize to improve efficiency in operations Promote the uses of lesser known species Reverse VAT on machinery and equipment Removal of Tax concessions on all-terrain vehicles Reversal of VAT on exports Removal of VAT on hinterland travel Amend log export policy to boost production and revenue

| Invest Guyana 2020/21

INVESTGUYANA.NET

GUYANA’S COMPETITIVE ADVANTAGE Affordable and trainable labour force Attractive investment incentives Availability of wide range of prime and LUS species of raw materials Species are of high density, tested strength and high durability and can be used in a broad range of structural applications with little required treatment Strong environmental track record for low deforestation Proximity to Latin American and Caribbean markets Exemplary record of strong legality standards

WHY INVEST?

Land based assets Growing domestic and export markets Security of title and property rights Competitive and profitable industry Ease of doing business Incentives Environmental regulations; international recognition of Guyana as a source of forest products from legal sources In the EU FLEGT implementation process Guyana has vast forest resources that cover more than three-quarters of its landmass and contain over 1,000 different tree species

OTHER AREAS FOR INVESTMENT Investment in timber processing facilities both primary and secondary level.

Investment in forest transportation services trucking, passenger transport, and vehicle rentals.

Investment in furniture manufacturing using timber and non-timber forest products.

Investment in forest related consultancy services forest inventory, mapping, general forestry operation, special projects such as Guyana’s MRVS work, etc.

Investment in forest based eco-tourism this can be a combination of forest and other eco system products.

Investment in reforestation programmer in forest degraded areas in mine out areas, etc.

Investment in forest road infrastructure this can be forest roads through Government contracts or Government approval to build/maintain and charge user fees.

Investment in forest plantations in approved abandoned agriculture and savannah areas.

Investment in forest area businesses -hotels, shops, gas stations, restaurants, etc.

Investment in forest products marketing business -buying and selling forest products (consolidating hub).

INVESTMENT PROJECTS Value Added Products of Timber

Logs Sawnwood Roundwood - (piles, poles, post, spars) Splitwood - (paling staves and shingles) Fuel Wood - (charcoal, firewood)

Value Added Products

Furniture - (hardwood and wicker) Plywood and veneers Mouldings Doors Parquet Floor tiles Dimensional lumber Pulp Paper

Non-Timber Products

Wattles Manicole Palm Mangrove Bark Latex (Balata) Kufa Nibbi

Consultancies Forest inventories Forest plantations Environmental and social impact assessments GIS

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

INCENTIVES Measures to Incentivise the Extractive Industries Removal of VAT on machinery and equipment: Forestry operators can procure items such as chainsaws, tractors, skidders. Existing producers and new investors no longer have to waste valuable time to go through G-iNVEST for VAT free approvals; the ease of doing business in Guyana is immediately approved. Removal of VAT on all-Terrain vehicles ATVs to support mobility in the productive and service sectors and enjoy a 14% VAT removal Reversal of VAT on Exports Change of log export policy to allow saw millers and timber dealers to export logs

Timber concessions in Guyana Approximately fifty-two percent (52%) of the state forest estate have been allocated to timber harvesting under sustainable forest management techniques to ensure the sustainability of Guyana’s forest resources.

Two types of concessions are awarded based on area size and duration via a transparent, competitive process: State Forest Authorisations- Large concessions- granted up to forty years for areas in excess of 24,000 hectares. These are renewable based on compliance with the terms and conditions of the agreement State Forest Authorisations-State Forest Permission (SFP)granted for a three years’ period on no more than 8,000 hectares.

Investment incentives In addition to the general incentives that Guyana offers investors, this sector attracts special incentives. These include: Exemption from customs duty of a wide range of forestry and sawmilling equipment-skidders, band saws, chain saws, saw blades etc. Exemption from customs duty on a wide range of wood working equipment-lathes, sanders, routers, saws. Exemption from duties and taxes for items covered under an investment agreement.

www.nre.gov.gy

FOREST ALLOCATION

Count Area (Hectares)

% Total Allocation

Small concesssions

496

2,159,785

42.0%

AL and ML

6,019

0.1%

State Exploratory Permits (SFEP)

1,239,257

24.1%

Large Concessions

1,716,259

33.4%

Total Production Area Allocated

531

5,121,321

100.0

17,924.92

Classifications PRODUCTION LANDS ending 2019 531

PERMANENT RESEARCH AND RESERVES GFC Forest Reserves Total Forest Allocated

5,139,245.644

Unallocated State Forest

7,426,754.36

Total State Forest

12,566,000

Iwokrama

371,681.00

Kaieteur National Park

61,091.34

Other (Shell Beach, Kanuku)

730,300

Total area size of Protected Area

| Invest Guyana 2020/21

INVESTGUYANA.NET

1,163,072.34

MINING

Extract Safely and Responsibly

Overview

Hon. Vickram Bharrat MP Minister of Natural Resources

Investments in Guyana’s traditional sectors and the need for economic diversity remain paramount, even as the country moves forward with its new-found “oil wealth.” As it relates to the mining sector, the various sub-sectors within the mining industry which includes gold, bauxite, sand, aggregates and diamond, continue to be the industry’s strongholds. In contrast, the non-traditional minerals sector remains underdeveloped. Much efforts will be made to repair, restructure, and strengthen the Guyana Geology and Mines Commission (GGMC) to become more pro-active than re-active. The reformed organization will be more environmentally friendly, technologically advanced with experienced leadership to deliver its mandate.

“In 2020 – 2021, the Ministry of Natural Resources will task the Guyana Geology and Mines Commission with identifying the legislative gaps and prioritize those amendments that will address the loopholes and challenges facing the industry. As a high priority, “the Ministry of Natural Resources intends to refocus its attention on Hinterland Road Development to ensure operators have access to their mineral properties with their equipment and supplies, thus reducing operational costs.” The government also took further steps to encourage investments in the mining sector, with the removal of value added tax (VAT) on machinery, equipment, the removal of police clearance requirements for miners to transport fuel in their vehicles, and the provision of concessions for ALL-Terrain Vehicles (ATVs), among others.

ABOUT GUYANA’S MINING SECTOR Guyana has a long history and tradition of mining and remains one of South America’s largest mineral producers and exporters

GDP

The mining sector contributed 16% of Guyana’s GDP

EXPORT EARNINGS

The mining sector contributes 56.4% (US$1,017.1 million) of Guyana’s export earnings.

JOB CREATION

The mining and quarrying sector employs an estimated 12 -18,000 Guyanese (approximately 4% – 6% of Guyana’s total workforce).

VALUE OF OUTPUT

In 2019, value of output from the mining sector was approximately G$211.1 billion

MINERAL EXPLORATION

Gold, diamond, bauxite, loam, uranium, manganese, oil, sand, etc.

EXTRACTIVE INDUSTRIES

The extractive industries accounted for approx. 52% of Guyana’s total exports in 2016

GOLD

Gold production as of July 2020: 357, 603.42 oz.

OIL BLOCKS

Approximately, 9 billion oil-equivalent barrels of recoverable resource from the Stabroek Block

BAUXITE INDUSTRY

The Bauxite industry has averaged 1.6 million tonnes over the last 6 years, ranging from 1.5 to 1.9 million metric tonnes and created employment for 535 persons

BENEFITS

Mining sector benefits over 200, 000 Guyanese

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

WHY INVEST?

MINING OVERALL STRATEGY Government will implement measures to: Improve inafrastructure Work with miners and their organization to remove obstacles for their development Establish a fairer and more transparent system for allocation of mining concessions Protect the rights and conditions of service for workers in large mining communities Job creation & provide training

GUYANA’S COMPETITIVE ADVANTAGE Richly endowed with natural non-renewable resources A world class mineral producer of bauxite Guyana’s unique geographic positioning and its sociopolitical heritage puts it at the gateway of South America and the Caribbean. Duty free market access Guyana is the only English-speaking nation in South America. Openness to investment Affordable labour

Minister of Natural Resources Vickram Bharrat meeting with a highlevel team of investors from Dubai, to discuss opportunities in the oil and gas, mining and forestry sectors

| Invest Guyana 2020/21

INVESTGUYANA.NET

Land based assets Growing domestic and export markets Pro ‐ mining government Perfect geological environment for large deposits Westminster -style parliamentary democracy English language and British law Government has followed a free-market model for development with a policy for economic liberalization and promotion of direct foreign investment Right geological environment for discovering large new deposits such as columbite ‐tantalite, uranium, copper, nickel and PGM in the Precambrian granite ‐ greenstone belts, etc Long history of bauxite, gold and diamond production Three current major bauxite mines (Rusal, Bosai and GINMIN) Historically Omai Gold Mine produced approx. 3.6 million ounces (closed in 2005) Stable Mining Act Zero rating on all equipment, process materials and spares used for surveys, exploration or mining by licensee or his contractor(s)*. Food and beverages are not included. Security of title and property rights with 100% foreign ownership of PL’s & ML’s Ease of doing business Repatriation of funds Highly prospective, yet under-explored region. Gold proterozoic belt spanning from Venezuela through the Guianas to Ivory Coast and Ghana Relatively low risk on community/environmental issues Real GDP growth in excess of 3% annual average in recent years. Significant part of GDP is based on the extractive industries Mineral exploration: 25+ Canadian, American and Australian companies Current large scale producing mines: Aurora Gold Mine (Guyana Goldfields) & Karouni Gold Mine (Troy Resources)

MINERALS A. GOLD (Au) Gold extraction and exploration have been reported in the Guiana Shield since the colonial expansion of the 16th Century. Gold is mainly found in areas of greenstone belts of Guyana. Placer Gold Placer deposits are observed on most of the main rivers draining the greenstone terrain, which hosts the majority of the primary gold. Lode Gold Lode gold is frequently found in Precambrian terrains (notably the greenstone belts of the Barama-Mazaruni Group)

B. DIAMOND Diamonds are only found in placer deposits in many of the main rivers of northwest Guyana. The alluvial diamonds seen in northern Guyana are thought to be derived from the Pakaraima Mountains, although the primary source of the diamonds is unclear.

C. BAUXITE Bauxite (Tarakulli and Bonasika deposits) Bauxite extraction is a major mining industry in Guyana and the country is one of the main world producers of bauxite. The town of Linden in north Guyana is the principle centre for bauxite mining.

D. QUARRY STONE Guyana’s history in quarry stone stretches back decades with the industry providing the materials for buildings, the distinctive sea defense structures, roads, bridges and other infrastructure.

E. SAND AND LOAM Sand and Loam-Silica sand is abundant in Guyana and found as the Pliocene-Pleistocene, “white sand” deposits which form a cover in many regions, notably the coastal area. Guyana possesses an abundance of white sand which is mainly used in the construction sector, and in the preparation of mortar for domestic, commercial and industrial purposes.

Minerals

Gold (Au) Diamond - bauxite (Tarakulli and Bonasika deposit) Quarry stone Sand and loam

The Mining and value added production of semi-precious stones:

Laterite Amethyst Green quartz Black pearl Agate Jasper Manganese Kaolin Sand resources Radioactive minerals

INVESTMENT PROJECTS

Copper Molybdenum Tungsten Iron Nickel among others

Industrial Minerals

Koalin Silica Sand Kyanite Feldspar Mica Ilmenite Columbite-tantalite Manganese Soapstone

Base Metal

Copper

Lead Zinc Molybdentie Tungsten Nickel

Petroleum

Energy Potential Refinery

Energy Materials

Uranium

Ferrous Metal

Iron as magnetite and laterite

Support Services Processing labs Drilling companies

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

INCENTIVES Fiscal incentives for the mining industry General Incentives Exemption from customs duty on most plant machinery and equipment Exemption from customs duty on raw and packaging materials used in the production of goods by manufacturers Exemption from customs duty and zero rate of Value-AddedTax on raw materials and packaging for manufacturers who export 50% or more of their products Unlimited carryover of losses from previous years Accelerated depreciation on plant and machinery for approved activities Full and unrestricted repatriation of capital, profits and dividends Benefits of double taxation treaties with the UK, Canada, Kuwait and Caricom countries Exemption from customs duty and zero rate of ValueAdded-Tax on items approved under an investment agreement between the government and the business Exemption from excise tax on items approved under an investment agreement between the government and the business Zero rate of Value-Added-Tax on exports Removal of VAT on machinery and equipment Concessions on ATV Removal of VAT on hinterland travels Removal of police clearance requirements for miners to transport fuels in their own vehicles

Tax Holidays for projects that meet the requirements specified in the In-Aid of Industry Act Sector Incentives Exemption from customs duty on a wide range of mining equipment – for sorting, screening, separating, washing, crushing, grinding, mixing or kneading earth, stone, ores or other mineral substances; rock drilling or earth boring tools; furnaces and ovens for roasting, melting or heat treatment of ores, pyrites or of metals. Exemptions from duties and taxes for items covered under an investment agreement. Tax exemptions are normally granted with specific conditions that cannot be breached. In instances where these conditions are breached, then the Guyana Revenue Authority is legally authorized to undertake seizure of the equipment /machinery/ vehicle and request payment of all duties and taxes that were waived. The normal primary conditions that are applied to tax exemptions on vehicles/machinery/equipment are: The tax exemption must be utilized for the purpose that the waiver was granted for. It must NOT be rented; therefore, only used for the operations of the applicant. It must NOT be sold/transferred/gifted to any other party within three years.

www.nre.gov.gy

100

| Invest Guyana 2020/21

INVESTGUYANA.NET

DISTRIBUTORS OF

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

101

Three Decades of Continued Confidence in the Economy

Genequip through the decades

ith over three decades of experience General Equipment Guyana Limited (GENEQUIP), there

are a number of areas in which we have become market leaders for the quality of our products and services. These areas include but are not limited to sales and the service of equipment intended for agriculture and forestry, mining and construction, power and utilities, material handling, logistics and warehousing, marine and offshore, and transportation. Start of Genequip - Kingston

As Founder and Managing Director of GENEQUIP, I, Renger O. van Dijk, can assure you that we not only sell equipment and supplies, but we sell a service. When a sale is made, it is the beginning of a long relationship with our customers who can depend on us for quality After Market (AM) services, advice, Young Van Dijk

repairs, spare parts supply, and so much more.

Third phase of Genequip - McDoom

To add to our efficiency and effective customer care, more than 70 percent of our staff are directly and indirectly involved in providing AM services, while providing 24/7 maintenance contracts to clients to name a few prominent ones; Guysuco, Troy Resources, DDL, AGM, Ministry of Amerindian Affairs, GINMIN, SOL, etc.

Current phase Genequip – Houston

So, when it comes to choosing a reliable and professional

engines, forklifts, waterjet propulsion, and so much more.

provider, our expertise is what customers appreciate,

But the main key differentiator is our After Sales Service and

because we strive to provide the best-in-class solutions for

Spare Parts support we provide for all equipment we market

our customers considering the relationship with the customer

and sell.

is not only the sale but the entire life cycle of the equipment. Our partnership with these brands offer high-end, high GENEQUIP is the authorized distributor for reputable brands

quality equipment at affordable prices, factory warranties

such as; John Deere, Baldan, Komatsu, Astra-Iveco, Yanmar

and the guarantee of quality support.

marine, Suzuki marine to name a few. Added to that, we operate from a very modern energy Our range of equipment include but are not limited to:

efficient GENEQUIP state of the art dealership facility

tractors, implements, excavators, bulldozers, wheel loaders,

which we opened in June 2019 at Houston, comprising our

dump Trucks, portable sawmills, life boats, outboards, diesel

corporate offices, a modern showroom, parts warehouse,

102

| Invest Guyana 2021/22

INVESTGUYANA.NET

Interfacing with customers in the field

Pakaraima (delivering equipment)

Mahaica (testing straw baler to re-use straw after rice harvesting)

Guysuco (delivering first Tractors for ploughing, the tractors replaced bulldozers)

workshop and training facility to conduct technical and

day-to-day business. We provide leadership, empowerment,

operator training.

and respect to ensure that, as a community, we achieve excellence through passion, consistency and collaboration.

To expand our reach and services, we are constructing a

Agriculture is sustainable, it has been the backbone of Guyana

modern facility for Sales and AM services at 74 Village

for hundreds of years. I foresee exciting things at the horizon.

Berbice, in close proximity to Springlands.

It’s the move into the savannah areas for growing crops such as soya and corn, to replace the import of vegetable protein.

Our facilities are fully compliant with international standards and equipped with waste separating bins to promote the

With revenues from oil, we hope this will lead to a whole new

separation of waste and recycling practices. In doing this,

AGRO based industry. Guyana is poised to becoming a major

we create job opportunities for people in the fields of sales,

exporter of added value products.

projects, service, and security. Currently, the companies employ approx. 100 workers, including people with disabilities. Further, we boast a highly successful in-house training programme and a cooperation programme with the Government Technical Institute (GTI and the Guyana School of Agriculture (GSA). We have equipped mechanical training rooms with hands-on equipment, tools, manuals, and workbenches. Many of the students who passed through our

I am close to retirement and I’m happy that my children

programs have been groomed so well they were given the

are joining and taking over the company. My Legacy is

opportunity to join our full-time staff.

more about sharing what I have learned, not just what I have earned, and bequeathing values over valuables,

These training partnerships and succession planning are

as material wealth is only a small fraction of my legacy,

significant to our family-owned and managed business

I teach this to my children and my staff, that in our

because our mission is to continue to provide high quality,

business; We build lasting partnerships with suppliers

sustainable sales and maintenance of equipment for

and customers, We analyze and provide mechanized

agriculture, mining, and power generation.

solutions, And we act principled, committed and dedicated in our efforts.

Additionally,

maintain

constant

commitment

For further information: Tel: (592) 223 0543/4

to our community which comprises our customers, suppliers, staff, and anyone we may encounter during our

www.genequipgy.com GOINVEST.GOV.GY

Invest Guyana 2021/22 |

103

MANUFACTURING From Vision to Value-added

Overview

Guyana Manufacturing & Services Association

Manufacturing plays a central role in economic development. For Guyana, manufacturing and value addition can bring in significant revenues, create thousands of jobs, develop new skills, attract new technologies and processes and created a higher standard of living for citizens. While Guyana’s manufacturing sector has been consistent over the years, the country is on the cusp of realizing greater manufacturing prowess, primary due to the burgeoning oil and gas sector. The benefits and the spin off effects from this, and Government’s thrust to diversify and grow the economy, especially non-oil

sectors, in addition to emphasis being placed on manufacturing, will auger well for every citizen. The GMSA looks forward to opportunities from the setting up of manufacturing zones and welcomes efforts to address the issue of stable and reliable energy supply which will serve as a catalyst for advancing manufacturing and value adding across many sectors. We look forward to working in partnership with Go-Invest to support local manufacturers to grow and expand and to development partnerships with international investors.

ABOUT GUYANA’S MANUFACTURING SECTOR GDP Contributes 4% to Guyana’s National

JOB CREATION Employs approximately 12% of the

GUYANA is ranked 115th out of 180countries in

GDP

population

terms of ease of doing business

MANUFACTURING OVERALL STRATEGY Provide the business sector with cheaper, reliable and stable power Reduce the processing time for applications and other technological improvements Provide tax incentives for new investments, re-tooling and technological improvements Establish Industrial Parks/Estates for manufacturing in Coastal and Hinterland Regions Establish a Fund to stimulate innovation and new businesses Create a National Entrepreneurship Body and increase grants to SMEs and young entrepreneurs Provide incentives

104

| Invest Guyana 2020/21

INVESTGUYANA.NET

WHY INVEST? Strategic Location Guyana is part of both South America and the Caribbean.

Affordable labour Competitive wage rates with literate and trainable labour force.

Openness to investment Guyana’s leaders have declared Guyana ‘open for business’ and are taking steps to improve the investment climate.

Duty free Market Access Over 75% of Guyana’s exports enter destination markets dutyfree.

Natural Resources Rich mineral deposits, productive land, forests, seas and rivers, pristine and beautiful environment.

A secure and stable environment to do business. Language (English-Speaking).

GUYANA’S COMPARATIVE ADVANTAGE Competitive cost of labour Guyana has one of the lowest manufacturing wage rates in the Caribbean and Central America (see Human Resources in Operating Environment section). The workforce is highly literate and trainable.

Low ‘time to market’ / lead-time Guyana’s close proximity to the U.S. market gives it a shorter time-to-market vis-à-vis countries such as China and India. This lead-time advantage is useful for companies wishing to find suppliers to meet their just-in-time delivery requirements.

Access to local inputs Guyana’s natural resources provide manufacturers in specific sectors with an abundance of locally available and affordable inputs for the food processing, value-added forest products and construction materials sectors.

Availability of industrial parks In an effort to attract manufacturing investments, 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.

Ministers Bharrat and Walrond with Andre Cummings, CEO of Floor It Guyana at the launch of Floor It Showroom Guyana and Hardware Solutions Depot

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

105

Traditional:

INVESTMENT PROJECTS

Agricultural Products - rice, sugar Forest Products Extractive – gold, bauxite Pharmaceutical industry Food & beverage industry Basic consumer items Jewelry manufacturers

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 Chemical industry - fertilizers and insecticides; paints; soaps Paper related Products Building materials - stone, cement, clay blocks, tiles, glass, glass products 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 Restaurants Craft Ceramics Energy

Investment opportunities in the sector 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 jewellery 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.

INCENTIVES In addition to fiscal incentives, investors in the sector benefit from duty free access to foreign markets under preferential trade arrangements such as the Cari bbean Basin Initiative (USA), the Lome Convention (Europe), Caribcan (Canada) and special arrangements with Colombia and Venezuela. Duty and VAT rate of zero on: A wide range of process machinery and equipment, including Zero rate VAT on snacks and bags for packaging of goods. packaging equipment, raw materials for manufacturing companies Exemptions from duties and taxes for items covered under an registered under the VAT Act investment agreement. Exemption on a wide range of auxiliary plant equipment such as boilers, forklifts, scales for continuous weighing, continuous- Exemption from customs duty and zero rate VAT on raw materials and packaging for manufacturers who export 50 percent or more action conveyors, etc. of their products. Exemption from import duty and VAT on packaging materials for the manufacturing of exempt items by manufacturers registered Removal of VAT on building and construction materials under the VAT Act Removal of VAT on electricity and water Exemption from customs duty on a wide range of process machinery and equipment including packaging equipment, fruit processing, sewing machines, food processing and poultry feed. Exempt from customs duty on a wide range of auxiliary equipmentboiler, fork-lifts, scales for continuous weighing, conveyors. Exemption from custom duty on raw materials and packaging materials used in the production of goods by manufacturers.

Removal of VAT on machinery and equipment For businesses registered with the Small Business Bureau, a reduced rate of income and corporate tax rates of 25% on taxable profits Export allowance extended to exporters of non-traditional products who are paid in a recognized tradable currency.

www.gmsagy.org 106

| Invest Guyana 2020/21

INVESTGUYANA.NET

New GPC Inc.

MMC Security Force

Personal Protective Equipment & Supplies

Think Safety • Work Safely!

The Hardware Depot

“Sourcing your Industrial & Contractor’s Needs”

investguyana.net

182 Charlotte Street, Bourda, Georgetown, Guyana, South America.

Tel: 592-226-4165/1 Mobile: 592-623-1499 | 682-7345 Fax: 592-226-4050 www.hardwaredepotgy.com email: sales@hardwaredepotgy.com

GOINVEST.GOV.GY

Invest Guyana Invest Guyana 2021/222019/20 | 107| 93

DDL Group Invests US$20 Million in Modern Fruit Juices and Milk Processing Plant Major Benefits for Agro-Processing, Local Farmers and Dairy Industry By Wesley Kirton Farmers from around Guyana are gearing to increase their supply of a variety of Fruits to the new state-of-the art ‘Fruits and Milk Processing Plant’, which is set to be commissioned by Tropical Orchard Products Company (TOPCO), a subsidiary of Demerara Distillers Limited (DDL). The DDL Group also includes Guyana’s lone distillery, which produces the globally acclaimed El Dorado brand of rums.

Pasteurization Plant as a key element in the revitalization of the local dairy industry, which is critical to the reduction and eventual substitution of Milk imports not only into Guyana, but also the CARICOM region. DDL’s Executive Chairman, Komal Samaroo, says the expansion is founded on the critical importance of developing the Nation’s Agriculture Sector

include

Value-Added

Processing of Fruits and Vegetables into Pulp and Juices, and eventually

Consultations with farmers and agencies

Milk supplied by local dairy farmers DDL has invested some US$20 million in the upgrade and

for local consumption and export.

expansion of its TOPCO operations. Work on the expansion project got underway in 2019 and is slated for completion in May this year.

As part of the project, the company has held consultations with farmers and agencies in the Agriculture Sector so as

The main components of the expansion project are the

to ensure a reliable supply of quality Fruits for processing.

installation of a one-tonne per hour Fruit Processing Line and

Current and prospective suppliers of Fruits and Vegetables

a 1L Tetra Pak Juice and Milk Packaging Line. The footprint of

have already had a firsthand feel of the project during

the facility has been expanded from 15,600 to 37,200 square

conducted tours of the facility.

feet, and also boasts a new drive-in Cold Storage.

TOPCO has long recognized the need to have a mutually

The new plant is designed to process and package increased

beneficial relationship with local farmers so as to ensure the

volumes of existing products, including Cherry, Passion Fruit,

reliable supply of Fruits and in turn provide these farmers a

Carambola and Guava Juices, as well as new products to

secure market with stable and competitive prices for their

include Mango, Pineapple, Citrus and Vegetable Juices. The

produce. Farmers are projected to supply TOPCO a combined

plant is also geared to produce Pasteurized Milk, initially

total of over two million pounds of Fruit this year, up from

from Reconstituted Milk and eventually from Milk supplied

just over 350,000 pounds in 2019, an increase of 444 per

by local dairy farmers. TOPCO views its introduction of a Milk

cent.

108

| Invest Guyana 2021/22

INVESTGUYANA.NET

C.B. & Associates Inc. possesses the necessary networking capacity to mobilise an expert team to handle jobs within any of the above portfolio. Our directors provide a competent level of stewardship for the successful C.B. & Associates Inc delivery of projects.

Arthur Chung Conference Centre

The company has successfully Farmers touring the facility delivered several design, construction supervision and Mr. Samaroo out that farmers will benefit from the design-build jobs,points across both the private and public sectors venture through a guarantee that their supply of Fruits to since our commencement of business. TOPCO is secure, with stability of prices in spite of fluctuating The company’s main

market demand/supply conditions, as well as the potential to areas of interest are: • Architectural and building designs • Foundation Analysis & Designs and technical support to farmers, are also being facilitated • Geotechnical Investigation • Highway, roads and bridges; through collaboration with various agencies including • Pure Water Distribution Systems; • Engineering and of Topographic Surveys; and and the National Agricultural the Ministry Agriculture • Construction supervision Research and Extension Institute (NAREI). This support and project management

f ly e r t e m p l at e

increase their cultivation of target fruits. Extension services

includes guidance to farmers on best practices for cultivation, 94 CAMPBELL AVE, C/VILLE, GEORGETOWN

harvesting, post -harvest TEL: +592-219-3880 219-5454 handling and transport so as to EMAIL: CB.ASSOCIATES.GY@GMAIL.COM

avoid disease, damage and spoilage. Farmers also have access to financial support to expand and/ or diversify their cultivation through agencies such as the Institute for Private Enterprise Development (IPED). Such support is also available to persons and groups interested in developing farms to cultivate produce to supply to TOPCO.

Guyana Logistics &

Farmers are paidServices within three Support Incdays of delivery of their produce and have been encouraged to utilize electronic banking for (GLASS)

ease of transacting business. Those farmers that do not have

Rooms can be configured to suit your needs

bank accounts are being facilitated through the opening of

Flexible space for conferences

accounts at Demerara Bank Limited, a sister company of DDL.

Food services and catering arrangements available Full range of standard audio/video equipment

Existing and potential farmers are excited about the future

Great central location, easy access

Business: quadruple over the next two years with Guyana exporting

Technical assistance on site & Affordable costs

ofOur this project which could see the demand for produce Core

Convenient, spacious parking area

Equipment & Vehicle quality products toRental the CARICOM, US and other markets. Documentation, Licenses &

TOPCO’s manufacturing be US Food Corporate Legal Services plant and equipment will 110 2nd Floor Labour Services

Duke & Barrack and Agriculture Department (FDA) approved, and Streets, work has Construction Services Kingston. Georgetown,

Procurement Brokerage already begun& to ensure access to international markets. Guyana. Relocation & Domestic Support (592) 226-4090, Logistics & Transportation Services 225-2017 or 225-2018 For further information: Office & Residential Rental Laydown Yard & Warehouse Facilities. Tel: (592) 265 6000 www.guyanalogistics.com Email: glowachee@guyanalogistics.com Email: customerservice@demrum.com

www.demeraradistillers.com

5-E 1/2 Orchid Drive, Liliendaal, Greater Georgetown, Guyana, South America. Tel: +592-222-7503/4 Email: accc@accc.gov.gy www.accc.gov.gy

investguyana.net

Invest Guyana 2019/20 | 39

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

109

IDB Approves US$4M to Fernandes Group of Suriname to Establish Modern Bakery in Guyana

IDB Invest, a member of the IDB Group, approved a US$4 million loan for an 8-year tenor to Fernandes Guyana Enterprise (FGE), a subsidiary of Fernandes Group. Fernandes Group is one of the main economic groups in Suriname and the market leader in most of the industries in which it operates, including the food sector. The transaction supports Fernandes Group’s growth strategy outside of Suriname, by financing an increase in FGE’s current bakery production and distribution capacity in Guyana. This will lead to higher and more efficient local production of bread products, which are an essential part of the Guyanese diet, and the introduction of new healthier products, while taking advantage of the projected higher spending, additional customer base and new consumption trends in the local market. The financing also contributes to mitigate the economic and social effects of the Covid-19 crisis, by protecting food security, promoting new and more specialized employment, and strengthening market linkages in Guyana. FGE will almost double the number of local suppliers and distributors reached. IDB Invest will play an important role by providing the Company the long-term financing required, currently scarce in the local market. The transaction potentially contributes to four of the United Nations Sustainable Development Goals (SDGs): No poverty

110

| Invest Guyana 2021/22

INVESTGUYANA.NET

(SDG 1), Decent work and economic work (SDG 8), Industry, innovation and infrastructure (SDG 9), and Reduced inequalities (SDG 10). Moreover, through this transaction, IDB Invest will support Fernandes Guyana to implement environmental and social best practices, aligned with international standards. About IDB Invest IDB Invest, a member of the IDB Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social and environmental development in the region. With a portfolio of US$13.1 billion in asset management and 385 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries. About Fernandes Group (client) Fernandes Group, a family business with more than 1,200 employees, is one of Suriname’s largest economic groups operating in the following sectors: Bakery, Bottling, Automotive, Ice Cream and Distribution.

For further information: Tel: (592) 624 0092

www.fernandes-group.com

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

111

SERVICES

Exciting New Opportunities

Overview

Guyana Manufacturing & Services Association

The services sector in Guyana continues to grow and expand and the oil and gas sector will serve as a key catalyst in this regard. The GMSA looks forward to working with GOINVEST to ensure Guyanese businesses in this sector are able to access opportunities from the various projects and initiatives that will be implemented. At this point in its history, Guyana needs greater private investments in key services such as transport, energy, ICT,

ABOUT GUYANA’S SERVICES SECTOR Targeted sector growth in 2020

hotels, telecommunications, and entertainment, among others. The GMSA is keen to work with Go-Invest to put in place an incentive regime for businesses in the services sector and to support partnering and joint venture arrangements between local businesses and foreign investors. We believe opportunities lie not only nationally but to also export services regionally and further.

Low ‘time to market’ / leadtime Guyana’s close proximity to the U.S. market gives it a shorter timeto-market vis-à-vis countries such as China and India. This lead-time advantage is useful for companies wishing to find suppliers to meet their just-in-time delivery requirements.

112

| Invest Guyana 2020/21

INVESTGUYANA.NET

WHY INVEST? Strategic Location - Guyana is part of both South America and the Caribbean.

Natural Resources

Rich mineral deposits, productive land, forests, seas and rivers, pristine and beautiful environment.

Affordable labour

Competitive wage rates with literate and trainable labour force.

A secure and stable environment to do business. Openness to investment

Guyana’s leaders have declared Guyana ‘open for business’ and are taking steps to improve the investment climate.

Language (English-Speaking). Duty free Market Access

Over 75% of Guyana’s exports enter destination markets duty-free.

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

113

INVESTMENT PROJECTS

INCENTIVES

The Services sector really is considered to be everything outside of Manufacturing, Tourism, Mining, Agriculture, Energy, ICT and wood products. These includes:

Fiscal Incentives are not available for all Subsectors that fall under the Services Sector: however, incentives are available to encourage investment in the following Subsectors:

1. Housing

1. Medical Subsector

Includes developing housing schemes, gated communites, etc. 2. Construction

Exemption of duty and VAT one all equipment and material needed for building.

Persons building their own homes as well as investors diversifying into restaurants, hotels, etc.

2. Funeral Homes Such investments received a wavier on duty and VAT on hearses.

3. Restaurants

3. Education

Food business is currently quite lucrative. Specialists who are currently freelancing or developing their business.

Medical Schools under this Subsector are offered exemption on duty and Value Added Tax (VAT) of all equipment and Material needed to establish and operate.

5. Courier

4. Dock Yard and Shipping Building

Specialize services such as courier or messenger services. 6. Education

Exemption of duty and taxes are available for the operation of dry docking facilities.

Local and foreign universities entering the local market.

5. Recycling

7. Port

Exemption of duty and VAT on all machinery and equipment used in Subsector.

4. Consultancy

Port facilities so as to accommodate the shipping of produce. 8. Insurance

6. Solid Waste Collector

Insured entities.

Waivers of duty and taxes on some vehicles and equipment.

9. Music and Film

7. Machining

Local talent seeking to develop and promote the industry.

Wavier of duty and taxeson all Machinery and Equipment.

10. Fashion

8. Recording Studios (Music)

Opportunities exists in the innovation real of this industry.

Waivers of duty and taxes on equipment and material.

11. Security The need and demand for private security becomes great.

Examples of items accessing concessions for shore base.

12. Funeral Home

9. Vehicles:

Funeral home is a growing field.

Canter trucks and spares

13. Entertainment

Door utility pickup and trucks and spares

This subsector ranges from cinemas to bowling alleys.

10. Construction (putting together office unit)

14. Machining

Modular kitchen units

Includes fabricating, welding, machining and rebuilding of machines, equipment and parts. 15. Pharmaceuticals and Cosmetics Producing medicines and cosmetics from natural herbs and vegetation found in Guyana. 16. Retail Includes supermarkets, electronic stores, gas stations, etc. 17. Shipping and Transportation Includes bus services, ferry services, trucking services and other modes of transportation. 18. Medical Private hospitals, clinics and medical university. 19. Solid Waste Management and Recycling Collection and disposal of solid waste and recycling. 20. Environmental Firms engaged in landscaping as well as waste management and provision of environmental services and consultancies such as Environment Systems and Permits.

114

| Invest Guyana 2020/21

INVESTGUYANA.NET

Modular laundry units Sheet piling-materials for piling construction Pipe for piping 20’-56’ office trailer Warehouse fabric (and all components for 10,000 square meter construction) Pre-engineering steel warehouse (all components for 20,000 square metre construction) 11. Machinery and Equipment 30-50 T Rough terrain crane and spares 130-160 T Rough terrain crane and spares 160 T Crawler Crane and Spares 180 T Crawler R Crane and Spares

www.gmsagy.org

Located in Sophia, Georgetown, the Guyana National Bureau of Standards (GNBS) is a transformative agency under the Ministry of Tourism, Industry and Commerce. Its primary role is to develop, promote and implement standards to address the needs of businesses and consumers alike. Under its tagline ‘Creating a Culture of Quality through Standards,’ the GNBS is aggressively campaigning to have quality be the hallmark of every industry within every sector, of our economy. With the GNBS services and standards, every Guyanese must be able to access quality products and services. Being certified to the ISO 9001:2015 standard, the Bureau assures that its services are on par with international requirements. These include Training and Consultancy, Certification, Verification, Calibration and Testing, Standards Development and Product Inspections. Our expert training sessions which are offered to companies and individuals, help to enhance competence and performance via the implementation of standards. The GNBS also offers consultancy services to businesses, especially to those interested in implementing management systems standards such as the ISO 9001, ISO 17025 and the ISO 22,000. This service prepares companies for international certification/accreditation to these standards, by identifying and addressing gaps in their management system. To date, the GNBS has a number of Standards, which are applicable to investments within the manufacturing, agriculture, tourism, and construction sectors among others. Once utilized, these standards help companies address health and safety requirements, benchmark quality and reliability, and provide international recognition of products and services. However, the Bureau can facilitate the development of new standards crucial to businesses, such as those related to trade. For this, stakeholders including investors can submit proposals. As Guyana’s construction sector expands rapidly, the GNBS continues to work vehemently to provide certification and testing services for construction materials. Our Industrial Metrology and Testing Department now has the capability to test concrete hollow blocks, which the GNBS can also certify. Manufacturers of PVC Pipes and Gold Jewellery are also taking advantage of the GNBS’ Certification and Testing Services; having their products certified to increase consumer confidence and quality.

Additionally, the Bureau offers audit services, which are designed to help companies determine their level of conformance to standards and established systems. Many medical and testing laboratories in Guyana are boasting of their certification to the National Laboratory Standard under the GNBS Laboratory Certification Programme. These laboratories, which either are a part of a larger company or independent, through certification, indicate to their customers and clients that they are consistently providing reliable testing and measurement services. Another important facet of the GNBS is the provision of calibration services in the areas of Mass, Temperature, Pressure, Volume and Length to industry. Many companies including certified laboratories now demand traceable measurements as they aim to ensure ingredients are correctly measured, temperature parameters are maintained, and dimensions are accurate. The GNBS fulfils this need. Additionally, for businesses selling their products at the retail level, the GNBS is mandated to verify their measuring devices, including scales, masses and other measures, which ensures accuracy in trade. With increased capacity and expansion by the GNBS, businesses can now access verification services in any of the ten administrative regions of Guyana. Finally, the GNBS has a well-established product-monitoring programme conducted by our Product Compliance Department that offers protection to consumers from substandard products. Currently, seventeen (17) categories of imported and locally manufactured products are monitored for conformance to the requirements of standards. These products include: Electrical/ Electronic appliances, Tyres (new and used), Textiles, Garments, Footwear, PVC pipes, Weighing and Measuring Devices, Furniture, Electrical Fittings and Equipment, Gas stoves, Cigarettes, Safety matches, Helmets for road users, Gold Articles, Cellular phones, Decorative lighting outfits, and Toys and Playthings. Going forward, the GNBS is looking to expand its services to benefit all stakeholders and prospective investors to Guyana. More standards will be developed and implemented particularly to meet the needs of the blooming oil and gas, tourism, agriculture and construction sectors to increase industry efficiency, conformance to international best practices and the protection of our local consumers.

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

115

Aerial view of one of the Ministry’s Housing Schemes in Perseverance, East Bank Demerara

Transforming Guyana: Making Homeownership easier for all Guyanese in Business Management from the

Amid new oil wealth and an upward economic trajectory, the new buzzing sector in Guyana is housing.

University of Guyana. He also has notable managerial experience. Rodrigues holds a Bachelor of Laws from the University of Guyana and has

Adequate

housing

a Masters of Business Administration

identified

from the University of Bedfordshire.

as a fundamental human right by the United Nations (UN), and the

CEO Greaves carries a wealth of

Government is committed to making this human right accessible to all of its

Minister of Housing and Water, Hon. Collin Croal

citizens, through the Central Housing and Planning Authority (CH&PA), which falls under the purview of the Ministry of Housing and Water. Under the championship of Minister of Housing and Water, Hon. Collin Croal and Minister within the Ministry of Housing and Water, Hon. Susan

knowledge, spanning over 27 years in management and banking and a Masters of Business Administration. While delivering the housing target may seem like an uphill task due to challenges of land acquisition, coupled with a backlog of applications and a growing demand for housing, the strategic approaches taken have already resulted in the delivery of

Rodrigues and CEO of CH&PA, Mr. Sherwyn Greaves, the Ministry has an

Minister Croal, a leader by nature,

3,600 house lots since the officials

ambitious agenda to deliver 10,000

holds

Business

took office in August 2020; under

serviced house lots per year in five

Administration (MBA), majoring in

a series of events dubbed ‘Dream

years, while also restoring investor

International Business at University

Realised’.

confidence in the sector.

Malayu, Malaysia, and a first Degree

116

| Invest Guyana 2021/22

Masters

https://youtu.be/1nV31L1KFgw INVESTGUYANA.NET

https://www.youtube.com/watch?v=0X2Q

QVEx_saI

“Homeownership is a priority for this Government and that’s the mandate given to this Ministry by His Excellency the President. We are committed to fulfilling this mandate as quickly as possible,” Minister Croal affirmed. He continued, “All the odds were against us when we took office in August 2020 but through unwavering efforts, we have defied odds and delivered those lots in a mere five months. This achievement is evidence of our commitment and soon we will see the roll-out of an even more aggressive housing drive.”

Progress made on the Eccles, East Bank Demerara to Mandela, Georgetown Highway

Also

among

key

projects

multibillion-dollar four-lane highway from Eccles, East Bank Demerara to

Mandela,

aimed

inter-connecting

links

creating between

communities, while also improving the aesthetics and the transportation landscape in Guyana. Once completed the 2.8 kilometer road will significantly ease the daily commute time for Minister within the Ministry of Housing and Water, Hon. Susan Rodrigues, [left] hands over a land title to a resident in Region Two

residents and other commuters along the route. Additionally, a 1,000-homes

In 2021 the Ministry hit the ground

first quarter of 2021 to benefit 8,000

project is earmarked for Region Ten

running with several projects on

Guyanese across several regions.

and another 1,000 homes for young

stream, including the delivery of 800

professionals and members of the

house lots for the Cinderella Country

Minister Rodrigues proffered, “Our

disciplined forces and other public

of Essequibo and the distribution of

Government is committed to exploring

servants.

hundreds of land titles for Region Five.

all opportunities which will allow us to

billion

provide lots and homes in communities

Attached to the housing sector is

injection has also been made with the

with proper roads, drainage, water,

its ability to turn the wheels of the

signing of 199 contracts. This signaled

electricity, street lights, recreational

economy by directly creating job

the largest contract signing event in

facilities and shopping centres to

opportunities, with some 2,000 jobs

the Ministry’s history and offsets a

transform the landscape of our

projected from almost $20 billion

range of infrastructure projects and

country, making it the envy of the

pumped into the housing sector in

the construction of 290 homes in the

Caribbean and South America.”

less than one year.

record-breaking

$13.9

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

117

“Just imagine, how much employment we will fuel with these investments,” remarked Minister Croal, as he added, “thousands of skilled and semi-skilled Guyanese stand to benefit from jobs in construction, transportation, and various services…What is even more important is that for every community we create investments, we are ensuring that most, if not all, of the employment comes from within those

A member of the disciplined forcesreceives his house lot from Minister of Housing and Water, Hon. Collin Croal, during the Region Three leg of the ‘Dream Realised’ Housing Drive

same areas, thereby creating a viable cash flow in communities across the country.” Guyana’s government has also made the dream of homeownership easier in 2021 by increasing the mortgage ceiling from $12 million to $15 million at the New Building Society (NBS) and the low-income loans from $10 million to $12 million. The zero-rating

Chief Executive Officer of CH&PA, Mr. Sherwyn Greaves [right] distributes a land Title to a Region Six Resident

of value-added tax on stone imported for home construction from CARICOM states, locally manufactured roofing, and

PVC

products

for

building

construction, have also been applied. Even as the emphasis is being placed on residential house lots, the Ministry, through CH&PA, is similarly focused on fostering a suitable economic climate

Minister Croal Public outreach to Herstelling and environs

for commercial investors. CH&PA has approved over 100 planning permits,

electronic single-window approval

including businesses in the oil and gas

system for businesses are expected

sector.

in 2021. The single window system

The Ministry is further working to

will see the granting of construction

introduce legislative transformation.

permits and licenses to investors in a

A Condominium (Regulation and

more time-efficient manner through

Miscellaneous

inter-agency coordination.

Provisions)

Act,

All

these

steps

and

the

implementation

118

| Invest Guyana 2021/22

the lives of thousands of Guyanese in many ways, and this is the mandate of the President and the mission of the Ministry of Housing and Water.

For further information: Tel: (592) 223 7521 | www.chpa.gov.gy

INVESTGUYANA.NET

make

homeownership easier will transform

allowing owners of duplexes and condominiums to access land titles;

24/7 Armed Security - Community Clubhouse w/ Roof Top Bar/Kids Recreation Room, Theatre Room Community Pool - Tennis Court - Fitness Center -

FOR MORE INFO/PRICING CALL OR REACH US VIA EMAIL: info@windsorestates.gy GY PH#: +(592) 231-5191 / WHATSAPP: +(592) 695-7815 INTL PH#: (800)-492-0809 WEBSITE: www.windsorestates.gy

Executive Villas Coming to Guyana's Premiere Gated Community Coming 2022

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

119

ANSA Motors offices and Suzuki showroom

ANSA McAL a Shining Example amidst a Trying Pandemic

Suzuki vehicles at our ANSA Motors showroom

COVID-19 has forced persons all over the world to change how they operate, communicate and even interact with the environment. While some have wilted under this sudden change, ANSA McAL Trading Limited (AMTL) has stood tall not just as a shining example of how to handle change but how to operate its business and invest in its staff and country.

“It is not the strongest of the

Over the last 24 years, AMTL has experienced rapid growth and development in all areas of the business and has become an integral player in the economic activities of the country. Undoubtedly, this has helped to shape and enhance the way Guyana does business.

species that survives, nor the most intelligent; it is the one most adaptable to change.”

When COVID-19 hit Guyana in March 2020, ANSA McAL showed adaptability and helped to pioneer a Home Delivery Service that allowed customers to have their products ordered and delivered to their doorstep, thus aiding the government’s Social Distancing policy.

Charles Darwin.

Backtracking a bit, in 2012, AMTL realized a turnover of over G$7 billion while increasing its staff complement to over 160 employees. The company’s warehousing capacity also extended to approximately 53,000 sq feet; such enormous growth 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.

Country Head of ANSA McAL Group of Companies in Guyana, Beverly Harper (left) shares a moment with Proprietor of Giftland Mall Roy Beepat during the opening of the TWEE Gourmet Shoppe

120

| Invest Guyana 2021/22

INVESTGUYANA.NET

Salesmen receiving awards for outstanding performance from AMTL Managing Director, Troy Cadogan (second from right)

Loading products for delivery at AMTL warehouse

Heineken beer being prepared for delivery

Fast forward to 2017 and beyond where Troy Cadogan took charge as Managing Director, the complement of employees has since doubled while the warehouse capacity has also increased to over 65,000 sq feet.

since ventured into the Automotive

“We have a lot of additional areas

sector and the Media.

we want to venture into. Already, we

“At ANSA McAL we believe in investing in our population as much as we invest in our industry and even during the COVID-19 pandemic, no employee lost their job which shows our dedication to our staff. We also donated several vaccines to the Ministry of Health to fight

distributor of Fuso and Freightliner

against the pandemic,”

The company has since established ANSA Motors with Suzuki vehicles being its principal brand on offer. ANSA Motors are also the sole trucks in Guyana.

have a hand in radio and ANSA Motors but soon we will not only increase our wide-ranging product supply that is already robust, but we will also be diversifying into a few areas that will showcase ANSA McAL as the most dynamic company in Guyana,”

Most recently based on market expansion and demand the company has since launched ANSA Rentals offering Motor Vehicles for Lease to corporate entities and short-term rentals to visitors. AMTL are also the operators of Mix

Cadogan hinted. 2020 might have brought COVID-19 but out of it, ANSA McAL has once again exhibited its dedication to the growth and development of Guyana.

90.1 FM Radio Station since 2016 and the T. Wee Duty Free Liquor Store

For further information: (592) 220-0455/0505/0268

www.ansamcalguyana.com

at the Cheddi Jagan International Airport; in addition to the T.Wee Gourmet Shoppe at the Giftland Mall.

Cadogan shared on AMTL’s commitment to its country. Further, AMTL continues to evolve with growth and developments in Guyana. While distribution has been the largest division in the company’s business

operations,

Cadogan

believes that just as Guyana is a diverse nation, so too will ANSA McAL diversify and expand operations and this is evident where the company has Stock count in progress on one of AMTL’s Bon Ice-Cream trucks

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

121

Troy Resources Guyana Inc.

investguyana.net

122

| Invest Guyana 2021/22

Invest Guyana Guyana 2018/19 2019/20 || 35 35 Invest

INVESTGUYANA.NET

OIL & GAS 2021 a Promising Year for Oil & Gas Sector The 18 discoveries on the block to date have established the potential for at least five floating production, storage and offloading (FPSO) vessels producing more than 750,000 barrels of oil per day by 2026.

Noble Sam Croft (Photo courtesy of Noble Corporation)

Guyana’s burgeoning petroleum sector has a promising year ahead with 6 exploration wells planned for this year. That is the forecast of Norwegian independent energy research and business intelligence firm, Rystad Energy. Oil giant, ExxonMobil, operator of the Stabroek, Canje and Kaieteur blocks offshore Guyana will be spearheading the local exploration activities, having already set an ambitious divestment target of US$15 billion by expelling mature assets in Asia, Europe and Africa, to prioritise investments in “highvalue” assets such as Stabroek. According to Rystad Energy, the company’s drilling activity will focus on “firming up” resources in the southeastern part of the Stabroek Block, where deeper plays have been observed underneath the existing discoveries.

ExxonMobil’s first offshore Guyana project, Liza Phase One, began producing in late 2019 and Liza Phase Two remains on track to begin producing oil by early 2022 at up to 220,000 barrels of oil per day at peak rates, using the Liza Unity FPSO. Recently, the oil giant, following an agreement with the Government of Guyana, decided to proceed with the Payara field development offshore Guyana. Payara is ExxonMobil’s third project in the Stabroek Block, and is expected to produce up to 220,000 barrels of oil per day, after start-up in 2024, using the FPSO vessel. The US$9 billion development will target an estimated resource base of about 600 million oil-equivalent barrels. Not only is ExxonMobil “firming up” resources in the southeastern part of the Stabroek block, it is also eyeing the unexplored northwestern parts of the block. In addition, work is also lined up for the Canje Block. There, plans are in place to drill two wells in 2021 in addition to the non-commercial Bulletwood-1 find, with the Jabillo-1 well already in progress. The oil company and its partners plan to deploy four FPSO vessels to develop the existing resources within the block. Additionally, according to Rystad Energy, ExxonMobil’s fleet of contracted drill ships in Guyana is set to increase to six with the arrival of the Noble Sam Croft in April, 2021. The company is expected to ramp up drilling activities, as it plans to have at least five FPSO vessels online by 2026 (Navendra Seoraj).

American Petroleum Institute certification for Local Businesses in Oil and Gas sector The American Petroleum Institute (API) and the Centre for Local Business Development (the Centre) have signed a Memorandum of Understanding (MOU) which establishes a framework for collaboration and using API’s best-inclass programmes to enhance health, safety, security and environmental protection in Guyana’s energy sector. Wells per year, by block

The Stabroek Block is 6.6 million acres (26,800 square kilometers), with current discovered recoverable resources estimated at more than nine billion oil-equivalent barrels.

API Segments Standards and Services Vice President Alexa Burr noted that Guyana is swiftly becoming a leader in offshore energy development, and the MOU is a reflection of the country’s growing energy industry.

INVESTGUYANA.NET GOINVEST.GOV.GY

Invest Guyana 2020/21 2021/22 |

123

OIL & GAS “We are honored to take this step in strengthening Guyana’s local manufacturers and suppliers and look forward to deepening our collaboration on safety, health and sustainability issues,” the API official said. Over the past two years, API and the Centre have identified opportunities for collaboration on training that supports local business and workforce development for the oil and natural gas industry and builds the technical capacity of Guyanese firms to compete in the sector. The Centre is Guyana’s premier organization for oil and natural gas information, training, and policy advocacy.

Guyana’s oil sector to create almost 27,000 jobs by 2025-IDB Report According to one of the World Bank’s latest assessments of Guyana’s economic prospects in light of its petroleum reserves, it is projected that the new resource will result in almost 27,000 jobs being created by 2025. The financial institution specifically noted that the oil sector will create about 3,850 direct jobs and 23,100 indirect jobs by 2025, employing 0.7 and 3.9 percent of the workforce, respectively. The financial institution was keen to note that the government has adopted a prudent approach to the development of local content but was keen to remind that the job-creating potential of the oil sector is limited by its capital- and skill-intensive nature while adding that Guyana’s small, undiversified manufacturing base is not capable of producing many of the sophisticated inputs the sector requires. As oil exports rise, the bank said that the appreciation of the real exchange rate is expected to negatively impact the competitiveness of tradable sectors, a key symptom of Dutch disease.

Director of the CLBD, Dr. Natasha Gaskin-Peters

“The Centre is excited to be taking the next steps in the phased development of Guyanese suppliers from base knowledge of the oil and gas sector to the development of technical knowledge and certifications allowing more local content,” said Dr. Natasha Gaskin-Peters, Director of the Centre. The primary purpose of this MOU is to enhance cooperation between API and the Centre on several fronts, including: • Expand training and implementation of API Specifications Q1 and Q2, which are industry-leading quality management systems. • Share information and expand training related to health, safety, security, and the environment (HSSE). • Develop API-U courses and instructor-led training for Guyanese companies. • Implement the API Individual Certification Programme in Guyana. • Train local businesses on API’s 2D standard series, Training for Offshore Pedestal-Mounted Crane Riggers, Operators, and Inspectors. • Provide updates on regulation affecting the oil industry in Guyana Gaskin Peters emphasised, “This push into formal standards means Guyanese workers and enterprises will be able to support the long-term growth, operations, and maintenance of the sector.”

124

| Invest Guyana 2020/21

INVESTGUYANA.NET

It further noted that the country’s manufacturing and agriculture are likely to experience job losses as employment shifts toward the oil sector and non-tradable services. Even though it is acknowledged that the new industry will create considerable levels of employment depending on its growth, the World Bank said it is critical that Guyana maintains focus on improving its civil services. The bank warned that oil and gas revenues will increase fiscal expenditures and raise expectations for better public service delivery. Meeting these expectations the institution said, will require strengthening the civil service by developing leadership capacity and inculcating a culture of strategic planning, professional management, and robust monitoring and evaluation. In addition, the bank said that systematic use of training needs assessments could help close existing performance gaps and improving the quality of managers, including via the recruitment of international experts and members of the Diaspora

India in talks with Guyana to buy Stabroek Block Oil Talks are ongoing between Guyana and India as the latter has interest in entering a commercial agreement with Guyana for the purchase of crude for short-term oil contracts. Minister of Natural Resources, Vickram Bharrat said the

OIL & GAS request has been formally made, but a decision is yet to be taken. The move by the Indian Government — according to a recent CNBC report—comes amidst rising crude price, which is impacting the petrol and diesel prices. According to the report, “the (Indian) Ministry of Petroleum and Natural Gas is in discussion with Guyana and Mexico for short-term oil contracts which will help a tad bit in offsetting earlier high-priced, long-term contracts.” India already has about six million tonnes of oil contract with Mexico and it is presently the third largest energy consumer in the world with consumption over the past decade increasing at a compound annual growth rate of more than 5%. India is reportedly 86 percent dependent on crude import and the Indian crude basket is a little above US$61 per barrel. Brent prices have since rebounded to US$70 per barrel and constitute almost 75 percent of the Indian crude basket. The Indian crude was priced at US$20 per barrel in April 2020 when the demand was at its lowest low due to Coronavirusled lockdown. The central and state governments have also increased taxes on petroleum products like petrol and diesel which are now

in its Natural Resource Fund (NRF), at the U.S. Federal Reserve Bank. Under the Production Sharing Agreement (PSA), Guyana receives two per cent royalty and 50 per cent profit oil, which is what remains after the producer recovers the production cost. President Dr. Irfaan Ali has said that Guyana’s oil and gas resources would play a critical role in the nation’s development. He elaborated that some of the money from the sector will go towards developing world-class education and health-care systems for the people. “We have to address what are the hindrances to our development. 1), the cost of energy; human capital; the lack of transformative infrastructure; a health-care system that is not modern; an education system that needs continuous modernization,” President Ali said. He noted that the money can also be used to build infrastructure to transform the physical landscape of Guyana and to open new opportunities in the productive sectors.

Local companies land contracts to provide fabrication services to oil giants

hurting consumers with an increase in crude prices.

Natural Resources Fund in excess of US$267 Million at US Federal Reserve Bank Guyana’s oil-and-gas-sector continues to surge forward pumping finances into the country’s Natural Resources Fund (NRF), with some US$61,090,968 being earned from the recent sale of the nation’s fifth oil lift. The Government, in keeping with its commitment to accountability and transparency in the petroleum sector, has announced that the country received its latest payment after the sale of 997,420 barrels of oil which were lifted from ExxonMobil’s Liza Destiny on February 5, 2021. Guyana, new to the petroleum sector, sold its first one million barrels of crude on February 19, 2020, raking in nearly US$55 million. Its second, third and fourth millionbarrel sales generated proceeds of US$35 million, US$46 million and US$49.3 million respectively from the four oil lifts. Based on a consolidation of all the lifts to date, the country has sold 5,009,797 barrels of oil valuing US$246,542,662. Along with the earnings from the oil lifts and over US$21 million in royalties and interest, Guyana has close to US$267,668,709

ExxonMobil Guyana President, Alistair Routledge

Local company InFab became the first local firm to win contracts to provide fabrication services to the third Floating Production Storage and Offloading vessel (FPSO) – The Prosperity - that will operate in the Stabroek Block oilfields operated by ExxonMobil and its partners in Guyana. Within days of the announcement of that achievement in March 2021, Guyana Oil and Gas Support Services Inc. (GOGSSI) was also recognized for providing fabrication services for the Prosperity vessel being built by SBM Offshore for ExxonMobil. This development marks a huge milestone in the growth of local content development of the oil and gas industry here. The tendering process under which the two local companies were selected was conducted in strict compliance with internationally accepted procurement guidelines and principles that guarantee transparency and accountability.

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

125

OIL & GAS InFab, which has been doing fabrication for the past 18 years, will be providing cable tray support fabrication services, and lighting and control station fixtures fabrication works for the FPSO vessel. While, GOGSSI will be transforming over 30 tonnes of steel into ladders and handrails for the Prosperity.

to the development of Guyana’s burgeoning petroleum sector. The event - Guyana Energy Conference and Exhibition 2021 (GEC-X ’21) – will be facilitated by the Georgetown Chamber of Commerce and Industry (GCCI), a number of local businesses, the Government and ExxonMobil. It is slated for September 28 and 29, and was launched in February. President of GCCI, Nicholas Deygoo-Boyer, during brief remarks said the conference is also geared at helping persons to better understand the industry and ways in which they can benefit and participate in the sector.

FSPO -The Prosperity

This vessel is currently being constructed to produce oil offshore Guyana in the Payara Field. The first, the Liza Destiny FPSO, arrived in Guyana on August 29, 2019 while the second FPSO – the Liza Unity – is also under construction. The Centre for Local Business Development has been instrumental in local business competitiveness in the area of fabrication. Both InFab and GOGSSI participated in ISO9001 mentoring organized by CLBD, and the Centre’s supplier registration portal was used to advertise SBM Offshore fabrication opportunities along with Guyanese newspapers.

Inaugural Guyana Energy Conference launched

“The purpose of this conference is to foster conversation in the energy sector in Guyana – from discussions on the extraction of crude oil to the importation of heavy fuel oils and our current usage of that to produce electricity, as well as the efficient distribution of electricity so that reliable supply is not something we dream of, but it is more something we are accustomed to,” Deygoo-Boyer said. Deygoo-Boyer further stated that reliable energy in Guyana will also benefit other sectors such as agro-processing and the extractive industry. The conference will also seek to have long lasting impacts in building partnerships and collaboration with the business community and the government. ExxonMobil is currently the largest foreign investor in Guyana and according to Country Manager, Alistair Routledge, ExxonMobil is pleased to support such ventures like these. Routledge said efficient, dependable and sustainable energy is fundamental to any economy. Delivering the feature address was Minister of Natural Resources Vickram Bharrat. He noted that the cost of energy continues to be an issue in the country’s development. Bharrat explained that with cheaper electricity comes more investment opportunities for the country. He also noted that Guyana does not have the necessary resources to explore its natural resources and as such it is important to partner with foreign investors. The Natural Resources Minister further announced that the government will be partnering with Exxon on a project that will see the reduction of energy cost by more than 50 per cent.

Alistair Routledge – CEO, ExxonMobil, Hon Vickram Bharrat - Minister of Natural Resources, Dr Peter Ramsaroop – CEO, Go-Invest; and Mr Nicholas Deygoo-Boyer, President of the Georgetown Chamber of Commerce and Industry.

Stakeholders from various sections of society will be converging in Guyana in September for an inaugural energy conference and exhibition where they advance discussions in areas critical

126

| Invest Guyana 2020/21

INVESTGUYANA.NET

“Not only households and businesses would benefit by reduction in electricity cost but also it will bring much more local and foreign investment to our country,” Bharrat stated. It is expected that within the next three years Guyanese can enjoy cheaper energy.

OIL & GAS Frontera, CGX proceeding with plans for exploration as Corentyne, Demerara blocks show ‘world-class’ prospects An independent prospective resource study has affirmed the world-class prospects of the Corentyne and Demerara blocks, offshore Guyana, operated by joint venture partners Frontera Energy Corporation and CGX Energy Inc. “The independent prospective resource study reaffirms our excitement about the world-class prospectivity of the Corentyne and Demerara blocks offshore Guyana,” Chief Executive Officer of Frontera, Richard Herbert, said in a statement released recently by the company. The independent report captured the Corentyne North Area, Corentyne Main Area and Demerara Block, offshore Guyana. CGX is the operator of the Corentyne Block under a joint operating agreement with Frontera Energy. CGX has a 66.6 per cent participating interest in the block, with Frontera holding the remaining 33.3 per cent interest in the block. Outside of the prospective projects, U.S oil giant, ExxonMobil is the only operator, so far, which has started production offshore Guyana. With prospects at the Corentyne and Demerara blocks appearing to be favourable, Frontera and CGX will be looking to follow suit and move ahead with its operations.

Prospecting License (“PPL”) for the Demerara Block offshore Guyana and have been advised that the initial February 12, 2021 deadline for drilling the next well has been extended to February 11, 2022 subject.

Wall Street banks predict oil ‘supercycle’ that could overshoot US$100 a barrel’ – Financial Post If the predictions of two of the biggest banks on Wall Street are correct, this could mean a windfall in hard cash for Guyana, the world’s newest oil producer. According to the Financial Post, JPMorgan Chase and Goldman Sachs are both predicting oil prices will stage a comeback soaring to post pandemic levels not seen since 2014. The institutions say the new ‘supercycle’ in oil could see international crude oil prices shooting towards, or even overshooting US$100 per barrel. While veteran traders are divided over the ‘supercycle’ prediction, the Financial Post emphasized that the surge is being attributed to anticipated stimulus spending by governments around the world which will boost consumption when the pandemic abates, such as the US$1.9 trillion proposed in the U.S. by the Biden administration.

Dr. Bharrat Jagdeo, Vice President of Guyana, when asked recently whether the country was moving too fast with oil and gas exploration and development, reasoned that now is the window of opportunity for Guyana to tap into as much oil revenue as possible to build the critical infrastructure the country needs for long-term development. Block acreage reflects the proposed 25% relinquishment that has been submitted to the Government of Guyana in connection with moving to the second renewal period of the Corentyne and Demerara PPLs. Final relinquishment details remain subject to government approval. (CNW Group/Frontera Energy Corporation)

The companies announced recently the successful rescheduling of their work commitments with respect to its Petroleum

Brent Crude, the benchmark Guyana sells its oil at, is currently at about US$63 a barrel and if prices skyrocket, this could mean a windfall in revenue for Guyana. Before the pandemic, global oil demand was around 100 million barrels a day. It fell to an average of around 90 million bpd last year and analysts predict it is unlikely to reach prepandemic levels until 2022, once vaccine rollouts allow a

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

127

OIL & GAS wider resumption of long-distance air travel, it was reported. “We’re going to be short of oil before we don’t need it in the years to come. We could see oil overshoot towards, or even above, US$100 a barrel,” JPMorgan’s head of oil and gas, Christyan Malek, told clients on a conference call in recent weeks, according to the Financial Post. The Financial Post said that Jeffrey Currie, a Veteran Goldman Sachs analyst, who was a key voice in oil’s last supercycle between 2003 and 2014, feels that there are real risks that oil trades in the US$80 range “or even higher this year.” The Post said that Arjun Murti, who became one of the most famous oil analysts of the last supercycle after he made the call in 2005 that oil could go above US$100 a barrel, while working alongside Currie at Goldman Sachs – and oil went on to top US$147 – thinks supercycle calls may prove “premature,” but sees scenarios where oil prices strengthen significantly. Guyana is anticipating that with the projected 750,000 barrels per day production on the Stabroek Block offshore by 2026, that it will be able to significantly transform the country through several development projects such as the production of cheap electricity to catapult private sector growth in all sectors.

Exxon, Partners to pump US$100 Million into local capacity building over next 10 years ExxonMobil and its Stabroek Block co-venturers – Hess and CNOOC – have made a commitment to spend some G$20 billion (US$100 million) over the next ten years to significantly expand capacity-building efforts and promote sustainable economic development in Guyana. Under a new enterprise called the ‘Greater Guyana Initiative’, the companies will work with several organisations, including the University of Guyana (UG), the Centre for Local Business Development and Technical and Vocational Education Training (TVET) institutions. The ‘Greater Guyana Initiative’ aims primarily to expand ongoing capacity development efforts by supporting education, job training, healthcare, and agriculture. It also aims to offer collaborative programmes to develop a diversified workforce and businesses. During a virtual launch, President of ExxonMobil Guyana, Alistair Routledge, said the move was part of the company’s long-term and broad commitment to local content and the responsible development of the country’s oil and gas resource. He said it has been in planning for more than two years.

128

| Invest Guyana 2020/21

INVESTGUYANA.NET

President of ExxonMobil Guyana, Alistair Routledge

“Our long-term commitment will support initiatives to further build human capacity, advance education, improve health care and promote sustained economic diversification. This work will boost our shared capacity development efforts in Guyana, preparing Guyanese to capitalise on new and expanded economic opportunities,” he said. Routledge said the programmes that will benefit from the funding will have to align with the country’s overall development objectives while ensuring there is no duplication of efforts. The Stabroek Block co-venturers will evaluate and select capacity-building projects to be included in the initiative; they will consult with local and national stakeholders and utilise third-party experts, including non-governmental organisations, to implement initiatives. Current oil development activities include three offshore projects – Liza Phase 1 and 2 and Payara. Liza Phase 1 has been producing oil for just over a year while Liza Phase 2 and Payara are on track to begin production of oil by 2022 and 2024, respectively. As the projects proceed, investment in the Guyanese economy continues to increase. The number of Guyanese nationals supporting project activities doubled in 2020 to more than 2,100 and over G$67 billion was spent with more than 700 local suppliers.

Hundreds of local businesses benefit from Oil & Gas supplier forum As exploration and production activities offshore Guyana continue to expand, local businesses are taking advantage of opportunities made available to them to enhance their capabilities to service the oil and gas industry. Over 700 local companies participated in ExxonMobil’s recently held virtual five-day Guyana Supplier Forum where they learnt more about upcoming procurement opportunities, procedures, and requirements directly from ExxonMobil and its prime contractors.

OIL & GAS The forum was organized by the Centre for Local Business Development (CLBD) which has been offering local businesses free services to make them competitive in the oil and gas sector for the last three years. Director of the CLBD, Natasha Gaskin-Peters said, “We wanted to engage local entities on the procurement forecast from Exxon and its prime contractors to make strategic investments in preparation for what is to come.” The Centre’s Director said the categories of businesses that participated varied but she underscored that there was a gap in the technical area.

Guyana will surpass Venezuela’s daily oil production by 2025 Energy Economist at the Inter-American Development Bank (IDB), Lenin H. Balza, is of the view that Guyana’s oil production is on a trajectory to eventually surpass Venezuela’s daily oil production. Speaking at the recent Platts Americas Petroleum and Energy Virtual Conference “I believe we can see Guyana producing more than 700,000 b/d by 2025. If Guyana continues this trend, it is going to surpass Venezuela…of course Venezuela has its own problems right now,” an S&P Global Platts report quoted Balza as saying. Reports indicate that for the first eight months of 2020, Venezuela’s oil output has averaged 542,750 barrels daily, which is 32% lower than 2019 and well below the nearly three million barrels daily reported for 2000. Guyana is currently producing about 120,000 b/d of light sweet Liza crude, which is loaded onto Suezmax tankers at the FPSO vessel Liza Destiny on the Stabroek Block offshore. Guyana has discovered more than 9 billion barrels of oil offshore since 2015 through the ExxonMobil-Hess-CNOOC consortium. Revised estimates a year ago by analysts Rystad Energy, showed that oil production in Guyana is now estimated at 1.2 million barrels per day by 2030, and total annual oil revenues could approach US$30 billion within 10 years. Rystad had said in a previous article by Sonya Boodoo, Vice President of Upstream Research, that Guyana could be producing 1.2 million barrels of oil per day by the end of the decade, lifting total annual oil revenues to about US$28 billion, assuming an oil price of about US$65 per barrel. “Government income in the country is forecast to grow rapidly and could reach nearly US$10 billion annually within a decade,” Rystad had said.

Guyana becomes main oil loading region for Mega Suezmax tankers

The significant decrease in Caribbean oil loadings out of Colombia and Venezuela in 2019 and 2020, has seen market participants shift their focus to Guyana as an up-and-coming key load region. According to an S&P Global Platts Report: “There have been eight Suezmaxes reported booked out of Guyana so far in 2021, surpassing the five seen out of Covenas, Colombia in the same period, according to Platts fixture logs.” “Suezmax” are the largest ships that can transit the Suez Canal. These tankers are some 275 metres (900 feet) long and have a capacity of 120,000 to 200,000 dwt. They carry about 800,000 to more than 1,000,000 barrels. The Platts report said that, currently, approximately four Suezmax-size cargoes load out of Guyana each month, while straight Covenas, Colombia-loading voyages tally to approximately two to three a month, according to shipping market participants. “This trend began in 2020, as the Liza Floating Production Storage and Offloading vessel ramped up to a nameplate capacity of 120,000 b/d in December, after being only a year into operation, with charterers such as ExxonMobil, Shell, and CNOOC leading in fixture volumes out of the area,” the analysts said. The Covenas-Chiriqui Grande, Panama run reportedly had become the sole voyage making cross-Caribbean movements in 2020 to deliver crude to the trans-Panamanian pipeline (PTP) intake location. However, Guyana-origin liftings have slowly become more prevalent in recent days. S&P Global Platts emphasized that Exxon has stated plans to have at least five FPSOs in place by 2026, with the potential to have as many as 10 in the long term.

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

129

OIL & GAS Guyana, Suriname, Brazil attracting more new oil investment than Gulf of Mexico Guyana, Suriname and Brazil are now attracting more new oil investment than the Gulf of Mexico and other more established oil fields, according a recent report in The New York Times. Guyana now has more than 9 billion barrels in proven reserves of oil and projections are that the English-speaking country of about 780,000 people could be producing about 1.2 million barrels of oil in the next decade, making it the second largest oil producer in Latin America after Brazil. The New York Times, in an article by Clifford Krauss entitled, ‘Suriname Could Be Latest Big Oil Find as Industry Cuts Costs’, said that Guyana already accounts for one of the top 50 oil basins worldwide, according to consultants. “Suriname has at least three billion to four billion barrels of reserves, energy experts said, or up to half the new oil and gas discovered around the world last year,” The New York Times said. The three countries, according to the article, “are helping to keep global oil prices relatively low, undermining efforts by Russia and its allies in the Organization of the Petroleum Exporting Countries, like Saudi Arabia, to manage global supply and push up prices.” Guyana and Suriname are among countries projected to dominate next year’s oilfield licensing activity, Rystad Energy said recently.

Guyanese firm AGT teams up with ExxonMobil subsea and marine services provider Aqueos Aqueos Corporation, an ExxonMobil contractor for surface and deep-water commercial diving and ROV services, and AGT Energy Group Inc. of Guyana, have signed a Memorandum of Understanding (MoU) to provide subsea and other marine services to Guyana’s growing oil and gas sector. Aqueos is the only approved diving contractor for ExxonMobil in Guyana and has a five-year enabling agreement with the American oil major, the company said in a press release. The MoU was signed at AGT’s local office at Providence, East Bank Demerara, by Ted Roche, President and CEO of Aqueos and Danny Balkissoon, Managing Director of #AGT Energy Group Inc. Also present at the signing were Eric Legendre, COO of Aqueos, and Darren Debideen, Oil and Gas Consultant for DCEL.

130

| Invest Guyana 2020/21 2021/22

INVESTGUYANA.NET INVESTGUYANA.NET

(From L) Ted Roche, President and CEO of Aqueos, Darren Debideen, Oil and Gas Consultant for DCEL, Eric Legendre COO of Aqueos and Danny Balkissoon, Managing Director of AGT Energy Group Inc.

AGT Energy Group Inc. is a member of the oil and gas services consortium led by Demerara Contractors and Engineers Limited (DCEL), a subsidiary of Demerara Distillers Limited (DDL). “We see this as a strategic initiative for our company since it is really important to align with the right group…and that is AGT, and DCEL who will help to provide local talent,” Roche said following the signing. “Guyana’s oil and gas sector is extremely important to the growth of the country and its people, and we’re committed to providing local content wherever we can. We remain committed to training additional Guyanese to fill the projects under our portfolio,” he added. Aqueos Corporation is a premier provider of subsea services to both the oil and gas and civil markets in the Gulf of Mexico and the US Pacific Coast. The company provides marine construction and specialty subsea services, including commercial diving, remotely operated vehicles (ROV), and vessel services, from offices in Texas, Louisiana and California.

Consultations underway on draft Local Content Policy as Guyana leads global growth H.E President Ali at the Stakeholders’ Consultation on Guyana’s Draft Local Content Policy

ulti-sector consultations on the draft Local Content

line. Therefore, as an emerging petroleum producing and

Policy (LCP) document are progressing well as the push

exporting nation, it is the government’s guiding principles

continues to urgently develop a comprehensive strategy to

that the LCP focus on being:

guide and regulate local and foreign participation in existing and emerging business sectors.

1. A guide towards a national strategy for economic development

The consultations, which began in February, will span one

2. A mechanism to create value beyond the sector

month and are inclusive of all national stakeholders. All

3. Grounded in the objectives of a realistic assessment of

relevant issues are being discussed and it is expected to result in the crafting of a final document to govern Local Content Policy across the Oil and Gas Sector and all other sectors of the economy.

the country’s resources and capabilities 4. Adaptive to Guyana’s energy mix and transition objective toward a low carbon economy 5. Integrated to the procurement strategy of the national economy

Mr Shyam Nokta, the President of the Guyana Manufacturing and Services Association, has been appointed by President

The president further asserted that the policy must

Irfan Ali to lead a team of diverse professionals to look at

emphasize accountability, incentives, opportunities for

the issues and present a report with recommendations for

capacity building, and realistic targets that would allow

consideration. The Report presented by this team is being

Guyanese to benefit the most from their oil wealth.

discussed during the consultations. The question of local content became a significant factor At the first round of consultations, Guyana’s President,

for the South American country after ExxonMobil made the

Dr. Irfaan Ali, told participants, “While the oil and gas

first commercial discovery of oil offshore Guyana in 2015

sector would be one that will be critically targeted in the

and started production in December 2019. In September

local content strategy, the local content strategy is an

2020, ExxonMobil made its 18th discovery offshore Guyana

overarching strategy that will cover every single sector of

at the Redtail-1 well. It is the largest new international

the development of our country.”

offshore oil discovery of the last half decade.

More specifically, according to the draft LCP document, it

Consequently, the LCP aims to guide and regulate, among

will ensure that business projects can create shared value

other things, how many jobs will be created for local citizens;

by generating and growing economic opportunities related

the kind of training opportunities that will be provided/

to their workforce, local supply chain and surrounding

supported for citizens and local businesses; benefits for

communities, in ways that also support their bottom

local schools, roads, hospitals, and other infrastructure.

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

131

According to a recent Forbes report, essentially, the LCP is expected to address how international companies will help local communities build the capacity to take advantage of the opportunities that lie ahead. Already, the companies have partnered with the Government of Guyana to create and support the Centre for Local Business Development (CLBD), which offers training programs and other initiatives designed to help local businesses become capable of accessing opportunities created by the country’s burgeoning oil and gas sector. This sector promises enormous growth over the coming decade and beyond. In recent weeks, the International Monetary Fund (IMF) said that despite the debilitating direct and indirect effects of COVID-19, Guyana continues to lead global economic growth, closing 2020 with an average real Gross Domestic Product (GDP) growth of 26.2 per cent. With this rate of growth, NASDAQ Stock Market predicts that Guyana will remain as the fastest growing economy in the world. NASDAQ is said to be the second largest stock exchange in the world by market capitalisation, behind only the New York Stock Exchange located in the same city. NASDAQ has predicted that Guyana’s growth is expected to come in at 12 per cent in 2021, 49 per cent in 2022 and 28 per cent in 2023. The country’s GDP of about $6.8 billion is expected to more than double by 2025, reaching over $14 billion. This nation, however, attracted international attention after ExxonMobil made the first commercial discovery of oil offshore Guyana in 2015 and started production in December 2019. In September 2020, ExxonMobil made its 18th discovery offshore Guyana at the Redtail-1 well. And, according to NASDAQ, Guyana, with its estimated recoverable resources of about nine billion barrels of oil equivalents is projected to be among the world’s largest per capita oil producer by 2025.

132

| Invest Guyana 2021/22

INVESTGUYANA.NET

President Dr. Mohamed Irfaan Ali shares a toast with EU Ambassador to Guyana, Mr. Fernando Ponz Canto

Creating New Opportunities Ministry of Foreign Affairs and International Cooperation Guyana is a signatory to approximately 20 Trade, Economic Cooperation and Investment Promotion Agreements. These include:

World Trade Organisation (WTO) agreements; Six regional and hemispheric agreements including, CARIBCAN (Caribbean and Canada), Caribbean Basic Economic Recovery Act/ Caribbean Basin Trade Partnership Act (CBERA/CBTPA), CARICOM Single Market and Economy (CSME), CARIFORUM-EU Economic Partnership Agreement (EPA), CARIFORUM-United Kingdom EPA; and the recently concluded Post-Cotonou Development Cooperation Agreement between the European Union and the African, Caribbean and Pacific (ACP) region;

Five bilateral agreements between CARICOM as a block and Colombia, Costa Rica, Cuba, Venezuela and the Dominican Republic;

Four bilateral trade agreements with Argentina, Brazil, China and Venezuela;

Seven Investment Promotion and Economic Cooperation agreements with Barbados, Argentina, Swiss Confederation, Germany, Ecuador, Kuwait, United Kingdom of Great Britain and Northern Ireland;

Three agreements establishing joint Business Development Councils with China, Cuba and India.

These agreements provide scope for preferential trade in goods and services, the majority on non-reciprocal terms; promote cross-border investment and provide for development support. They also seek to address unfair trading practices in order to provide for a more leveled playing field for traders and to provide scope for capacity building through technical assistance and dialogue, including on barriers to trade. The opportunities for preferential exports are important to the competitiveness of Guyanese products in the relevant export market as they provide a margin of support that allows Guyanese exporters to compete with exporters from larger countries that are more likely to have a price advantage due to economies of scale. For the agreements representing deeper forms of cooperation, including the CSME and the Post-Cotonou Development Cooperation Agreement, there is scope for external policy coordination on foreign trade and development matters of interest to all parties.

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

133

not many value-added products are produced, particularly with export potential. In fact, rum is the country’s key success story where value-added production is concerned.

Minister of Foreign Affairs and International Cooperation, the Honourable Hugh Todd, earlier today chairing the 90th Special Meeting of the Council for Trade and Economic Development (COTED), held virutally. The Minister emphasized the significance of sugar to the region and the need to reinvigorate the regional agenda for food security through promotion of commercialization of agri-food systems.

As an open economy relying on trade for approximately 96% (2018) of its GDP, a major benefit of the trade agreements is predictability and stability in access to key markets. However, a survey of Guyana’s performance under the trade agreements suggests that the market access opportunities are not fully exploited. For instance, approximately 5,700 tariff lines of products are now covered by CBERA/CBTPA trade preferences. However, Guyana’s utilization rate under these programs has been less than 10% with Guyana being among the smallest exporters to the US when compared to other beneficiaries such as Trinidad and Tobago. This is reflective of a wider systemic trend of an undiversified production, export base and end markets targeted. Guyana produces mainly primary agricultural and mineral products; these dominate the export basket. Approximately 10 export commodities account for 97% of total export earnings - gold, rice and paddy, bauxite, fish and byproducts, prepared foods, shrimp and prawns, sugar, timber and rum and spirits. While several of the agreements do in fact capture mainly primary agricultural products because they were negotiated to reflect the partners’ comparative advantage, there is still limited trade in these products which indicates that Guyana is not producing sufficient quantities of these commodities for export markets. There is also a vacuum in the country’s manufacturing base which accounts for just about 15% of GDP. This means that 134

| Invest Guyana 2021/22

INVESTGUYANA.NET

Importantly, with the emergence of an oil and gas sector, and the commencement of exports of crude oil in the first quarter of 2020, there are several opportunities that this new export commodity brings including shifting the country’s balance of trade from an historical deficit to a surplus. For instance, with first oil being exported in the first quarter of 2020, Guyana recorded an overall balance of trade surplus of US$36 M. Traditionally, Guyana has exported over 80% of its exports to just about five markets - USA, Canada, CARICOM, the United Kingdom and the European Union. Cultural and historical factors feature largely in explaining trade with these countries and have influenced the formulation of trade agreements. On the import side, China, along with the USA, CARICOM, and the United Kingdom account for over 70% of Guyana’s total imports. Several new and expanded agreements and initiatives, being spearheaded by the Department of Foreign Trade of Ministry of Foreign Affairs & International Cooperation, completed or underway, offer opportunities for Guyanese enterprises to continue to secure strategic imports as well as to continue to benefit from preferential access to export markets. Noteworthy, Expanded quotas for rice under the Guyana-Brazil-St. Kitts Partial Scope Agreement; Extension of the Caribbean Basin Initiative (CBI) waiver to September 30, 2025 and renewal of the legislation covering the Caribbean Basin Trade Partnership Act (CBTPA), providing for the continuation of dutyfree access to the United States market for eligible products including; rice, sugar, rum, aerated beverages, condiments, garments and edible fats; Signing of the CARIFORUM-UK EPA on March 22nd, 2019, allowing for maintenance of preferential access to the UK market in line with previous commitments under the CARIFORUM-EU EPA. Expansion of tariff lines under the CARICOM-Costa Rica to include broken, husked brown and semi-milled rice; Development of Geographical Indications (GI) specifications for rice, greenheart wood and heart of palm, allowing these products to be able to compete in niche markets;

Increased efforts to identify and remove barriers to trade; Completion of the negotiations of the post-Cotonou Development Cooperation Agreement which would sustain a platform for development cooperation among ACP countries and between the ACP and the EU; Engagement with the Caribbean Community for development of a CARICOM sugar monitoring mechanism in order to improve access to the CARICOM market and increase scope for sales of regionallyproduced refined sugar;

Share an Ice Cold Banks Beer.

Guaynese refined sugar products

Participation in the comprehensive review of the CARICOM Common External Tariff (CET) and Rules of Origin (ROO) policy regimes to allow for lowering input costs and building price competitiveness; Increased emphasis on diversifying into trade in services, supported by an ACP TradeCom II-funded project to identify services sectors with export potential and to build capacity of statistical agencies to collect and report on trade in services data. For more information about Guyana’s trade and economic cooperation agreements and upcoming events to be hosted by the Department of Foreign Trade, please visit the Ministry’s website: www.minfor. gov.gy or follow us on Facebook at Ministry of Foreign Affairs & International Cooperation for the latest news.

www.minfor.gov.gy

GOINVEST.GOV.GY

Invest Guyana 2021/22 |

135

A New Era of Engagement for the Guyanese Diaspora Ministry of Foreign Affairs and International Cooperation

Overseas based Guyanese have always maintained a strong connection with their homeland, Guyana. Many of them feel a strong sense of belonging and have a great desire to contribute to the development and transformation of our country. Historically, the Diaspora has demonstrated this sense of commitment over the years through medical outreach programmes, in-kind philanthropy and the provision of financial support to family through remittances. The importance of remittances to this country cannot be overstated having remained a significant contributor to the Guyana economy as reflected in the current account of the Balance-of-Payments. According to the 2019 Annual report of the Bank of Guyana, the value of remittances stood at US 374 million in 2019, one of the largest contributors to foreign inflows. While substantial data about the Guyanese diaspora is not readily available, Guyanese abroad, when coupled with their offspring who may or may not be citizens of Guyana, could equal or be even greater than the number of Guyanese living in Guyana. The potential that therefore lies in our diaspora is vast and the Government of Guyana is intensifying efforts and embarking on aggressive strategies and policies to revitalize, deepen and sustain diaspora engagement in to order to leverage the expertise, talent and investment potential that reside within that population. In affirming this commitment to the diaspora, the Government, in addition to recently re-instating the Diaspora Unit at the Ministry of Foreign Affairs & International Cooperation, has now completed and approved the new Diaspora Engagement Strategy & Plan of Action. This was done in collaboration with one of our long-standing international partners - the International

136

| Invest Guyana 2020/21

INVESTGUYANA.NET

Nationals of Guyana returning home during the COVID pandemic

Organization for Migration (IOM). The diaspora strategy can best be viewed as the overarching framework for providing a level of coherence to the range of diaspora policies devised and implemented by a variety of agencies. Within this broader policy framework, there is a specific emphasis on remigration and the establishment of a well-functioning structure for re-migrants. This strategy and its accompanying Plan of Action are presented as a blueprint for the creation of an infrastructure that will facilitate diaspora-homeland partnerships and deepen mutual commitment. In addition to the development of institutional capacity, the strategy directs attention to a small number of new initiatives that are to focus attention in terms of diaspora-GoG cooperation over the next five years. The creation of the Diaspora Council of Guyana, an initiative of His Excellency President Dr. Mohamed Irfaan Ali, the framework to be used to facilitate sustained collaboration between Government and civil society, private sector, and the Diaspora is one such initiative referred to previously. The Government is also spearheading a diaspora youth volunteer programme, in collaboration with the IOM. The general objective of the project is to strengthen the Government’s involvement with the youths of the Guyanese diaspora to ensure their increased commitment and engagement with their homeland.

To further realize its mandate, the Government has intentions to establish trade, investment and diaspora desks at key Diplomatic Missions and Consular Posts and is soon to launch the new and improved Diaspora website and social media platforms later this year. These platforms will enable persons in the diaspora to easily access information about investments available, jobs available in Guyana, information about remigration, just to mention a few. Further, the Government has already begun to work with its overseas Missions to ensure that they are on track to fulfill its mandate. The role of diaspora as an economic tool is multifaceted, and the development potential of diaspora investment has been acknowledged as such. It is recognized that there is a relative absence of a readily accessible investment mechanism for diaspora members interested in investing in Guyana. While there may be a small community of high-end business people able to invest large sums of money, there is a large community of middle-class diaspora Guyanese who may be interested to place relatively small sums (5,000 – 50,000 USD) in safe financial instruments that would also benefit the diaspora investors. This is why research work is being done on the creation of a Diaspora Investment Fund to mobilise resources from Guyanese in the Diaspora who might be looking for a safe and decent return on investments at home. To this end, the fund can be utilized to finance major development projects given the trajectory in which Guyana’s economy is headed.

wants to position the oil and gas sector to be consistent with international standards and one which benefits all the people of Guyana. To make this happen, access to the human and financial capital of our diaspora will be essential. A key priority of the Government in revisiting its relations with the diaspora is to overcome political divisions and to rally and unite diaspora communities worldwide around commonly accepted development goals. This is the dawn of a new era for the role of the diaspora as a key driver of Guyana’s journey to greater prosperity. For more information about the work of the Diaspora Unit of the Ministry of Foreign Affairs & International Cooperation, its upcoming events, and information about remigrating to Guyana, please visit the Ministry’s website: www.minfor.gov.gy or follow us on Facebook at Guyana Diaspora Affairs for the latest news.

www.minfor.gov.gy

While the diaspora is already engaged in various ways in the country, the Government recognizes that a more functional and responsive structure is needed to serve this cherished part of our population and to guarantee that Guyana has a fruitful and long-lasting relationship with those who are part of our overseas community. President Irfaan Ali is committed to ensuring the Guyanese community living abroad are involved and included in his vision and plans to transform and modernize Guyana. His Excellency, the President has mandated the Foreign Secretary of the Ministry of Foreign Affairs & International Cooperation, Robert M. Persaud to spearhead this priority area for the Government. As Guyana transitions into becoming a leader in the regional energy sector, the need for tangible contributions from Guyanese both here and abroad will be one of the key ingredients to enable a Guyana for all. The Government GOINVEST.GOV.GY

Invest Guyana 2021/22 |

137

DOING BUSINESS IN GUYANA Khalil Ali General information is provided on areas of interest to investors including methods of establishing a business in Guyana, taxation issues, employment issues, investment protection 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.

138

| Invest Guyana 2020/21

INVESTGUYANA.NET

 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 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

DOING BUSINESS IN GUYANA 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 non-

resident 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$65,000 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. The rate of income tax is 28% on taxable income up to G$130,000 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. Other employed persons have income taxes withheld under the pay-as-you-earn (PAYE) system. 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. 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.

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

139

DOING BUSINESS IN GUYANA Payments disbursed to resident contractors in excess of G$500,000 for the supply of labour or the hiring of equipment are subject to a withholding tax of 2%. 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. 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. 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.

 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.

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.

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.

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:

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

140

| Invest Guyana 2020/21

INVESTGUYANA.NET

DOING BUSINESS IN GUYANA allowance are bauxite, gold, diamonds, petroleum, sugar, rum, molasses, rice, timber, lumber, and shrimp. Exporters of goods manufactured in Guyana are eligible for a tax credit equivalent to the applicable VAT paid on water and electricity relating to the manufacture and export of goods. 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  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$44,200 per month; however, the public service minimum wage is G$70,000 per month.

EMPLOYMENT OF FOREIGNERS Foreigners require a work permit issued by the Ministry of the Presidency to be employed in Guyana. Application for work permit requires information on both the employer and the intended non-national employee. 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

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

141

DOING BUSINESS IN GUYANA 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 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  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

142

| Invest Guyana 2020/21

INVESTGUYANA.NET

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 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. Author’s note: 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.

GOVERNMENT OFFICES AND AGENCIES Office of the President Shiv Chanderpaul Drive, Bourda, Georgetown Tel: (592) 225-1330 Fax: (592) 226-3395 Email: opguyana@gmail.com Website: www.op.gov.gy Office of the Prime Minister Colgrain House, 205 Camp St., Nth Cummingsburg, Georgetown Tel: (592) 225 2705 Email: info@opm.gov.gy; opm@opm.gov.gy Website: www.opm.gov.gy Ministry of Foreign Affairs and International Cooperation 254 South Road, Bourda, Georgetown Tel: (592) 226-1606 Fax: (592) 223-5241 Email: minister@minfor.gov.gy Website: www.minfor.gov.gy Ministry of Amerindian Affairs 251-252 Thomas & Quamina Streets, Georgetown Tel: (592) 226 5267 Fax: (592) 225-7072 Email: indigenousaffairs@gmail.com Website: www.moipa.gov.gy Ministry of Agriculture Regent & Shiv Chanderpaul Drive, Bourda, Georgetown Tel: (592) 227-5049/223-7291 Email: minofagriculture2015@gmail.com Website: www.agriculture.gov.gy.com Ministry of Local Government and Regional Development De Winkle Building 4th Street, Kingston, Georgetown Tel: (592) 227-3538 Email: ministerofcommunities@gmail.com Website: www.mlgrd.gov.gy Ministry of Education 21 Brickdam, Stabroek, Georgetown Tel: (592) 223-7900 Fax: (592) 225-5570 Email: educationministrygy@gmail.com Website: www.education.gov.gy Ministry of Finance 49 Main & Urquhart Streets, Georgetown Tel: (592) 227-3992 Fax: (592) 226-1284 Email: publicrelations@finance.gov.gy Website: www.finance.gov.gy Ministry of Legal Affairs 95 Carmichael Street North Cummingsburg, Georgetown Tel: (592) 226-2616 Fax: (592) 227-5419 Email: ps@mola.gov.gy Website: www.mola.gov.gy

Ministry of Natural Resources 96 Duke Street Kingston, Georgetown Tel: (592) 231-2506 Fax: (592) 231-2503 Website: www.nre.gov.gy Ministry of Health Lot 1 Brickdam, Stabroek, Georgetown Tel: (592) 227-7986 Fax: (592) 225-4505 Email: mophguyanapr@gmail.com Website: www.health.gov.gy Ministry of Public Works Wight’s Lane, Kingston, Georgetown Tel: (592) 225-6510 Email: ministryofpublicworksgy@gmail.com Website: www.mopi.gov.gy Ministry of Home Affairs Lot 6 Brickdam, Stabroek, Georgetown Tel: (592) 226-2444/5 Fax: (592) 227-0213 Email: minister@moha.gov.gy Website: www.mops.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 Ministry of Human Services and Social Protection 357 Lamaha and East Streets, Georgetown Tel: (592) 225-6545 Email: minister.mhsss@gmail.com Website: minister.mhsss@gmail.com Environmental Protection Agency Ganges Street, Sophia, Georgetown Tel: (592) 225-2062 Fax: (592) 225-5481 Email: epa@epaguyana.org Website: www.epaguyana.org Go-Invest (Guyana Office for Investment) 190 Camp & Church Streets, Georgetown. Tel: (592) 225-0658/ 227-0653 Fax: (592) 225-0655 Email: goinvest@goinvest.gov.gy Website: www.goinvest.gov.gy Guyana Civil Aviation Authority 73 High Street Kingston, Georgetown Tel: (592) 227-8111, Hotline: (592) 608-4222 Email: it@gcaa-gy.org/ director-general@gcaa-gy.org Website: www.gcaa-gy.org Guyana Energy Agency 295 Quamina Street, South Cummingsburg, Georgetown Tel: (592) 226-0394/225-9050 Email: gea@gea.gov.gy Website: www.gea.gov.gy

Guyana Forestry Commission 1 Water Street, Kingston, Georgetown Tel: (592) 226-7271/226-7274 Fax: (592) 226-8956 Email: forestrygy@gmail.com Website: www.forestry.gov.gy Guyana Geology and Mines Commission Upper Brickdam, Georgetown Tel: (592) 225-2862/ 225-2865 Fax: (592) 227-0084 Email: commissioner@ggmc.gov.gy Website: www.ggmc.gov.gy Guyana Lands & Surveys Commission 22 Upper Hadfield Street Durban Backlands, Georgetown 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 Tel: (592) 219-0062 Fax: (592) 219-0070 Website: www.gnbsgy.org Guyana Revenue Authority 200-201 Camp Street, Georgetown Tel: (592) 227-8222 Website: www.gra.gov.gy Guyana Rice Development Board 117 Cowan Street , Kingston, Georgetown Tel: (592) 225-8717 Fax: (592) 225-6846 Email: info@grdb.gy Website: www.grdb.gy Guyana Tourism Authority National Exhibition Centre Sophia, Georgetown Tel: (592) 219-0094 Fax: (592) 219-0093 Email: info@guyanatourism.com Website: www.guyanatourism.com National Insurance Scheme Brickdam and Winter Place, Stabroek Georgetown Tel: (592) 225-2793 Tax: (592) 225-9377 Email: gmnis2010@yahoo.com Website: www.nis.org.gy National Industrial & Commercial Investments Ltd / Privatisation Unit 199 Camp Street, Georgetown Tel: (592) 225-1708 Fax: (592) 226-6426 Email: nicil@nicil.gov.gy Website: www.nicil.gov.gy

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

143

PRIVATE SECTOR AGENCIES Guyana Gold and Diamond Miners Association 29 North Road, Bourda, Georgetown Tel: 225-2217/225-1828 Email: minersassociation@yahoo.com Website: www.ggdma.com

Berbice Chamber of Commerce and Development Association (BCCDA) 12, Chapel Street, P.O. Box 19 New Amsterdam, Berbice Tel: 333-3592 Email: bccda@guyana.net.gy Central Corentyne Chamber of Commerce and Industry Plot CC Williamsburg, Corentyne, Berbice Tel: 333-5264 Email: central_chamber@yahoo.com Forest Products Association of Guyana 157 Waterloo Street, North Cummingsburg, Georgetown Tel: 226-9848 Email: fpasect@guyana.net.gy Georgetown Chamber of Commerce and Industry 156 Waterloo Street, North Cummingsburg, Georgetown Tel: 227-6441 Email: ggcicommerce2009@gmail.com Website: www.ggci.gy

144

| Invest Guyana 2020/21

Rupununi Chamber of Commerce and Industry Block ‘A’ Takutu Drive, Lethem, Rupununi Tel: 772-2213 Email: rupununircci@yahoo.com

Guyana Manufacturing and Services Association 157 Waterloo Street, North Cummingsburg, Georgetown Tel: 223-7405/225-5615 Email: gmsaguyanaltd@gmail.com

Tourism and Hospitality Association of Guyana 157 Waterloo Street, North Cummingsburg, Georgetown Tel: 225-0807 Email: thag.secretariat@gmail.com Website: www.exploreguyana.org

Institute of Private Enterprise Development 253 South Road, Bourda, Georgetown Tel: 226-4675/225-8949 Email: iped@ipedgy.com Website: www.ipedgy.com

Upper Corentyne Chamber of Commerce & Industry 157 Line Path B, Corrriverton, Berbice Tel: 339-2935 Email: ucci.chamber@gmail.com

Linden Chamber of Commerce and Industry 97-98 Republic Avenue, MacKenzie, Linden Tel: 444-2901 Email: infolindenchamber@gmail.com

West Demerara/East Bank Essequibo Chamber of Commerce and Industry 4 Ocean View Drive, Ruimzeight, West Coast Demerara Tel: 269-0032 Email: westdemerarachamberofcommerce@gmail.com

Private Sector Commission (PSC) 157 Water Street, North Cummingsburg, Georgetown Tel: 225-5347 Email: office@psc.org.gy Website: www.psc.org.gy

INVESTGUYANA.NET

GUYANA EMBASSIES/OVERSEAS MISSIONS ANTIGUA & BARBUDA MR. ROBERT EDWIN REIS (Bobby) Honorary Consul Consulate of Guyana Suite 4, Corner Corn Alley & Long Street, St. John’s, Antigua Tel: 268 720 5751 Fax: 268 463 0561 Email: images@candw.ag

Boa Vista Consulate of the Cooperative Republic of Guyana Rua Joao Pereira Caldas 71-Nossa Senhora Aparecida CEP: 69.306-450 CNPJ: 05.870.492/001-90 Boa Vista-Roraima Tel: 001-55-95-3624-1129, 001-55-95-8123-4219 Email: guyanaconsulatebrazil@hotmail.com

CYPRUS MR. ATHOS STYLIANOU Honorary Consul Consulate of Guyana Limasso Avenue No. 2, Office No. 39, 2220 Laxia, Nicosia, Cyprus Tel: 357 248 6800 (Office); 357 242 9250 (Home) Fax: 357 242 5375 (Office) Email: g.e.consult@cytanet.com.gy

BAHAMAS MR. JAIRAM MANGRA Honorary Consul Consulate of Guyana 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

BRAZIL MR. PAULO GOMES DOS SANTOS Honorary Consul Consulate of Guyana 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: celpaulo.consuladoguianario.com.br

DOMINICAN REPUBLIC MR. DARIO LAMA Honorary Consul Consulate of Guyana J.F. Kennedy Avenue, Bonanza Building Santo Domingo, Dominican Republic Tel: 809 565 5531 (ext. 213); 809 567 5023 (Office); 809 547 2037 (Home); 809 399 7161 (Cell) Fax: 809 566 1087; 809 567 7159 Email: dario.lama@gmail.com Website: consulatr@embelize.org; embassy@ embelize.org

BARBADOS ‘Harbour View House’ Highgate Park Collymore Rock, St. Michael, BB14005 Barbados Tel: 246-537-2767 Fax: 246-537-2776/2779 Email: guyanaconsulate.bb@mission.gov.gy BELGIUM Embassy of the Cooperative 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 BELIZE MR. HUGH SAUL Honorary Consul Consulate of Guyana 27 Ridge Lagoon Estates,cLady Ville, Belize District, Belize Tel: 501 225 3863 (Office); 501 602 3472 Email: hughasaul@gmail.com BOTSWANA MR. TERRENCE H. PARIAUG Honorary Consul Consulate of Guyana c/o Century Office Supplies 5679 Broadhurst, Gaborone, Botswana Tel: 267 391 2655 (Office); 267 318 2675 (Home); 267 7171 0354 (Cell) Fax No.: 267 390 2916 (Office) Email: tpariaug@yahoo.com BRAZIL Brasilia Embassy of the Cooperative 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; 55-613364-5319 Fax: 55-61-3248-0886 Email: embguyana@embguyana.org.br.

MR. CARLOS FREDERICO ZIMMERMANN NETO Honorary Consul Consulate of Guyana 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 CANADA Ottawa High Commission for the Cooperative 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 Toronto Consulate General of the Cooperative 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 CHINA Embassy of the Cooperative 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 Cooperative 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

FRENCH GUIANA ( TBA) GREECE AND MIDDLE EAST MR. GEORGE HALLAQ Special Ministerial Envoy 140 Vouliagmenis Avenue 1st Floor, Glifada 166 74 Greece Tel: +302108947373; +302108947374 Emergency contact: +302108947373; +302108947374 Fax: +302109517355; +302109517355; +3069477206001 Email: guyanamissiongr@gmail.com GREECE MR. NABIL E. BAHU Honorary Consul Consulate of Guyana Erithrou Stavrou 3 and Makka, 1 Ambelokipi, GR 11526, 4th Floor, Athens, Greece Tel: 210 958 5064 65; 210 958 5066 67 Fax: 210 951 7355; 210 813 7322 HAITI MR. MARC KINSON ANTOINE Honorary Consul Consulate of Guyana Adeko Enterprises S.A. 42, Blvd. Toussaint Louverture (A côté de la Douane de l’Aéroport), Port-au-Prince, Haiti Tel: +509 2816 0880 (Office); +509 2815 2815(Office); +509 3701 0617 (Mobile) Email: mk.antoine@adeko-ht.com INDIA DR. AJEENKYA D Y PATIL Honorary Consul Consulate of Guyana Adarsh Nagar, Worli, Mumbai - 400 030 India Tel: 91 22 2421 7999 Fax: 91 22 2421 3333 Email: consul@adypg.gy INDIA High Commission for the Cooperative 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

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

145

JAMAICA MS. INDERA PERSAUD Honorary Consul Consulate of Guyana 2nd Floor, 34-36 Old Hope Road, Kingston 5, Jamaica Tel: 876 968 5983 (Office); 876 815 2713 (Cell) Email: inderasawh@yahoo.com JORDAN MR. SAMIR YACOUB KHOURY Honorary Consul Consulate of Guyana United Pioneering Business for Trade & Investment Amman, Jordan Tel: 962 6 652 685000 (Office); 962 79 633 2600 (Cell) Fax: 962 6 552 6570 Email: samir.khoury@upb.com.jo LEBANON MR. GEORGE MATTA Honorary Consul Consulate of Guyana Selim Bustros Street,, 1st Floor E1 Dar Building, Achrafteh, Beirut, Lebanon Tel: 961 1 202 220 (Office); 961 1 200 689 (Office); 961 3 444 300 (Office) Fax No.: 961 1 336 711 Email: gmatta@dm.net.lb KUWAIT Embassy of the Cooperative 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 NEPAL MR. BINOD SHRESTHA Honorary Consul Consulate of Guyana BB Line Pvt Ltd, Ward number 1, Bhupi Sadak, Naxal, Kathmandu, Nepal Tel: 977 14 433 444 (Office); 977 14 432 999; 977 985 102 0771 Email: bbline@ntc.net.np PALESTINE DR. PETER LUFFI QUMRI Honorary Consul Consulate of Guyana P.O. Box 293 , Bethlehem – PNA, Palestine Te.: 970 2 274 3205 (Home); 970 599 21 5035 (Cell) Fax: 970 2 274 3492

PHILLIPPINES MR. JOSEPH D’ OLIVEIRA Honorary Consul Consulate of Guyana 9G Yakal Road, Tivoli Royale, Matandang, Balara, Quezon City, Manila, Philippines Tel:632 236 4517 Email: josephdoliveira@gmail.com

| Invest Guyana 2020/21

SAINT KITTS & NEVIS MS. DENIECE ALLEYNE Honorary Consul Consulate of Guyana 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 LUCIA MR. LOKESH SINGH Honorary Consul Consulate of Guyana P.O. Box 2003, Gros Islet, St. Lucia Tel: 758 453 1149 (Office); 758 484 6168 (Cell) Email: lokesh@amscaribbean.com SINT MAARTEN MS. KIM LUCAS-FELIX Honorary Consul Consulate of Guyana Suite 4, D&B Commerce Center, Cannegieter Street #46, Philipsburg, St, Maarten Tel: +(721)527-0704 Email: guyanahonoraryconsulsxm@gmail.com SAINT VINCENT AND THE GRENADINES MR. NIGEL RUSSELL Honorary Consul Consulate of Guyana Mc Carthy, St. Vincent and the Grenadines Tel: (784) 453-1222/ 485-6618; (784) 526-5159 (Cell) Email: newguyanasvg@hotmail.com SYRIA MR. NICOLAS G. AKZAM Honorary Consul Consulate of Guyana P.O. Box 3131, Victoria Square, Khouja Building (5 floor), Damascus, Syria Tel: 963 11 321 7747; 963 11 231 3345; 963 11 444 2905 Fax: 963 11 231 6204 Email: akzamdam@net.sy

PERU MR. JORGE A. ALARCON REVILLA Honorary Consul Consulate of Guyana 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

146

SOUTH KOREA DR. WAN HEE KIM Honorary Consul Consulate of Guyana Trico International Ltd., Rm. 201, Hyunjin Building, 226-29, Yunnam-dong, Mapo-gu, Seoul, 121-865, Republic of Korea Tel: 82 2 784 7202 Fax:.82 2 784 9073 Email: whkim@tricoint.co.kr Website: www.tricoint.co.kr

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

INVESTGUYANA.NET

SURINAME Paramaribo Embassy of the Cooperative 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 Nickerie Consulate General of the Cooperative 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 SWEDEN MR. PER GORAN EKLUND Honorary Consul Consulate of Guyana Odengatan 33, SE-11351 Stockholm, Sweden Tel: 46 8 408 27 853; 46 70 686 2627 (cell) Email: pereklund20@yahoo.com SWITZERLAND Permanent Mission of the Cooperative 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 TRINIDAD & TOBAGO Consulate General of the Cooperative 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 ; TURKEY MR. EROL K. MAKZUME Honorary Consul Consulate of Guyana Veko Giz Plaza, 2nd Floor No. 3-4, Meydan Sokak, 34398 Maslak, Istanbul, Turkey Tel: 90 212 290 2950; 90 212 223 5047 (Home); 90 534 524 5811 (Cell) Fax: 90 212 290 2965 Email: guyanaconsulate.tr@makzume.com; erolmakzume@makzume.com UNITED KINGDOM High Commission for the Cooperative 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

UNITED STATES OF AMERICA

California MR. RAYMOND ANTHONY D’ AGUIAR Honorary Consul Consulate of Guyana 150 W. Providencia Avenue, Burbank CA 91042, California, USA Tel: 818 422 8942 Email: Raymond@americanbinderyservice.com

Washington Embassy of the Cooperative Republic of Guyana 2490 Tracy Place, N. W., Washington, D.C., 20008 USA Tel: 0011-202-265-3834; 0011-202-265-6900; 0011202-328-1567 Fax: 0011-202=232=1297 Email: guyanaembassydc@verizon.net

Georgia MS. MARVA E. JACOBS Honorary Consul Consulate of Guyana 5683 Redan Road, Stone Mountain, GA 30088 USA Tel: 604-578-0962 Email: marvajacobs04@gmail.com

Permanent Missions to the UN Permanent Mission of the Cooperative Republic of Guyana to the UN 801 Second Avenue, Fifth Floor, New York, NY 10017 USA Tel: 212 573 5828 Fax: 212 573 6225 Email: Guyana@UN.int

Miami MR. RAMZAN ROSHANAH ALI Honorary Consul Consulate of Guyana 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

New York Consulate General of the Cooperative 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

VENEZUELA MR PATRICK HUSAIN Honorary Consul Consulate of Guyana Avenida Gumilla, Via El Pao, San Felix, Bolivar State, Venezuela Phone: +58 412 1872267 (office); 0 412 8783529 Email: patrickhusain@yahoo.com VENEZUELA Embassy of the Cooperative 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 PROTOCOL & CONSULAR AFFAIRS DEPARTMENT MINISTRY OF FOREIGN AFFAIRS Tel: 225-4305; 225-7404 Email: minfor@guyana.net.gy Website: www.minfor.gov.gy

GOINVEST.GOV.GY

Invest Guyana 2020/21 |

147

ADVERTISERS’ INDEX Advertising & Marketing Services (AMS) Allied Steel Buildings Arthur Chung Convention Center Assuria General GY BM Soat Rentals

47 109 31 69

Banks DIH Ltd - Banks Beer

135

Banks DIH Ltd - Automotive

CIC Insurance Brokers (Guyana)

Comfort Villa / Comfortsleep

Correia Group of Companies

122

Demerara Distillers Limited

E.C. Vieira Ltd E-Networks Esso Exploration & Production Guyana Ltd Etegra

132 15 Outside back cover 24

Farm Supplies Ltd Gaico Construction General Equipment Guyana (GENEQUIP) GLASS (Guyana Logistics Association of Guyana) Guyana Bank for Trade & Industry (GBTI) Guyana Marketing Corporation (GMC) Guyana National Bureau of Standards (GNBS)

111 6 57 137 25 81 115

Guyana Office for Investment (Go-Invest)

Inside back cover

Guyana Rice Development Board (GRDB)

147

Insignia Financial Advisors Caribbean International Associates Inc

51 Inside front cover

John Fernandes Ltd

113

Massy Distribution

Massy Motors Guyana Ltd MMC Security Force NALICO / NAFICO National Energy

3 37 111 2

National Hardware Ltd

101

P & P Insurance Brokers

Pegasus Hotel Guyana

Power Producers & Distributors Republic Bank (Guyana) Ltd RUBIS Guyana S. Jagmohan Hardware SBM OFFSHORE The Hardware Depot Tropical Shipping Totaltec Oilfield Services Troy Resources Varaya Inc Varaya Inc 2 Windsor Estates

148

107

| Invest Guyana 2021/22

INVESTGUYANA.NET

1 35 21 144 85 107 81 Inside front cover 122 4 11 119