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INVEST GUYANA 2015 – Magazine FREE moreSPEED 2015 Enhanced Internet Speed up to Guyana iNvest Guyana's Premier Investment Magazine Mbps 3 2015 Issue No. The Fastest and Most Affordable Internet in Guyana www.investguyana.net Throughout 2015, we will be upgrading most of our internet network, giving the majority of customers across the country up to ÀYHWLPHVIDVWHULQWHUQHWVSHHGVIRUWKHVDPHSULFH WKH\DUHSD\LQJWRGD\ Upgrades began on February 26th, 2015 and continue in a phased manner. Go to www.gtt.co.gy to check if your area is eligible. Growth Through Investment investguyana.com Invest Guyana 2015 | 1 2 | Invest Guyana 2015 investguyana.com GGMC investguyana.com Invest Guyana 2015 | 3 4 | Invest Guyana 2015 investguyana.com investguyana.com Invest Guyana 2015 | 5 AD 6 | Invest Guyana 2015 investguyana.com CONTENTS 06. Editor’s Note 28. Opportunities for Investment 66. Demerara Bank Celebrates 20 Years of Unprecedented Growth 09. Messages 30. Export Focus 68. The Proposed New Demerara Harbour Bridge 12. Meet the Government 32. GO-Invest working with Foreign and Local Investors to Develop and Expand 72. Unicomer Guyana Opens New US$6M 14. Guyana a Prime Location to Invest Distribution Centre 34. Variety Woods & Greenheart Ltd (VWL) 16. Guyana Surging Ahead with Progressive 74. Qualfon Continues Expansion with New Economic Growth and Increased FDI 36. Bank of Guyana Celebrates 50 Years Contact Center Campus 17. Guyana’s Economic Outlook is Broadly 38. Marriott Hotel Opens in Georgetown 77. Highways and Road Construction Positive. Growth is Projected to Remain Strong Opens Investment Opportunities 42. Guyana From El Dorado to Black Gold 18. Guyana’s Economic Growth is Projected 80. Beesons Windows and Doors to be Among the Strongest in the Region for 46. Guyana’s First Deep Water Harbour Setting New Standards 2015...Rapid Growth Rate of 4.3% is therefore Under Construction being Projected for Guyana 82. Guyana’s Forest Industry Open to a Range 50. Giftland Mall: The Relentless Pursuit of a of Investment Opportunities 20. The Agriculture Sector typically receives Guyanese Dream relatively little FDI in most countries in the 84. Doing Business in Guyana Caribbean, Guyana is one of two exceptions 54. Increased Passenger Traffic Drives Expansion that has attracted the attention of investors of Cheddi Jagan International Airport 91. Government Offices & Agencies from the region 56. Massy Group ‘Here to Stay’ say Group CEO 92. Private Sector Agencies 22 . Review - National Budget 2015 59. “Upbeat” On Guyana’s Economic 93. Guyana Embassies and Overseas Missions 26. Guyana An Investor’s Paradise Environment 27. Assisting Investors to tap into Guyana’s 62. UMAMI Potential The New Taste of Guyana investguyana.com Invest Guyana 2015 | 7 In this our third edition of INVEST GUYANA we welcome and introduce a new Government in Guyana which is charting a new course for Guyana’s development over the next five years. It has committed to ensuring GUYANA continued economic growth and sustainable development and a drive towards a green economy. The recently released National Budget as presented by the new Minister of Finance has projected continued Grow with annual economic growth which will be led by major investments by the Government in the improvement and the Opportunity development of the national infrastructure. The Government’s investment programme includes the construction of four lane highways and new roads, resurfacing of major roads, an expanded Cheddi Jagan International Airport and a new Demerara Harbour Bridge among the many other projects. Guyana will continue to focus on attracting Foreign Direct Investment from international and domestic investors and its diaspora community encouraging investments across the spectrum of Guyana’s economic sectors. This investment is projected to be accelerated by the recent offshore discovery of oil in Guyana by Exxon Mobil and the announced beginning of construction of Guyana’s first Deep Water Harbour on the Berbice River. The new Marriott Hotel has brought a new level of accommodation and five star service to the hospitality industry. This is to be followed by the opening of the soon to be rebranded and refurbished Princess Hotel under the Ramada brand. Major investments by Qualfon, Teleperformance, the Massy Group, Unicomer Group are supported by a rush of investments from Suriname and other Caribbean countries which demonstrates confidence in the national economy. The local Private Sector has endorsed the new Government initiatives and the new National Budget. The President has made a clarion call for investments and expansion into manufacturing and processing of high quality finished products to maximise on the value added potential given our diverse source of raw materials. The Ministry of Business has been established and has unveiled a range of approaches including the re-organising of the Guyana Office for Investment to ensure swift action in assisting investors to establish. The Ministry has also confirmed a major initiative to develop and encourage Small and Medium Enterprises with funding and technical support through a Small Business Development Unit. It is our hope that through the pages of this publication we will stimulate your interest to invest in Guyana and “Grow with the Opportunity” in any of the many areas of investment on offer in Guyana. Our thanks go to the Government of Guyana and in particular our strategic partners the Ministry of Business, GO-INVEST and The Private Sector Commission. Thanks also to our editorial contributors, valued Advertisers, staff and the many others who assisted in making this publication a reality. Lokesh Singh Publisher INVEST GUYANA is published annually by: FREE Advertising & Marketing Services (AMS): 2015 P.O.Box 101582, 213B Camp Street, Georgetown, Guyana Tel: (011592) 225-5384 Fax: (011592) 225-5383 E-mail: [email protected] Publisher / Managing Editor: Lokesh Singh [email protected] Project Co-ordinator: Junelle Nerissa Moore Growth Through Investment Editor: Julianna Hutson Editorial Contributors: Cover Design: For Further Information on Cecil Sylvester Lokesh Singh, Julianna Hutson, Vanessa Narine, Investing in Guyana Contact: Janelle Carter, Khalil Alli / Jack A. Alli & Sons, Mohindra Chand, Private Sector Commission, Contributing Photography: Guyana Office for Investment (GO-INVEST) Cecil Sylvester, Heimant Ram, NICIL, 190 Church & Camp Streets, GO-INVEST, GGMC, GINA, IMF, ECLAC, CDB GINA, GO-INVEST, Adrian Narine, Georgetown, Guyana. Guyana Geology & Mines Commission, Tel: 592 - 225 0658 / 227 0653 Advertising Sales: Bank of Guyana, Demerara Bank Ltd. Guyana Fax: 592 225 0655 Lokesh Singh Marriott, Exxon Mobil, CGX Energy, Giftland Mall Email: [email protected] Lesa Fleming Website: www.goinvest.gov.gy Fiaz Yamin © Copyright 2015. Reproduction of any material without the permission of AMS is strictly prohibited. Ministry of Business Graphic Design & Layout: AMS wishes to express sincere thanks and Advertising & Marketing Services 229 South Road, Georgetown, Guyana appreciation to all parties who have assisted in making Heimant Ram Tel: 592 226 2505 this publication a reality. Fax: 592 225 4310 Cecil Sylvester Email: [email protected] 8 | Invest Guyana 2015 investguyana.com investguyana.com Invest Guyana 2015 | 9 Aracari Resort Grand Coastal Hotel Hurakabra Jubilee Resorts Wonotobo Resort 735,554 (July 2014 est.) Fair View Atta Lodge Iwokrama Canopy Surama Walkway Conservation Aranaputa Wowetta International Karasabai Concession (GYD) Rewa Adventure Guianas Villa & Courtyard Lodge Yupukari / Caiman House Savannah Inn Nappi 10 | Invest Guyana 2015 investguyana.com Message President of The Republic of Guyana Come let us do business together! Guyana is rich in natural and human resources. We want to use these resources to secure the good life for all Guyanese. My government is committed to ensuring that the bountiful resources of Guyana are exploited in a sustainable and environmentally-friendly manner under a green economy. We need to create more wealth and we need to create more jobs to ensure sustainable livelihoods for our people. Investments are important in allowing us to do so. Guyana is open for investment. Guyana is an attractive destination for investment. We have a highly-trained and skilled workforce to complement our bountiful natural resource endowments. Our geographic location is suited to accessing international and regional markets. Our country is strategically located on the South American mainland, the gateway to markets both to the North and to the South. Guyana is a member of Caricom with which we have a free-trade agreement. We are also able to access other markets through the agreements we have with other countries and regional groupings. Our economy is market-based and open. Guyana has an attractive fiscal incentive regime for investors. The government is refining this regime to make it more transparent and more predictable. We are committed to ensuring macroeconomic stability, including low rates of inflation. There are no inhibitions to the repatriation of profits by investors. The new government is also committed to dismantling all bureaucratic barriers to trade and investment so as to create a more enabling environment for businesses. Guyana’s economic future is bright. Growth is continuing. The traditional sectors are being reformed and modernized. New sectors of growth are being catalyzed. Recent exploration findings suggest that Guyana is on the brink of a major oil boom with the discovery of petroleum reserves
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