Q: What plans are there to further
improve the business climate?
days and duty free concessions that
are offered legitimate investors.
Let me quote Guyana’s Minister of
Business, the Honorable Dominic
Gaskin, “Investors can look forward
to an improved environment in
which to conduct business in Guyana
my ministry and I will spare no effort
in peeling back the bureaucratic red
tape that has restricted private enterprise and frustrated investors in the
past.” The minister of business will
work hand-in-hand with local and
foreign investors.
Q: What kind of investors are you
trying to attract?
Q: Tell me about some of the
incentives offered under the Open
Foreign Investment Regime?
country and stay green. If we can use
our rivers, our waterfalls to develop
electrical or hydro power. These are
some of the things that concern us,
and how best we can work with our
Caribbean brothers, on implementing the new green economy.
Q: Why hasn’t Guyana not
fully capitalized on some of these
opportunities before?
Why the big push now? Guyana
was an agricultural based country,
A Green Economy, we want inves- our main mining industry was the
tors that have green technology or bauxite and our economy was based
green concerns, the amazon basin is on the world market and when the
the oxygen producer for the world, commodities market fell so did the
producing about 20% of the globes price of our commodities. We also
oxygen and we’d like to keep it that suffered greatly in the early 70’s beway. We are keenly looking for inves- cause of migration when we first got
tors who are mindful of developing our independence, a lot of our people
an undeveloped country while keep- migrated and that slowed down the
ing the environment in mind; pol- growth of our country, Guyana lost
lution is a concern. We want rapid a lot of their young people and that
Q: What are the key advantages
growth but not to the detriment of slowed our development. However,
in investing in Guyana?
the planet - we want to be a partner today we are in a better and unique
As I said, we are an English speak- with the world. I.E. the Iwokrama position now, our telecommunicaing country, having a stable demo- Project (371,000 Hectares (916,741 tions today we don’t need cable, our
cratic government, our people are Acres) of rain forest - Research Cen- factories will be using new technolofriendly, a very fair labor market, who ter is working with the United Na- gies. At the birth of our nation we
are looking forward to develop our tions in tropical research that would were just an agricultural nation and
country, the opportunities are tre- be beneficial to the people of the that was a tough time for any undermendous and we are eager to help world. Again, there are opportunities developed country to even develop.
foreign investors in Guyana.
here for foreign investors with cre- We had no control over our foreign
ative conservation practice in sustain- market or the price of the goods that
Exxon having discovered oil off shore able energy to benefit from a large we produced at that time. And now
has made Guyana more visible on the eco-system. I urge you to contact the economic situation has changed,
world market and creating new op- the Iwokrama organization for more a lot of the industries that are being
portunities. There are several airlines information.
used today we have instant connecserving Guyana from various parts of
tion with them because due to the
the world, like Suriname Airways that Q: As you mentioned Guyana’s
growth of technology, the markets
recently increased its weekly flights
are different situations are different,
path to their path to a sustainable
between Florida and Georgetown,
and it is very favorable for Guyana.
Guyana and is looking at introducing future, can you explain to me the
service from Guyana to Atlanta, New main drivers towards making the
Q: How does one establish a
York and Toronto, Canada. We have shift in making Guyana “A Green
business in Guyana?
five star hotels like the Marriott, and Economy”?
Ramada for example with the same The green economy is not only im- Call me! Contact me, become a
accommodations that you would ex- portant to Guyana but to the Ca- member of our chamber, and we will
pect in America.
ribbean and we have to keep that walk through the entire process toin mind. How can we develop our gether.
I would like to refer you to http://
goinvest.gov.guyana here you will
find in detail all the benefits under
the OFIR, for example the tax holi44 iF Magazine | NOVEMBER 2016
Q: Your tax system seems pretty
straight forward and you have
double tax treaties with countries
like Canada and the UK, for
example, but what insurances does
Guyana have in place to protect