Georgetown, Guyana—(February 10, 2023) His Excellency Dr Irfaan Ali said that over the last two years, more than $25bn has been unlocked through investments by companies along the coastline.
These investments, he explained, have ignited the economy and have resulted in thousands of Guyanese, through direct involvement and support services, benefiting from job opportunities.
The Head of State highlighted his Government’s strategic plans and policy actions for overall development while attending today’s Guyana Shore Base Inc’s (GYSBI) Commissioning ceremony for its heavy lift berths and “Commander-in-Chief” Crane at Houston, Greater Georgetown.
He pointed to the policy direction of his Government, its foresight and belief in private investments as important components for the current growth.
“The crafting of a strategy to develop this country and advance this country is very precise, delicate, structured work at the moment. I assure you there is no guessing about what we do. That is why there’s so much predictability about where we’re going and the development plan.”
The President explained that a country and a government must have a level of predictability that supports investors’ confidence.
He told the gathering that not only would his Government create the environment for investors and businesses to thrive, but Guyana would propel itself to be a leader in energy, food and climate services in the economy in 2030 and beyond.
This, the President said, will be done in a democratic environment in which the rule of law is respected.
President Ali also spoke extensively about the Local Content Policy and his Government’s determination to “ensure that our country and our people derive increased benefits from the oil and gas sector”.
“Local content is a means through which we’re ensuring greater value retention and value-added from the oil and gas sector.”
He added that the Local Content Policy is playing its part in promoting economic diversification in Guyana and catalysing the development of new services and industries, as is evidenced by GYSBI’s presence and continued expansion.
“Just look around you and see the number and types of businesses that have emerged since oil production commenced. Drive around, be honest, be open, and be critical. The business landscape of this country is being transformed. The level of sophistication in the local economy is improving and expanding.”
The President also lauded the conviction, determination and vision of the Executive Director of GYSBI, Mr Robin Muneshwer.
GYBBI has more than 580 employees, the majority of whom are Guyanese.
Several Ministers of Government, including the Senior Minister within the Office of the President with responsibility for Finance, Dr Ashni Singh, were at the commissioning ceremony.