Says Govt will offer incentives for local consortiums to invest in critical sectors

Georgetown, Guyana—(February 6, 2024) His Excellency President Dr Irfaan Ali announced that his Government will construct the country’s first agrochemical plant by the end of next year.

The Head of State made the announcement at the Private Sector Commission (PSC) Corporate Dinner on Monday evening while delivering the feature address, where he outlined a comprehensive plan of transformation that his Government has undertaken to develop and diversify the country’s economy.

“We’ve already said that at least we want one agrochemical plant in Guyana that will be part of the first gas-to-shore project that is coming on stream. That must be built and will be built before the end of 2025.”

The President said that when the plant is completed, Guyana would become fertiliser-secure, which would enhance the country’s agriculture drive.

“You have a local market that will take up the consumption. So, our initial plan is for national security and then to see how much more gas we have to make it into regional operation. If the Government has to co-invest in that, it will co-invest in that.”

He encouraged local businesses to invest in the venture and said that the Government would open avenues to optimise the capital that is raised locally.

When completed, the agrochemical plant will allow Guyana to produce fertiliser and other chemicals for the agriculture industry to increase and enhance the competitive advantage of the sector.

The President also reiterated that his Government will offer incentives to local consortiums who are prepared to make investments in the tourism, agriculture and energy sectors, among others, that are geared towards developing a sustainable economy.

“Today, we have a natural pull factor. We have investors from all over the world coming in. The country is on every newspaper headline, every magazine headline; it is in every major newscast headline. So, we have a natural momentum in marketing.”

This momentum, the President outlined, will be complemented by the Government through investments.

“I want to see the local private sector investing in tourism because we will back the investment with marketing; we will back the investment with infrastructure. We will back the investment through fiscal incentives; we will back the investment as a Government because this is an important future for us.”

President Ali also announced that the Government plans to develop acres of land between Ogle on the East Coast of Demerara and Eccles on the East Bank of Demerara to make space available to park large trucks and other machinery.

Senior Minister within the Office of the President with responsibility for Finance, the Honourable Dr Ashni Singh and Minister of Tourism, Industry and Commerce, the Honourable Oneidge Walrond, were also at the event, which was held at the Guyana Marriott Hotel in Georgetown.