Duties on import, high energy costs deter investment- US Diplomat


The US Embassy in Georgetown has recorded increased interest from US businesses wanting to enter the local market, according to newly appointed Deputy Chief of Mission of the US Embassy in Georgetown, Mark Cullinane.

But he said the constraints in doing business easily serves as a deterrent.

Some of those constraints, he said, surrounds the tax systems and high costs for energy.

Speaking at a welcome reception held by the American Chamber of Commerce (AMCHAM) at the Marriott Hotel at Kingston, Georgetown on Monday evening, Cullinane pointed to the fact that Guyana was ranked 134 out of 190 countries in 2018 on the World Bank ease of doing business index.

“Highlighting areas of need, the report listed taxation, energy, infrastructure, citizen security, lack of transparency,” he noted.

A section of the gathering at the reception

The Diplomat added that “Guyana’s complex tax infrastructure, duties on imports and expensive energy costs do in fact deter business investment.”

He noted that more needs to be done to make doing business in Guyana easier.

According to Cullinane, the United States Embassy in Georgetown receives inquiries daily from US companies which want to partner with Guyana.

He said, “these companies are not only global leaders in the oil and gas sector but we also see interest from companies working in engineering, telecommunications, infrastructure and tourism, just to name a few.”

The Deputy Chief of Mission noted that AMCHAM can provide assistance to bring solutions to the issues highlighted and to help new and existing members bypass the hurdles.

AMCHAM was established in Guyana in August 2018 to promote US-Guyana trade. The body already has 60 members and is steadily growing as more US businesses enter Guyana to serve the local oil and gas industry.

Monday evening’s reception was also held to bid farewell to Richard Sammy Managing Director of Republic Bank Guyana and Director of AMCHAM.

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