GO-Invest generates $272 billion investments in three months

The Guyana Office for Investment (GO-Invest) has generated investments to the tune of $272.6 billion between August and November this year.

Some 9,986 job opportunities should be realised when the 55 investments across all sectors become fully operational. Chief Executive Officer (CEO), Peter Ramsaroop, said the agency continues to build investors’ confidence and promote development opportunities, bringing lasting benefits to Guyanese.

Of the 55 investment projects, 28 are local, 25 Foreign Direct Investments (FDIs) and two joint ventures. The FDI agreements are predominantly within the tourism and services industries and light manufacturing services, Ramsaroop noted.

“The Guyana Office for Investment received a total of 30 proposed hotel projects which included hotel brands such as the Hilton, Hyatt, Best Western, Holiday Inn, Marriott and Radisson. The joint venture agreements executed were in the manufacturing sectors. Nexus Machining is partnering with Machine Tech Inc. out of Louisiana, USA and GUYSONS Engineering partnering with K + B Industry Inc. also out of the USA.”

The CEO said investors projections show the value of the FDI projects totalling some $239 billion and joint ventures, $5.3 billion. Meanwhile, investors figures peg the value of local investments for the period August to November at $27.9 billion, primarily in the agriculture tourism and services sector. These projects are projected to create at least 1,752 jobs when fully operational.

Notable local investments include Royal Chicken Incorporated, which will see the expansion of their product line, doubling its existing capacity utilising state-of-the-art machinery.

This investment is projected at $531.2 million. Other notable local projects include John Fernandes Limited providing services to the oil and gas industry and ZECO Industrial Engineering.

“Despite the global pandemic, our export department continued to work with our exporters. The Agency matched 34 local businesses with overseas clients. These were involved in the supply of sugar, teas, prefab houses, straw mats and wooden furniture to Trinidad, St. Lucia, London and Barbados.”

He said GO-Invest also facilitated the participation of seven Guyanese companies in the first virtual trade show event in the Caribbean, the Trinidad International Convention (TIC) 2020. The event was hosted by the Trinidad and Tobago Manufactures’ Association (TTMA) on October 28- 30 and November 11-14, 2020.

Ramsaroop said his agency continues to work with other key government agencies, including the Ministry of Foreign Affairs, the Ministry of Housing and Water, the Guyana Lands and Surveys Commission, the Ministry of Finance through the Guyana Revenue Authority, the Ministry of Tourism, Industry and Commerce, Guyana Tourism Authority and Guyana’s private sector organisations. (Modified DPI release)