High interest in Guyana’s agro-processing, manufacturing sectors at offshore tech conference
Apart from oil and gas, investors are showing interest in Guyana’s agro-processing and manufacturing sectors at the ongoing Offshore Technology Conference (OTC) in Houston, Texas where Guyana has set up a booth.
Speaking to the News Room on Tuesday, Director of Investment at the Guyana Office for Investment (Go-Invest) Samora Marcus Watkins said every sector in Guyana is on show for the world and Guyanese can expect major returns from the conference in the coming months.
“It was hectic, it was massive and we are expecting a larger influx of people today… apparently, the word going around is that Guyana is the place to be,” Watkins said. He is managing Guyana’s booth at OTC, the world largest oil and gas event held annually
Asked about what is driving the interest in sectors apart from oil and gas, Watkins said he believed this is so because of the lucrative downstream activities and opportunities.
He noted that there is also significant interest in the tourism and agriculture sectors.
“The development of the agro-processing and manufacturing sectors are also of keen interest because of the government projection of achieving cheaper energy cost within the next five years. With cheaper energy these sectors are considered priority sectors which will see the most growth,” he said.
The conference runs until August 19, and according to Watkins, several joint ventures will be signed between Guyanese and foreign businesses.
Go-invest will also be engaged in reaching several agreements and along with central government Memorandums of Understanding (MOUs) can be reached.
Watkins said there is also a major networking event organised by Go-Invest and ExxonMobil that is expected to attract between 400 – 500 persons who will be able to meet representatives from the government and local private sector and benefit from a series of presentations on the country’s economic prospects.
The contingent comprises Vice-President Dr. Bharrat Jagdeo; Minister of Foreign Affairs and International Cooperation, Hugh Todd M.P., Minister of Natural Resources, Vickram Bharrat M.P.; Minister within the Ministry of Public Works, Deodat Indar M.P.; and Chief Investment Officer and CEO of GO-Invest, Dr. Peter Ramsaroop.
Additionally, there is a Private Sector Guyana Booth with a Guyanese association contingent of GCCI, AMCHAM, PSC, GM&SA.
Already, some companies are second time participants who established joint ventures and experienced expansion in their businesses and went on to become subcontractors for the large oil and gas companies operating in Guyana.