Israeli company to establish office in Guyana; sees ‘big potential’ for investments here
The LR Group, an Israeli company, will soon establish an office in Guyana as the company seeks a big potential for investments in a number of sectors.
This is according to Joseph Harrosh, the Director of the LR Group who visited last week and met with a number of stakeholders. Already, the LR group is seeking to establish the Caribbean region’s most advanced dairy farm in Guyana and produce more than four million litres of milk annually.
The establishment of this dairy farm is being done in collaboration with Guyana’s Demerara Distillers Limited (DDL), which is already expected to begin selling packaged milk from this month.
But, Harrosh says that the company is eyeing even additional investments in Guyana in the coming years.
“I’m here in Guyana to share our experience, our know-how and mobilising finance and investment in different projects,” Harrosh said during an exclusive interview with the News Room on Friday last.
Aside from the substantial investment that will be made to develop the dairy farm, which will employ more than 200 people, the director said that the LR group may be considering other investments in the agriculture sector.
Importantly, though, he disclosed that the company is looking at investments in the health and renewable energy sectors too.
“There is a big potential for various projects in various sectors where we can come and invest here,” he underscored.
During his visit to Guyana, he met with the Chief Investment Officer of the Guyana Office for Investment (GO-Invest) Dr. Peter Ramsaroop, the Minister of Agriculture Zulfikar Mustapha, the Minister of Health of Health Dr. Frank Anthony and officials from the Guyana Water Incorporated (GWI).
Harrosh, however, highlighted that the focus is currently being placed on advancing the dairy farm project. Already, the LR group has signed a Memorandum of Understanding (MoU) with DDL and as part of the MoU, the two companies are working on a feasibility study to determine the most appropriate location for the dairy farm. To this end, it was explained that drainage, access to electricity and proximity to a road network are among some of the considerations.
But, unlike the relationship the LR Group already has with DDL, Harrosh said that the company does not have any other local partnerships as yet. But, he emphasised that the company will be seeking such partnerships in the future.
“We are now studying, making assessment of all the actual situations and the high priority to be developed,” he said, speaking on the development of future projects. (Vishani Ragobeer)