Tucker backs robust investment drive to help Guyana ‘catch up’ on development curve

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President of the Georgetown Chamber of Commerce and Industry (GCCI) Timothy Tucker has backed the robust investment drive in Guyana, stating that it is needed to help the country ‘catch up’ on its development pathway.

Tucker, who spoke at the opening of the Guyana Basins Summit at the Pegasus Corporate Suites on Tuesday said that Guyana is an attractive place for investment.

The GCCI President welcomed these developments because he believes the local economy has to rapidly develop on account of the nascent but sophisticated oil industry.

“In Guyana, coming from an economy that is about 15 to 20 years behind its development curve, it means that we have to propel a lot of people to where we need to be, because of the oil and gas sector, as fast as possible,” the GCCI President said.

Though he noted that the oil and gas sector is what attracts most investors, Tucker posited that there are abundant opportunities in agriculture, tourism, light manufacturing and information and communication technologies (ICT).

It is not just because these sectors have not yet been fully developed but the business leader said that government support for private sector partnership, especially in these areas, is strong.

President of the GCCI Timothy Tucker (Photo: News Room/December 17, 2021)

And so, he emphasised, “Guyana is a stable place for foreign investment.”

Already, there has been a noticeable increase in the number of foreign investors interested in establishing a presence in Guyana. The government has also been facilitating the robust investment drive by pursuing several major projects.

He later added, “Everything is an opportunity in Guyana.”

Tucker wasn’t the only one who shared these sentiments.

Executive Director of the International Association of Oil and Gas Producers Iman Hill also noted that investments in the country’s human capital and infrastructural development are crucial.

And she believed that if Guyana is able to collaborate with nearby oil and gas producers, it will be able to push development locally.

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