Colombian investors looking to establish palm oil industry in Guyana

A team of investors from Palnorte, a company that owns and operates palm oil mills in Colombia, met with Agriculture Minister Zulfikar Mustapha on Wednesday to discuss the possibility of establishing a local palm oil industry, the Department of Public Information (DPI) has reported.

DPI said that although Guyana was once a producer of palm oil, the industry has been dormant for many years as no new plantations have been developed in decades.

DPI noted that since taking office, the government has been working to further develop and diversify Guyana’s agriculture sector in a bid to lower the national food import bill. These efforts are in keeping with CARICOM’s Vision 20 by 2025 agenda.

Earlier this year, DPI pointed out, President Dr. Irfaan Ali discussed shared opportunities with the President of Guatemala Alejandro Giammattei Falla at a Central American and Caribbean summit.

While addressing media operatives, the Head of Stated said “We’re talking about helping us to revitalize, improve coffee production in Guyana (and) other high-value crops like palm oil.”

DPI further quoted Minister Mustapha as saying that in addition to it being a lucrative industry, the cultivation of oil palm trees will also contribute to promoting Guyana’s green agenda as the crop, when mature, is said to capture as much carbon dioxide as a rainforest tree.

“1 hectare of palm oil is said to collect approximately 30 tons of carbon dioxide and releases 21 tons of oxygen yearly,” the Minister added.