President Dr. Irfaan Ali told members of the first ever European Union (EU) trade mission to Guyana that they can help Guyana modernise the sugar industry here and aid the government’s efforts to revitalise the sector and diversify the economy.
“On sugar, there is tremendous opportunity with our sugar estates for investment and modernisation,” the Guyanese Head of State said at an event on Monday at the Marriott Hotel in Kingston, Georgetown.
Sugar is among the top exports of Guyana to the EU. Other high-value exports include oil, rice, bauxite, alcoholic beverages and gold.
Since 2020, the government has focused on revitalising the sugar industry. In September, the Rose Hall sugar estate in Region Six (East Berbice- Corentyne) started producing sugar again and Guyana Sugar Corporation (GuySuCo) Chief Executive Officer (CEO) Sasenarine Singh said this estate should be modernised soon.
Among the plans for modernisation, Singh said, would be planting with the use of machines.
Meanwhile, President Ali also told the businesspersons that also sound investment opportunities in Guyana’s tourism, livestock, dairy and healthcare sectors.
Tourism, he said, could prove particularly beneficial to EU investors since ecotourism and nature-based tourism, which is what Guyana champions, is highly sought after by EU tourists.
Explaining why he is encouraging investments in all these sectors, the President said Guyana is keen on diversifying the local economy so that it is not dependent on just one sector. He also told the businesspersons that the government has offered a suite of private sector incentives so investing now would be in their best interest. If not, he pointed out, the cost of investing in Guyana may get much higher in the years to come.