Massive increase in foreign direct investment in Guyana – Walrond

Foreign Direct Investments – or FDI for short – have grown significantly in Guyana over the past few years because of booming developments here.

Minister of Tourism, Industry and Commerce, Oneidge Walrond on Friday announced that the figure grew to about US$7 billion or GY$1.5 trillion last year.

The year before, she said, the figure was US$4 billion or about GY$837 billion.

FDI, in simple terms, refers to an investment in another country. And Minister Walrond opined that increased FDI in Guyana is linked to business-friendly government policies and those policies will see those investments grow even further and benefit more people.

“The government is working with partners to guarantee low-risk investments.

“Through government policies (and) a stable growth economic environment, we can see when investors like Unicomer come to Guyana and seek to expand that there is a confidence that comes,” she said.

President Dr. Irfaan Ali this week called for more private sector investments, highlighting how supportive the government has been.

He also called on financial institutions to be more supportive in their lending and work assiduously with persons to create new businesses.