By Kurt Campbell
Kurt@newsroom.gy
The inaugural International Business Conference, which opened Tuesday evening in Georgetown, sparked discussion on the country’s economic future, particularly its burgeoning oil sector.
Speaking to a packed audience of diplomats, business leaders, and local stakeholders, U.S. Ambassador Nicole Theriot championed Guyana’s oil and gas industry, urging American businesses to continue investing in the sector, which she described as a key area of collaboration between the two nations.
“We are very much involved in oil,” Ambassador Theriot said, addressing the importance of the energy sector in Guyana’s economic transformation.
“The U.S. is the largest source of foreign investment here, and while the government and President Ali are keen to diversify Guyana’s economy, we are also heavily engaged in oil and gas,” she added.
Theriot encouraged investors to take advantage of the sector’s opportunities, noting that U.S. companies were not only leading in oil exploration but were also active in workforce development and training within Guyana.
Her comments came on the heels of remarks from other international representatives, particularly the British High Commissioner Jane Miller and the European Union’s Head of Delegation, Rene Van Nes, both of whom advocated for a pivot away from fossil fuels and towards sustainable energy alternatives.
Miller, who noted that the UK’s trade with Guyana has grown significantly, emphasized that while the UK was actively engaged in a broad range of sectors—including agriculture and infrastructure—oil and gas was not a focus for British businesses.
“We work in all sectors except for oil and gas,” she said, underscoring that the UK’s interest lay in long-term, sustainable development.
“We want to invest in renewable energy, in agriculture, and in infrastructure. We are looking at the future, not just the present,” she added.
Meanwhile, Van Nes from the EU echoed similar sentiments, pushing for a green transition in the region. He stressed that the European Union’s involvement in Guyana was part of a broader effort to drive investments in sustainable sectors like renewable energy and agriculture.
“The European Union’s global gateway initiative focuses on infrastructure, digital connectivity, and renewable energy,” Van Nes said, before advocating for an increased focus on climate resilience.
“We are pushing for investment in renewable energy and the protection of the environment,” he said, pointing to the EU’s long-standing commitment to sustainability.
These contrasting viewpoints highlight the pressures surrounding Guyana’s rapid economic growth driven by oil discoveries, which have made the country one of the fastest-growing economies in the world.
With major oil companies like ExxonMobil leading production, the sector remains a major contributor to the nation’s GDP, and it is expected to continue playing a pivotal role in Guyana’s development.
However, environmental and climate change concerns have made a strong case for diversifying the economy, with advocates calling for an emphasis on greener industries.
Guyana’s position has consistently been that it can balance the exploitation of its natural resources and protect the environment; the country has demonstrated this.
President Dr. Irfaan Ali who spoke after the diplomats reinforced this position.
