With lower electricity costs on the horizon, manufacturing sector urges focus on energy quality

By Telesha Ramnarine

President of the Guyana Marketing and Services Association (GMSA), Ramsey Ali has highlighted the critical role that quality electricity will play in the manufacturing sector’s continued growth and success in Guyana.

He was speaking at the opening of the inaugural International Business Conference (IBC), a major event focused on fostering global business connections.

Held at the Guyana Marriott Hotel, the event was a vibrant gathering of international investors and businesses, many of whom were exploring the opportunities in Guyana for the first time.

Ali, who is also the Chief Executive Officer of Sterling Products Limited, praised the significant reduction in electricity costs, by a promised 50 per cent, by next year. He noted that a 50 per cent drop in energy prices is a positive development for the manufacturing industry.

However, he emphasized that the quality of energy supply is equally crucial to ensuring the sector’s sustained progress.

“Most manufacturing companies operate with very sensitive equipment and unfortunately for us over the years, the power company was not able to supply us with the kind of quality energy we need in this country,” Ali said.

He expressed optimism about recent efforts to enhance the energy grid, which will help to support manufacturers who are considering expanding their operations in Guyana.

“There’s been a lot of investment in improving the grid,” Ali added.

“We’re seeing progress, and this gives manufacturers confidence to bring their high-tech equipment to Guyana.”

This year’s IBC has attracted nearly half of its speakers from international markets, showcasing the growing interest in Guyana as a hub for business.

With a focus on sectors such as agriculture, manufacturing, infrastructure, energy, finance, logistics, and business services, the conference will feature 17 engaging sessions, 30 diverse exhibitors, and more than 600 delegates, with over 1,000 trade visitors expected to attend.

Vishnu Doerga, Organiser and Chairman of ActionINVEST Caribbean Inc., highlighted the global nature of the event, stating, “We look at this mix of expertise that is coming to Guyana that will present what is happening in both countries, but also some of the opportunities and technologies that can be brought to bear in these two countries.”

The IBC is designed to foster cross-border collaborations and investment opportunities, aiming to enhance the ease of doing business and strengthen partnerships between international firms and local businesses in Guyana and Suriname.