Guyana needs deepwater port, gov’t may have to co-invest in venture – Jagdeo

Vice President Dr. Bharrat Jagdeo, in no uncertain terms, said Guyana needs a deepwater port but Thursday contended that the government may have to co-invest in the much-needed venture due to the size of the investment required.

Jagdeo said the “large-scale” investment could cost more than US$1 billion.

To make this investment competitive and fully functional, the Vice President said the port would have to support a myriad of businesses.

And he believes a “solid stream of business” is possible with Guyana significantly increasing exports in the coming years while simultaneously positioning itself as a transshipment hub. So the venture, he said, is crucial.

“In the future, even if the investment can’t stand on its own… there would have to be government co-investment to make this a feasible project because the long term future of guyana demands a deepwater port.

“It would make a ton of the activities globally competitive,” Jagdeo said during his address at the Guyana Manufacturing and Services Association (GMSA) Annual Presentation Awards Dinner.

On Thursday night, he said the new artificial island at the mouth of the Demerara River provide some of the much-needed port services in the interim. Looking ahead, however, the country needs a deepwater port.

It isn’t the first time government officials have spoken about this port.

Previously, Jagdeo said the deepwater port will be built in Berbice. Guyana’s President, Dr. Irfaan Ali told stakeholders at the recent International Business Conference that this targeted port is expected to make Guyana a major transshipment hub in the region.