Business

Barbados seeking to encourage investments in Guyana

Friday, July 12, 2019

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BRIDGETOWN, Barbados (CMC) — The Barbados Government is seeking to lure local investors to invest in Guyana, which is the world's second-largest stock market, NASDAQ last month named as the fastest growing economy in the world.

“The policy of the Government is to increase Barbados' export of goods and services, as well as investments in extra-regional and regional markets in an effort to increase our foreign exchange earnings,” said Agard Evans, the chief economist in the Ministry of Foreign Affairs and Foreign Trade.

“One way to do this is by entering new markets and increasing exports in markets that we already have a presence in, such as Guyana,” he added.

The ministry has said that it will hold a presentation on the topic 'Exploring Potential Investment and Trading Opportunities in Guyana' on Friday at the Cave Hill School of Business, The University of the West Indies.

Evans said that trade between Barbados and Guyana had been favourable for both countries, but there was still room for improvement, adding that Guyana needed people who could play a role in the development of certain sectors, and noted that Barbadians were in a position to service that market.

He said the presentation on Friday would give interested persons insight into the Guyanese market and that everyone, from established business people to young entrepreneurs, had been invited to attend.

A government statement said that it is expected that participants would hear presentations from representatives from both countries, including Barbados Coalition of Service Industries; Caribbean Institute of Certified Management Consultants; Ministry of Agriculture and Food Security; and Ministry of Tourism and International Transport.

NASDAQ said that with a projected growth rate of 16.3 per cent during the four-year period 2018-2021, Guyana is the fastest growing economy in the world.

It said that with a GDP size of US$3.63 billion, a growth rate of 4.1 per cent in 2018 and 4.6 per cent in 2019, Guyana's economy is expected to grow by 33.5 and 22.9 per cent in 2020 and 2021, respectively.

NASDAQ also pointed to the ExxonMobil oil discoveries in Guyana and the income that will come to the country when production begins next year.

Exxon is expected to start producing up to 120,000 barrels of oil per day next year.


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