– Guyana ripe with many opportunities
Minister of Natural Resources Vickram Bharrat has urged current and prospective investors to look beyond the oil and gas sector and explore opportunities across multiple industries.
Speaking at the Guyana Energy Conference & Supply Chain Expo on Wednesday, Minister Bharrat emphasised the government’s diversification strategy, which leverages revenues from the country’s oil and gas wealth to drive economic growth in non-oil sectors.
One key initiative is the landmark gas-to-energy project at Wales which will reduce energy costs by 50 per cent when operationalised. This project is expected to spur industrialisation and manufacturing. This will create significant employment and investment opportunities.
Even as this transformative project progresses, Guyana continues to see unprecedented growth in non-oil industries. In 2024, the non-oil sector expanded by 13.1 per cent. This contributed to the country’s overall gross domestic product (GDP) growth of 43.6 per cent.
Minister Bharrat noted that this growth demonstrates the success of investments in traditional sectors.
“This country across all sectors is ripe for investment. Don’t limit to oil and gas only, but look to explore the other sectors. There are many other opportunities [and] this is the most exciting time in the history of our country,” Minister Bharrat stated.
He affirmed that the government’s investments in the agriculture, mining, logging and manufacturing sectors will continue. Similarly, significant investments will be made in housing and infrastructural projects.
The minister also reiterated that the government has an open-door policy for foreign investments in Guyana and acknowledged the critical role it plays in driving economic growth and prosperity.
“That is why we value partnership so much…We [the government] can be a part of that process too because as I mentioned, we have an open door policy,” he underscored.
Minister Bharrat also reaffirmed Guyana’s commitment to responsible oil and gas development and highlighted the government’s move to invest in solar, hydro and wind energy.
These projects align with the Low Carbon Development Strategy (LCDS) 2030, which outlines the government’s vision of implementing an energy mix.
About The Author
