Guyana is culturally open to U.S. products and services, which enjoy favorable brand recognition and often fetch a premium price in the local economy.  The quality and reliability of U.S goods and services encourages businesses and consumers to purchase from the United States.  Attracting Foreign Direct Investment remains a key priority for the GoG.  Key market opportunities in Guyana include the following:

Oil and Gas Production and Exploration

Guyana’s burgeoning oil production has both transformed and strained the construction and supporting services sectors.  The U.S. Geological Survey estimates that the Guyanese coastal area holds approximately 13.6 billion barrels of recoverable oil reserves and 32 trillion cubic feet of gas reserves.  ExxonMobil confirmed in April 2022 that the Stabroek Block resource estimate contains almost 11 billion barrels of oil.

Public Private Partnerships

The GoG is pursuing public private partnerships to expedite the development of major projects in the energy, infrastructure, and agriculture sectors.  Recent projects that were awarded to companies using a public-private-partnership model include the fixed high-rise four lane Demerara Harbor Bridge and the 165-megawatt Amalia Falls hydropower dam, both of which experienced significant delays due to the initial firms chosen and struggles to obtain financing under the model selected.  

Renewable Energy

The GoG created special tax incentives for companies utilizing renewable energy options including gasifiers, wind, solar, and hydro.  Furthermore, there are opportunities for the development of micro-grids and the introduction of smart grid technologies.  The Government is piloting several renewable energy projects using wind, solar and hydropower.  The GoG reformed the income tax law in 2018 to allow firms to write-off of capital expenses within two years and the waiving of import duties and value added taxes (VAT) on the importation of new renewable energy equipment.  Renewable energy projects provide an attractive investment opportunity to address Guyana’s unstable supply and high electricity costs.  Guyana’s Low Carbon Development Strategy aligns with the United Nations Sustainable Development Goals.  A major challenge deterring widespread commercial adoption of renewables remains a lack of grid tie-in legislation, which currently prohibits firms from selling excess energy produced from their renewables to the public grid. 

Information and Communication Technology (ICT)

Guyana has three major telecommunication companies providing internet and telephone services.  The GoG has embarked on programs to enhance capacity in the ICT sector by training over 3,000 people to provide a labor pool to service the Business Process Outsourcing ICT sector. Key opportunities exist for internet service providers, telemarketing centers, medical records transcription, and data warehousing, though high electricity costs currently make any electricity-intensive investment far less attractive.  Tax concessions are available to investors and various business process outsourcing centers have recently opened in Guyana.  Guyana’s unique position at the tip of South America along with its English-speaking culture make it an attractive destination for outsourcing back-office services.  Guyana’s labor force is well educated with a high literacy rate.  Furthermore, the country has a competitive wage rate in comparison to Latin America’s.

Agriculture

The GoG aspires to convert Guyana into the breadbasket of the Caribbean.  While easy to grow many things in Guyana based on the climate, the often-sandy soils are less helpful and, in many cases, the agricultural inputs needed like fertilizer will significantly increase the cost of production.  Soil issues aside, Guyana’s vast and sparsely populated landscape and abundant water supply offers the potential to rapidly expand the agricultural sector.  Agriculture is a significant driver of Guyana’s economy, accounting for an estimated 25 percent of non-oil GDP in 2021.  Tax concessions are available for investors in the agricultural sector.  While rice is the major agricultural export, prospects exist for aquaculture, and the production of other staple fruit and vegetable crops.  The GoG wants high value-added processing for agricultural products, but this is hampered by the high cost of electricity.  There are also opportunities to engage with the state-owned Guyana Sugar Corporation (GUYSUCO) as the government seeks to revitalize the sugar industry and pivot into related agricultural business. 

Healthcare

The GoG is investing heavily to improve its hospital infrastructure and telemedicine facilities. Professional services in the sector, supply chain management and telemedicine are promising prospects.  Some public private partnerships have been developed to address healthcare issues and improve the quality of care offered.