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. U.S. firms dominate the energy sector and others have made inroads in the agriculture, healthcare, and infrastructure sectors. Attracting Foreign Direct Investment is 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 (PPP) to expedite the development of major projects in the energy, infrastructure, and agriculture sectors.  Recent projects that were awarded to companies using a PPP model include the fixed high-rise four lane Demerara Harbor Bridge. The GoG is interested in a PPP for a 165-megawatt Amalia Falls hydropower dam as well as an oil refinery.  Both the development of the dam and refinery have experienced significant delays due difficulties in obtaining financing. U.S. stakeholders lament that the country has no country credit rating and lacks a developed capital market which hinders access to financing.  

Renewable Energy: Guyana aims to adopt climate friendly solutions to preserve its climate credentials through its Low Carbon Development Strategy (LCDS). The GoG created special tax incentives for companies utilizing renewable energy options including gasifiers, wind, solar, and hydropower.  Moreover, the GoG reformed the income tax law in 2018 to allow firms to write off capital expenses within two years and waive import duties and value added taxes (VAT) on the importation of new renewable energy equipment.  U.S. firms are well positioned to capitalize on Guyana’s transition towards energy diversification through a series of micro grids and rooftop solar panels for public and private buildings. The Government is piloting several renewable energy projects using wind, solar and hydropower.  Renewable energy projects provide an attractive investment opportunity to address Guyana’s unstable supply and high electricity costs.  Guyana’s LCDS aligns with the United Nations Sustainable Development Goals.  Guyana has not yet passed grid tie-in legislation, although, in certain circumstances, firms have sold renewables to the public grid. 

Agriculture:  In an effort to diversify the economy, the GoG aspires to develop its agricultural sector and become the breadbasket of the Caribbean with an ambitious plan to reduce imports by 25 percent by 2025. While Guyana has a favorable climate, the often-sandy soils are less helpful and, in many cases, the agricultural inputs needed like fertilizer significantly increases the cost of production.  Soil issues aside, Guyana’s vast and sparsely populated landscape and abundant water supply offer 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 2022.  Tax concessions are available for investors in the agricultural sector through the Guyana Office for Investment.  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 and is seeking to graduate into food processing, which creates opportunities for certification, food processing equipment and lab equipment. 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. In 2023, the GoG allocated approximately USD 450 million to the sector. The GoG is seeking to improve regional hospitals in a move towards decentralizing healthcare and reducing dependency on the main public hospital in the capital. A focus on strengthening primary care, expanding an array of diagnostic testing and facilities, clinical administration, and tertiary care particularly for cardiac and oncology remains high on the agenda. Educational solutions to upskill healthcare professionals are also high priorities. U.S. firms have made initial inroads into Guyana’s market with the provision of professional services to the sector, sale of medical equipment, supply chain management and telemedicine.  Some PPPs have been developed to address healthcare issues and improve the quality of care offered.

Information and Communication Technology (ICT):  In 2023, the GoG passed legislation for data protection creating the opportunity for Guyana to offer storage of data onshore. 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 (BPO) subsector. Key opportunities exist for internet service providers, telemarketing centers, medical records transcription, and data warehousing. Companies are encouraged to have their own independent power source. Additionally, it is possible to sell excess energy back to Guyana Power and Light’s grid, if solar is used. In 2023, Guyana removed a 20 percent tax on cell phones.  Tax concessions are available to investors and various BPO 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, although nominal wages are rising.