Identifies common practices used in selling in this market, including sales material that needs to be in the local language.
Guyana frequently hosted trade and investment expos that are usually attended by CARICOM heads of state, international firms, as well as regional and local businesses. These expos currently focus on energy, manufacturing, and agriculture development but the GoG and local business support organizations plan on adding other trade expos to garner investment in other sectors as well. The U.S. Embassy often coordinates with the GoG and private sector bodies to foster market linkages between U.S. and Guyanese firms. Advertising in Guyana is conducted almost exclusively through social media, newspapers, television, billboards, and radio.
Trade Promotion and Advertising
In Guyana, trade promotion is executed by the GO-INVEST. Furthermore, local business support organizations (BSOs) may field independent trade missions.
Guyana’s market is small, and pricing is dependent on the product. Many Guyanese consumers are highly price sensitive. However, as income grows nationwide alongside development from the oil and gas sector it is expected the market will become more sophisticated and will allow for less price sensitivity. For companies bidding for government contracts, it is a norm for the lowest bidder to be awarded.
Sales Service/Customer Support
Sales services in Guyana have significant room for improvement. Potential U.S. investors are urged to budget for training of Guyanese staff and linking sales services with appropriate incentives.
Local Professional Services
Guyana has several professional services. However, associations require some form of fee and reputation of individual before becoming a member. Associations include the Consultative Association of Guyanese Industry, the Bar Association, and Institute of Chartered Accountants Guyana. The U.S. embassy does not endorse any of these organizations and due diligence should be performed before entering a business arrangement.
Principal Business Associations
The American Chamber of Commerce in Guyana (AMCHAM Guyana) seeks to improve business in Guyana through the promotion of America-Guyana bilateral trade and commercial engagements. AMCHAM Guyana is a voluntary, non-profit, membership organization committed to promoting and enhancing commercial relations between the United States and Guyana. American investors are encouraged to join AMCHAM Guyana.
The Private Sector Commission (PSC) of Guyana was established in 1992 by five private sector associations to bring together most of the business organizations under a single national body. PSC aims to be the leading advocate and liaison between the private sector and the GoG on issues related to economic growth and development. Representation ranges widely, with members coming from all sectors including energy, construction, transportation, agriculture, and others.
The Georgetown Chambers of Commerce and Industry (GCCI)is the oldest private sector representative organization established in 1890. The GCCI is legislatively mandated under the Georgetown Chamber of Commerce and Industry Act. The GCCI is a voice of the local business community and advocates for policies to stimulate trade and investment alongside acting as a networking entity to connect businesses. The GCCI is the largest business support organization in Guyana by membership.
The Guyana Manufacturing and Services Association (GMSA) is one of the leading business organizations in Guyana, maintaining an effective relationship with other business support organizations, government agencies, and financing agencies. First founded in 1967 as the Guyana Manufacturers’ Association (GMA), GMSA added representation for the services sub-sector to its mandate in 2005. GMSA members are in a variety of industries, but predominantly concentrated in business ventures around agriculture and agro-processing; construction and engineering; fast food and other services; chemical and pharmaceutical services; and forestry, minerals, and related extractive industries.
The Guyana Oil and Gas and Energy Chamber (GOGEC), established in 2016, is one of the newer business organizations in Guyana. The association seeks to support and engage local businesses in Guyana’s burgeoning petroleum sector. More information may be found on GOGEC’s website. Additionally, most regions in Guyana have a chamber of commerce, or equivalent business association, though information on their services may be limited.