GEORGETOWN, Guyana – President Irfaan Ali has announced a raft of measures aimed at increasing Guyanese participation across key sectors of the economy.
President Dr Mohamed Irfaan Ali addresses the Local Content Summit Networking on Tuesday nightAddressing the Local Content Summit on Tuesday night, President Ali said the government is looking beyond oil and gas to embed local content principles into the broader evolution of the national economy.
“We are now moving into an era where we want local content to be structured in the everyday evolution of our economy,” he said, adding “the coming weeks will be very exciting for local content and local participation in large-scale transformative projects”.
Ali told the event that when launched, the Junior Stock Exchange will allow local businesses and individuals to trade shares and invest, especially in the gold sector, with one major developer promising to reserve shares for local participants.
He said also that legislation for the Guyana Development Bank will be laid in Parliament within days and that the financial institution, while primarily targeting small and micro enterprises, will also work to build clusters of businesses to capitalise on emerging economic opportunities.
A Diaspora Bond offering fixed rates of return is also in the pipeline, designed to raise investment capital for large-scale infrastructure projects that help drive national development.
The head of state said that regarding the energy sector, plans are proceeding towards the gas-to-energy project in the Wales Development Zone with significant local participation.
He identified the fertiliser plant as one such project, which will be open to investment by individual Guyanese and businesses at fixed rates of return. A second project, a gas bottling and distribution plant, has been proposed, focusing on high local participation.
President Ali said he has directed the Ministry of Natural Resources to bring recommendations to the Cabinet on expanding the list of qualifying services, noting that financial services and insurance have attracted strong interest for increased local procurement.
“We are entering into an exciting period of the transformation,” President Ali said, adding Guyana is now better positioned to identify niche areas and align with international investors in ways that benefit local businesses.
He said Guyana’s growing financial sophistication now positions it to negotiate business opportunities for local companies in Barbados, Grenada, Antigua and other Caribbean islands.
Organised under the theme “From Policy to Prosperity: Unlocking Opportunities Through Collaboration,” the two-day summit ends on Wednesday. It brings together government officials, private-sector representatives, industry stakeholders and investors.
The summit brings together government officials, private-sector representatives, industry stakeholders and investors.
Meanwhile, Finance Minister, Dr. Ashni Singh, said Guyana is expected to exceed one million barrels of oil production per day by the end of 2026.
Singh said that the country’s oil production has grown rapidly since 2019 and is set to continue expanding significantly.
“Imagine, if you consider the transformation that we’ve already achieved and the business opportunities already achieved, contemplate what the next five years hold for us as a country and for you as private investors in Guyana.”
He told the summit that Guyana currently produces over 900,000 barrels of oil per day across major offshore developments, including Liza I, Liza II, Payara and Yellowtail and that the upcoming Uaru project is expected to push production beyond the one-million-barrel mark.
“We want you to do business. We want you to grow your business. We want you to make money because more people investing can only redound to national well-being,” Singh said.
He also underscored the strength of the Local Content framework, stating that more than 2,500 local vendors have already secured over US$2.5 billion in procurement opportunities since oil production began in 2019.
“There is nothing written in law that Guyanese companies can only supply these 40 categories of goods and services. If you can produce anything competitively, there is a business opportunity for you,” he said.
Meanwhile, Natural Resources Minister, Vickram Bharrat, told the summit that Guyana’s rapid development is the result of strong leadership, policy direction, and strategic partnerships.
“Guyana is Dubai on steroids. That is the pace of development that is taking place, “Bharrat said, adding that while oil and gas have been fueling growth, leadership and governance remain central to national development.
“It is not oil and gas alone that has propelled Guyana. It is strong leadership, brave, decisive leadership and good management,” he noted.
