Invest Guyana 2018-2019 by AMS Guyana

Transitioning Guyana To A Green State And A New Development Strategy

It’s our time to:

Think!

| Decide! |

The Department of Environment, Ministry of the Presidency

Act!

The Green State Development Strategy (GSDS), Coordinating Office | Email: guyana.gsds.2018@gmail.com | Phone: +592 226 4040 Ext 274 investguyana.net Invest |Guyana 2018/19 |1 The Department of Environment, Ministry of the Presidency | 68 High Street, Kingston, Georgetown, Guyana | Email: doe.motp@gmail.com Phone: +592 223 6313

National Energy

Totaltec Oilfield Services Guyana Inc.

IDEALAUTOS

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HD65

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REPSOL

Contents 76

Guyana Livestock Development Authority Creating Investment Opportunities; Pursuing ISO Certification

Global Seafood Distributors

A Review of National Budget 2018

Opening the Doors to Opportunity with Key Investments in Infrastructure

Positioning Guyana as an Attractive Destination for Tourism Investment

Guyana Set to Take a Slice of the MICE Market

A Private Sector Perspective - Open for Business Welcoming All Investors

KSM Investments Inc. - The Gold Standard for Rock Solid Quality

Leadership is What We Seek!

Guyana’s Green State Development Strategy

ICT - Presenting Opportunities to Transform Guyana’s Economy

Indigenous Communities and Nature - A Strategic and Viable Combination for Investments

CH&PA - Partnering to Provide Safe Orderly and Structured Developments

Investing in Guyana’s Sustainable Future – Mexico’s Gift

GEA Leads with Solar Power Installations as Guyana Transitions to A Green State

Laparkan - One Group with a Diversified Portfolio - Celebrating 35 Years

64 66

Doing Business in Guyana

GO-Invest - Guyana Office for Investment Overview and Outlook as Investor Interest Continues to Rise

The Guyana Diaspora - A Strategic Investment Partner

Government Offices & Agencies

Opportunities in a Restructured Sugar Industry

101

Private Sector Agencies

Local Content - Locally Developed Globally Competitive

Guyana’s Rice Industry - Presenting UntappedOpportunities for Investment

102

Guyana Embassies & Overseas Missions

It’s Not All About Oil

104

Advertisers Index

Editor’s Note

Message - President Co-operative Republic of Guyana

E.C. Vieira Investments Limited - Moulding a Skilled Labour Force with a Focus on Oil

Message - Minister of Business

Building Young Entrepreneurial Minds in a Fledgling Green Economy

About Guyana

Meet the Government

INVEST GUYANA is a project of Advertising & Marketing Services (AMS) in association with Guyana Office for Investment (GO-Invest) INVEST GUYANA is published annually by: Advertising & Marketing Services (AMS): P.O.Box 101582, 213B Camp Street, Georgetown, Guyana Tel: (011592) 225-5384 Fax: (011592) 225-5383 E-mail: lokesh@amscaribbean.com Publisher / Managing Editor: Lokesh Singh lokesh@amscaribbean.com Project Co-ordinator: Nerissa Moore Editorial Assistant: Jenelle Carter Editorial Contributors:

Lokesh Singh, Jenelle Carter, Avenash Ramzan, Komal Samaroo, Wesley Kirton, Nizam Hassan, Vishnu Doerga, Khalil Alli, Dr Paloma Mohamed, Taiwo Wilson Williams, Ramesh Dookhoo, Private Sector Commission, Department of the Environment, Guyana Office for Investment (GO-Invest), Guyana Tourism Authority, ExxonMobil, TOTALTEC Oilfield Services

Advertising Sales:

Lokesh Singh, Lesa Fleming Fiaz Yamin, Nerissa Moore

President Granger and his Ministers meeting the Chairman of ExxonMobil and his Team Contributing Photography:

Heimant Ram, Lesa Fleming, Komal Singh, Avenash Ramzan, Vishnu Doerga, Ministry of the Presidency, Ministry of Indigenous Peoples Affairs, Ministry of Public Telecommunications, Department of Public Information, Central Housing & Planning Authority, IWOKRAMA, University of Guyana, Guyana Tourism Authority, Guyana Office for Investment (GO-Invest), TOTALTEC Oilfield Services, Guyana Rice Development Board, ExxonMobil, Demerara Distillers Ltd, Department of the Environment, Guyana Energy Agency, Small Business Bureau.

Graphic Design & Layout:

Cover Design:

AMS wishes to express sincere thanks and appreciation to all parties who have assisted in making this publication a reality.

Advertising & Marketing Services, Carlisle Searles, Heimant Ram.

Carlisle Searles

6 | Invest Guyana 2018/19

For Further Information on Investing in Guyana Contact: Guyana Office for Investment (GO-INVEST) 190 Church & Camp Streets, Georgetown, Guyana. Tel: 592 - 225 0658 / 227 0653 Fax: 592 225 0655 Email: goinvest@goinvest.gov.gy Website: www.goinvest.gov.gy

Ministry of Business & Tourism 229 South Road, Georgetown, Guyana Tel: 592 226 2505 Fax: 592 225 4310 Email: ministerbusiness.gy@gmail.com

investguyana.net

CARIBBEAN AIRLINES

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Invest Guyana Guyana 2018/19 2018/19 || 77 Invest

guyana WHERE OPPORTUNITIES ABOUND THE NEW ECONOMY AND GREEN STATE BECKONS

GUYANA WHERE OPPORTUNITIES ABOUND THE NEW ECONOMY AND GREEN STATE BECKONS

istorically, Guyana’s economy has been hinged on Agriculture and the Extractive Industries as the pillars of the economy. The main products being Sugar, Rice, Seafood, Timber, Bauxite and Gold supported by a growing manufacturing and services sector. With a small population, large land mass and significant mineral deposits, the country has struggled since Independence some 52 years ago to realise its full potential by capitalising on its vast natural resources for the benefit of its people and future generations. Significantly, this has now changed with the actual discovery of commercial deposits of Oil in the deep waters offshore Guyana. ExxonMobil – the US based Oil Giant and its strategic partners ventured into Guyana and invested heavily in the search for Oil resulting in the first world class discovery in 2015. The company has since confirmed a number of additional similar discoveries in its Exploration Blocks which confirm that Guyana’s offshore basin is indeed richly endowed with large deposits of the ‘Black Gold’. This has since led to a surge of the world’s Oil Giants investing in the many Offshore Exploration Blocks in Guyana’s waters with the likelihood of more major discoveries when they commence further drilling. Guyana has since been identified as the new boom town of the Caribbean with the discovery of oil and the destination is attracting major worldwide interest in exploring opportunities for investments across all major economic sectors.

8 | Invest Guyana 2018/19

Lokesh Singh Publisher / Managing Editor

With first oil projected for extraction in 2020, Guyana’s landscape is active with visits from the oil industry stakeholders who are strategic partners of ExxonMobil and other Oil Companies as they seek to finalise relationships as service providers. Many of these companies have established local offices and formed strategic partnerships with local Guyanese owned enterprises. This influx has generated significant downstream business which has impacted all sectors of the economy to include hotels, restaurants, entertainment, lawyers, bankers, accountants, real estate, employment agencies and taxi services among others. Georgetown has also recently hosted a number of large international Conferences and Trade Shows which have attracted a large number of overseas delegates creating a new niche market and high occupancy at the major city hotels. ExxonMobil has supported the development of a ‘Local Content Policy’ where Guyanese owned companies can register to become service providers and benefit from the opportunities in this sector. ExxonMobil has also established a fully serviced Training Center to assist companies and train individuals for employment in the industry. The impact of the Oil Revenues will have a 10x multiplier effect on the GDP of the country and potential revenues and benefits to the Government and people are expected to be used for countrywide development and truly unlocking the full potential of Guyana. investguyana.net

ExxonMobil Guyana CEO Rod Henson Explains the Drill Ship Model to Government Ministers at GIPEX 2018

With an ever increasing world demand for large volumes of fresh and processed agricultural produce, Government has been pushing the agenda to stimulate increased agricultural diversification and production and a major thrust in added value agro-processing to target import substitution and expand on export capacity. The growing demand and increased prices for seafood also makes this sector a very attractive opportunity and this sector continues to deliver increasing growth in exports of processed and packaged seafood products to satisfy the large Guyanese and Caribbean Diaspora and the wider international market. With its vast number of major rivers and waterways, Aquaculture has shown significant capacity for growth with many entrepreneurs enjoying positive results with rearing of fresh water Tilapia and other popular species of fish for local consumption and export.

The Forestry Sector also has capacity for increased growth and development as Guyana’s forests contain a wide variety of hardwoods which are in high demand with the export of logs being the major product. Many of the species of timber are processed for use in housing construction and furniture manufacturing. The export capacity is ripe for investment to produce more value added products. Projections for major Government investments in infrastructure to include roads, highways, bridges, waterfront developments, a modern international airport and upgrading of hinterland airstrips have been announced in the 2018 National Budget with many of these being activated whilst others are at various stages of planning and negotiations. These projects once implemented across the country will open access to vast new lands for various types of investment. The capital city of Georgetown has been experiencing a continuous and changing skyline with the construction of a number of new and high profile commercial buildings to support the increased demand for commercial office space. In addition, the city has seen the addition of a number of new hotels and restaurants being both locally owned and new international franchises as part of a continuous evolving tourism industry.

New Citizens Bank Head Office investguyana.net

Tourism development opportunities are also on a growth path with Guyana offering a wide array of cultural, culinary and entertainment experiences based on a fusion of our African, Chinese, Indian, European and Amerindian heritage. With a myriad of natural wonders and pristine tropical rainforests, Guyana is a destination yet to be discovered.

Invest Guyana 2018/19 | 9

Movie Towne Guyana in Final Stages of Construction

There is excitement as the new high profile Movie Towne Shopping and Entertainment Complex nears completion. This multi-million dollar Shopping Mall and Entertainment Complex is scheduled to open by year end and will feature a range of high quality shops and a new and modern Massy Stores Supermarket to service Georgetown and environs. Modern, luxury living is also in high demand and the real estate market for upscale properties has been gathering steam. The success of Windsor Estates has set the stage with their quality of construction and gated community lifestyle. A number of similar high end real estate developments are also being developed to satisfy this market niche. The Central Housing and Planning Authority and other private developers are moving ahead with residential property developments based on high demand.

The services sector continues to grow at a rapid rate especially with the advent of the opening up of the Telecommunications sector and the access to technology. Guyana has become attractive to the BPO industry with a number of large investors establishing operations especially with access to a large pool of young, educated and technically skilled population. The growing impact of technology across the public and private sector has created demand for Internet and ICT skills and services and creating a new wave of entrepreneurs. The establishment of ICT Hubs by the Government across the country will continue to foster the development and attraction of this sector. The Government has also committed to transitioning Guyana to a model Green State with the active introduction of Renewable Energy to replace the use of fossil fuels. Government has taken the lead and has introduced Solar Energy as the source of power for over one hundred Government Buildings to date. The stated intention is to explore the development and use of Hydro, Solar and Wind power across the country and to reduce carbon emissions and the cost of electricity. The Private Sector has joined this initiative with several companies transitioning to Renewable Energy sources. The Government of Guyana through the Guyana Office for Investment – its official Investment Agency, is actively promoting Guyana as a preferred investment destination. Opportunities exist across a myriad of economic sectors and we encourage you to visit Guyana and explore the possibilities to invest in Guyana. The GO-Invest Team is available to meet and discuss your interest and finalise your investment on attractive terms.¤ Lokesh Singh Publisher

Townhomes Being Constructed by Windsor Estates

10 | Invest Guyana 2018/19

For further information visit: www.goinvest.gov.gy investguyana.net investguyana.net

GAICO CONSTRUCTION INC

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Invest Guyana 2018/19 | 11

RUBIS

12 | Invest Guyana 2018/19

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Message President Co-operative Republic of Guyana

Message President Co-operative Republic of Guyana Investment is the lifeblood of enterprise, employment and economic development. It will help to ensure that everyone gains from a growing economy. Guyana is blessed with abundant natural and talented human resources. Its economy is characterised by a sound institutional and regulatory framework and macroeconomic stability. Guyana’s strategic location ― on the eastern shoulder of South America ― offers advantages to investors. Guyana is a continental state with Caribbean characteristics. It is the only English-speaking country on the continent and is home to the headquarters of the Caribbean Community. It is the gateway to the markets of South America and the Caribbean.

H.E. Brigadier David Granger President Co-operative Republic of Guyana

Guyana, notwithstanding the prospect of becoming a petroleumproducing state, is moving irreversibly towards the establishment of a “green state”. The “green state” will require significant new investments in goods and services which place emphasis on the protection of our environment, the preservation of our biodiversity and the promotion of renewable energy and ‘green’ technologies. Investment is indispensable to Guyana’s economic growth. We encourage investors to view Guyana as an attractive and rewarding destination.

investguyana.net

Invest Guyana 2018/19 | 13

IDEAL SUPPLIES INC. IDEAL SUPPLIES INC.

TIRES FOR: CARS  SUV MINI BUS  VANS ETC.

Lubricants Formulated To Meet The Most Recent Automotive Manufacturers Oil Service Requirements.

Commercial Truck & Bus Tires

14 | Invest Guyana 2018/19

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Lot 31 Public Road, Tract “A”, Farm, East Bank Demerara Tel: 624 7261

Message Minister of Business

Invest Guyana seeks to bring Guyana to the attention of international and local investors for the purpose of showcasing the range of business and investment opportunities available here. It also highlights the progress of various new and existing businesses operating in Guyana, as well as major public sector projects that are likely to positively impact our economy. This publication recognizes the need for accurate and relevant information to be shared with individuals and companies looking to do business in Guyana. Additionally, the Government of Guyana recognizes the key role that private investment plays in the growth and development of our economy. The Ministry of Business, through GO-Invest and its other agencies and departments is fully committed to supporting and promoting business development in Guyana. Guyana’s great natural wealth and beauty present economic opportunities that can lift living standards for all Guyanese, and replace poverty with prosperity for generations to come. These economic opportunities must be realized through private investments at all levels, facilitated by Government in the best interest of its citizens. Hon. Dominic Gaskin Minister of Business

It is in this context that I invite you to explore the pages of Invest Guyana and to learn more about the role you, as a private investor, can play in the development of our Green State. Congratulations to GO-Invest and the publishers of this sixth edition of Invest Guyana for continuing to demonstrate to the world that Guyana means Business.

investguyana.net

Invest Guyana 2018/19 | 15

JAPARTS

O I L

EQUIPMENT

G A S

S U P P L I E S

SOURCE ONE

CATERPILLAR 740 Dump Truck & 773F Dump Truck Caterpillar

Caterpillar

D8T Dozer

980H Wheel Loader

Doosan DP30 3 Ton

Miller Bobcat Diesel/Gas

Portable Lighting Tower

Portable Welder 250 / 500 amp

Lowbed Service Truck Caterpillar / Perkins

CATERPILLAR 336DL

Hyundai Small Excavator

150 KVA Generator

Cat TL1255C Telehandler

75 Ton Grove Crane

JLG Engine Powered Scissor Lifts

JLG Telescopic Boom Lifts

G-PORT

PROPOSED ONSHORE OIL AND GAS FACILITY AT VREED-EN-HOOP

ITALIAN SAFETY FOOTWEAR

Portable Air Compressor

LAND CRUISER PICKUP 1HZ SPARES

Industrial HD Coolant

Safety First

XD SERIES 5000 WATTS A ATTS

Diesel Portable Generator

Welder

38 Croal Street, Stabroek, Georgetown, Guyana. South America.

16 | Invest Guyana 2018/19

Tel: 592-225-5334, 592-225-1840, 592-227-3460.

www.sosjaparts.com info@sosjaparts.com japarts23@gmail.com

investguyana.net

About Guyana

Government

Guyana became independent from Britain in 1966 and a Co-operative Republic in 1970, when a non-executive President replaced the Governor-General. A new constitution in 1980 gave the President wide executive powers. The Cabinet is headed by the President, and there is a 65-member National Assembly elected by proportional representation. General elections are held every 5 years.

TIME ZONE GMT - 04:00

LOCATION

Guyana is located on the north-east coast of South America, the continent’s only country where English is the official language. It is located between 1o & 9o North Latitude and 57o & 61o West Longitude, bordering Venezuela to the west, Brazil to the South, Suriname to the east. The capital city is Georgetown with other major towns being Anna Regina, Bartica, Corriverton, Lethem, Linden, New Amsterdam, Mahdia and Rose Hall.

GEOGRAPHY

Guyana is the fourth-smallest country in South America after French Guiana, Suriname and Uruguay; it has four distinct geographical areas: the Low Coastal Plain; the Hilly Sand and Clay Belt; the Highland Region and the Interior Savannahs. The total area is 214,970 km2. investguyana.net

About Guyana

Approximately 75% of the land area is still intact forest, and 2.5% is cultivated. The coastline is 1 metre to 1.5 metres below sea level at high tide necessitating an elaborate system of drainage canals. The most valuable mineral deposits are bauxite, gold and diamonds. Substantial commercial deposits of oil have been recently confirmed and exploration continues. The main rivers are the Demerara, Berbice, Corentyne and Essequibo.

CLIMATE

Guyana is a tropical destination that is pleasant and warm for most of the year, humid, moderated by northeast trade winds; two rainy seasons (May to midAugust, November to January). Mean temperature of 27°C and the average temperature range from 24°C to 31°C. Rainfall is approximately 2,300 mm a year in Georgetown.

CLOTHING

Lightweight, casual clothing can be worn throughout the year. However, long clothing is recommended for the evening along with mosquito repellent to safeguard against mosquito bites.

HEALTH

There is a risk of malaria in certain parts of the interior. Consult your doctor for the required precautions if you intend to travel there. Georgetown and coastal areas are malaria-free.

Municipal hospitals and health care centres exist within rural and outerlying communities with Medivac services available in cases of emergency. Further information can be obtained from the Ministry of Public Health on telephone numbers: (592) 226 7338 or (592) 226 1366.

INTERNET

For most customers, 4G internet service is available nationally through independent providers. Service is also available in most hotels and at many internet cafés across the country. Some hotels and restaurants provide free Wi-Fi to patrons. There are four daily newspapers: Kaieteur News, Stabroek News, Guyana Times and Guyana Chronicle, the national newspaper. There are over twenty television stations and five privately-owned radio stations and one government-operated radio station.

RELIGION

The predominant religious groups are Christians, Hindus and Muslims. Each is well represented with its own churches, temples and mosques. They are found across the country where the major landmarks featuring traditional architecture may be seen.

Invest Guyana 2018/19 | 17

Co-operative Republic Republic of Guyana MEET GOVERNMENT Co-operative ofTHE Guyana

MEET THE GOVERNMENT

H.E. David A. Granger

Hon. Moses Verasammy Nagamootoo

President of the Co-operative Republic of Guyana

Hon. Mr. Carl Greenidge

2nd Vice-President & Minister of Foreign Affairs

Prime Minister & First Vice-President

Hon. Khemraj Ramjattan

Hon. Sydney Allicock

3rd Vice-President & Minister of Public Security

4th Vice-President & Minister of Indigenous Peoples’ Affairs

Hon. Basil Williams

Hon. Winston Jordan

Hon. Joseph Harmon

Hon. Dr. George Norton

Hon. David Patterson

Hon. Ronald Azam Bulkan

Minister of Communities

Minister of Social Protection

Hon. Winston Felix

Hon. Nicolette Henry

Hon. Jaipaul Sharma

Attorney General & Minister of Legal Affairs

Minister of Social Cohesion

Minister of Citizenship

Minister of Finance

Minister of Public Infrastructure

Minister of Education

Hon. Simona Broomes

Minister within the Ministry of Natural Resources

18 | Invest Guyana 2018/19

Minister of the Presidency

Minister within the Ministry of Finance

Hon. Dr. Karen Cummings

Minister within the Ministry of Public Health

Hon. Keith Scott

Hon. Volda Lawrence

Hon. Raphel Trotman

Hon. Catherine Hughes

Hon. Amna Ally

Hon. Noel Holder

Hon. Dominic Gaskin

Hon. Annette Ferguson

Hon. Valerie Garrido-Lowe

Hon. Dawn Hastings

Minister of Public Health

Minister within the Ministry of Public Infrastructure

Minister within the Ministry of Social Protection

Minister of Natural Resources

Minister of Agriculture

Minister of Public Telecommunications

Minister of Business

Minister within the Ministry Minister within the Ministry of Indigenous Peoples’ Affairs of the Presidency

Dr. Rupert Roopnaraine

Minister of Public Service within the Ministry of the Presidency.

Hon. Valerie Patterson - Yearwood

Minister within the Ministry of Communities

investguyana.net

MABARUMA

Charity

ANNA REGINA

Barima - Waini

Pomeroon - Supenaam Essequibo Islands - West Demerara

Demerara Harbour Bridge

Demerara - Mahaica

Fort Island

CJIA

Cuyuni - Mazaruni Hurakabra

BARTICA

Eugene Correia International Airport

Jubilee Umbrella Resort

Mahaica - Berbice

Sloth Island

Berbice River Bridge

No. 63 Beach

Rockstone

ssau Dubulay

Orealla Upper Demerara - Berbice CorTours

Potaro - Siparuni

Kurupukari Crossing

Iwokrama River Lodge

Fair View

SOUTH PAKARAIMA DISTRICT

THE WORLD’S TALLEST SINGLE DROP (741 ft) WATERFALL

Governor Falls

773,453 (March 2017 UN est.)

Governor Light Falls CorTours

Atta Lodge

Lodge

V Rewa Lodge

Manari

Pirara

Moco Moco Falls

Town/Community

Takatu Bridge

Karanambu NORTH Lodge RUPUNUNI Yupakari DISTRICT Caiman House

Nappi Maipaima Lodge

(GYD) East Berbice - Corentyne

Kumu Falls

Shea Rock

Administrative Regions Major Bridge

SOUTH RUPUNUNI Upper Takutu - Upper Essequibo DISTRICT

Konashen u Sip

er Riv 18

T: (592) 225 5383/84

investguyana.net

Guyana Tourism Authority National Exhibition Centre, Sophia Georgetown, Guyana, South America T: (592) 219.0096 - 6 • F: (592) 219.0093 Email: info@guyana-tourism.com Website: www.guyana.tourism.com www.guyanabirding.com

Invest Guyana 2018/19 | 19

A Private Sector Perspective OPEN FOR BUSINESS WELCOMING ALL INVESTORS

X 2018

pening of GIPE

Officials at O vernment & Ministers of Go ng elivers Openi id Granger D mmit av D t en id ss Su H.E. Pres uyana Busine Address at G

A Private Sector Perspective

OPEN FOR BUSINESS WELCOMING ALL INVESTORS By: Ramesh Dookhoo MBA, CRMA

uyana’s economy is undergoing significant transformation currently. Our country has recently become one of the top investment destinations in the Caribbean as massive developments occur in new and emerging sectors. Perceived as a socialist nation, the major political parties are now embracing a common ideology which is to attract investments, grow the economy, engage and improve the still emerging private sector and assist in the attainment of the United Nations Sustainable Development Goals. The current administration has demonstrated a zero tolerance approach to tackling crime, corruption, money laundering and drug and human trafficking as our ability to detect and punish these crimes increase marginally over the years. Ridding the country of such ills is definitely welcomed by all as we strive to preserve our social values thus improving our quality of life, especially for the younger generations. The private sector and the government of the day are working very closely to create an enabling environment and boost investors’ confidence to unleash new opportunities for both local and foreign firms. Recently, the Private Sector Commission in collaboration with the Inter-American Development Bank Guyana hosted a landmark Business Summit with participation from our Government, Political Opposition, international financial

20 | Invest Guyana 2018/19

Promoting Locally Manufactured Products

institutions and civil society to deliberate on the challenges facing the business community and opportunities for business growth and expansion in Guyana. Emanating from this summit is a detailed action sheet with recommendations that both the Private Sector Commission and the Government are keen on implementing to ensure the sustainable development of Guyana. Aside from domestic investments, Guyana is in need of foreign investments and resources in order to realize its fullest potential. Our Government is pursuing strategic plans geared towards investment promotion and fostering value-added industries which are certainly great undertakings. We need significant investments in energy, especially to allow the process of structural transformation from a traditional-based economy to a value-added haven. Energy investors are welcome to harness continuous sunlight and water flows in the country known for its many rivers. In addition, the country needs critical investment in transport and technological infrastructure to increase investguyana.net

Minister Sharma Interacting with Business Executives

access to and distribution from our market. There has been a renewed interest in public-private partnerships in the nation which is a great window that can be utilized for these crucial developments. With an area of 214,970 km2 and 85% forested land mass of which 75% is still virgin forest, Guyana is by all means a treasure – a worthwhile investment for those who are interested in investing in the lungs of the earth, witness a tropical paradise, home to thousands of undiscovered flora and fauna species – to invest in an emerging eco-tourism destination. Complementing our natural resource endowment, our President has committed to the establishment of a Green Economy to mitigate the harsh effects of climate change. Guyana is a signatory to the Paris Agreement and the Rio Conventions to ensure development in a sustainable way. Generating from these commitments, a ‘Green State Development Strategy’ is being developed which will be Guyana’s national development document, at least for the next decade, focused on improving our People, our Planet and Profits. Guyana has an excellent track record when it comes to rewarding foreign direct investments. Known as the Land of El Dorado, our gold alone has attracted massive investments over the years with declaration of 653,000 Troy Ounces in 2017. Home to countless species of freshwater fish and an abundance of arable land, come and be part of our journey to become the breadbasket and largest agro-processor in the Caribbean region. I urge you to grasp this opportunity with both hands to invest in Guyana as the country will soon be the port of entry to South America

Recently Opened KFC Outlet investguyana.net

Minister Patterson Exchanges with an Exhibitor

with the current expansion of our international airport and the establishment of the massive deep water harbour and Lethem – Linden Highway, bridging Guyana to Brazil, soon to commence. Guyana is the only English-speaking country in South America and as such benefitted from significant investments already, especially in major call centres and distribution facilities for farreaching countries. Our markets have been booming recently with increased consumer traffic from Latin America and the Caribbean for Guyanese produce. The private sector has high optimism given the proposed mandate of the Government and its Ministries. This, coupled with the confirmed discovery of 3.2 billion barrels of oil by Exxon Mobil as at 2018 has boosted the prospects in Guyana massively. We are seeing our country transform as oil production nears in 2020. The inflow of investors is unthinkable, bringing new ideas and businesses to our country to benefit from Guyana’s new wealth. Come now before it is too late! Already we have seen multi-million dollar investments in shore-based facilities, powerful joint ventures and relocation of businesses to destination Guyana in little to no time. Besides the oil industry specifically, investments are on the increase to benefit from the boom that Guyana is about to witness. At the end of December 2017, Guyana’s gross domestic product was estimated at US$3.7 billion as the country realized a growth rate of 2.1% over its previous year. The economy is projected to grow by 3.8% in 2018 as we expect an increase in foreign investment, especially to the oil and gas sector and a promotion of value-added industries.

The New Multi-Million Dollar Mattai’s Supermarket

Invest Guyana 2018/19 | 21

We welcome you to try our products, enjoy our tropical paradise. Soon Guyanese will be entertained by the US$46 million investment in the massive MovieTowne Mall and be thrilled by the annual Caribbean Premier League Twenty20 cricket where we are home to the Amazon Warriors. Sip on a Banks Beer or have some XM Rum, visit our natural wonders, our famous resorts, our untouched rainforests and enjoy a cuisine that has a base in the culture of six races. Come have the time of your life and experience nature in its entirety! ¤

About The Author:

XM Rum Made in Guyana by Banks DIH Limited

Realizing the state of the global economy and aware of the regional situation, the Government is keen to pursue prudent macro-economic policies and management to protect the economy from shocks or possible financial contagion. In this light, I encourage and invite investors to our wonderful country to meet with businesses from various sectors, whether it is to invest in gold, tourism, agro-processing, manufacturing and services, energy, diamond, fish and shrimp or our emerging oil and gas sector, among others. Come down to Guyana for business and invest in a nation that will soon take off into high sustainable growth.

Mr. Ramesh Dookhoo is a Senior Business Executive at Banks DIH Group, Guyana. He is the current President of the Caribbean Association of Industry and Commerce, a former President and current Executive member of the Guyana Manufacturing & Services Association and is a dedicated and long serving member and Past Chairman of the Private Sector Commission. Mr. Dookhoo is presently the Secretary of the elected Board of Directors of the Private Sector Commission and he is also currently the Chairman of the Trade and Investment Sub Committee of the Private Sector Commission.

JF Ltd

22 | Invest Guyana 2018/19

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sol

GENEQUIP

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Invest Guyana 2018/19 | 23

Guyana’s Green State Development Strategy

Guyana’s

Green State Development Strategy A Catalyst for Increased Investment and Sustainable Development

uyana has made significant progress in the last decades in reversing persistent economic decline through improved macroeconomic fundamentals. The Caribbean Development Bank (CDB), for example, has reported impressive real GDP growth rates for Guyana averaging 4.4% during the period 2006-2012, which means that it has out-performed many of its Caribbean counterparts. Recognizing that this growth pattern can only be sustained through a long-term inclusive growth framework, Guyana is now developing a Green State Development Strategy (GSDS) mandated by His Excellency, President David A. Granger, based on the principles of green economy. The transformation to a ‘green state’ has been evolving over time with the growing importance of Guyana’s abundant natural resources, the development of the “Low Carbon Development Strategy” (2009) and now via the GSDS’ expanded scope that prioritizes transformation in the agriculture, forestry, energy, and infrastructure sectors. The GSDS will establish the framework for “inclusive green economic and social growth, outline a longterm vision for a prosperous and equitable future and provide a roadmap for achieving identified sustainable development goals and related targets. Effective implementation of GSDS actions for the next two decades will also require significant levels of financial input, which will be addressed in a GSDS Financial Mechanism. This can be expected to include a combination of traditional (e.g. official development assistance, remittances, national budget), new (e.g. the sovereign wealth fund), and external financing (e.g. portfolio investment flows, FDIs). The benefits of pursuing a green economy-based transformation could also maximize the potential impact of private investment.

24 | Invest Guyana 2018/19

His Excellency, President David A. Granger (centre) with (from l to r): Ms. Ndibi Schwiers, Director – Department of Environment of the Ministry of the Presidency; Mr. Mark Griffith (formerly) of UN Environment; Ms. Adriana Zacarias Farah and Mr. Vincent Sweeney – UN Environment and Ms. Mikiko Tanaka, Resident Coordinator of the UN in Guyana.

Guyana’s Department of Environment of the Ministry of the Presidency and UN Environment are partners in the development of the GSDS and operate the GSDS Coordinating Office in Kingston. Additional assistance and technical expertise is provided by the United Nations Country Team in Guyana, the Global Partnership for Action on Green Economy (PAGE), who are supporting with various economic assessments and studies, ensuring informed and science-based policy options that can re-orient and diversify the economy, and reduce reliance on resource-intensive sectors. Alliances have been built with various government ministries, civil society groups, NGOs and academia that are currently collaborating with the GSDS Coordinating Office in national outreach and public consultation exercises. This includes the deliberative work of seven multi-stakeholder expert groups, and regional consultations currently underway across Guyana’s ten administrative regions. Collectively, these activities will provide opportunities for Guyanese of all walks of life to participate and investguyana.net

Mr. Leo Heileman, Regional Director, UN Environment, Regional Office for Latin America & the Caribbean standing in the centre of the picture, amidst the GSDS chairs and other officials.

have their concerns included in the GSDS. To illustrate the complexity of the discussions, the GSDS Framework document has as one of the goals that Guyana should work towards “100 per cent renewable energy”. The relevant expert group is discussing this in order to confirm whether it is realistic for the next 20 years. It is also considering the current debate around the country’s energy mix with options for solar, wind, biomass and hydro-electric power, and the projected carbon footprint, but with an objective to gradually diminish the country’s dependence on fossil fuels. The GSDS Coordinating Office shared some insights into what lies ahead for developing a green state. “The starting point for this process of transformation is the ‘Framework of the Green State Development Strategy and Financing Mechanism’ developed in March 2017 through a consultative process and approved by the Government of Guyana. The Framework identifies the strategic priorities being discussed by the seven thematic multistakeholder expert groups. These expert groups will develop the GSDS strategic actions and suggest, with the approval of the relevant line ministries, the policy directions the GSDS should take.” From an economic standpoint, it is recognized that Guyana’s hard commodity sector is crucial for the GSDS, yet the associated sustainability risks remain substantial. With the recent discovery of oil and gas, the Government is establishing a Department of Energy under the Ministry of the Presidency to manage the anticipated proceeds in a considered and sustainable way. The GSDS may, therefore, guide investors on the available investment opportunities, whilst also fostering partnerships for the improvement of business competitiveness and innovation, effective delivery of goods and services, improved labour conditions, use of industry standards and environmental and social safeguards. Effective and enduring partnerships are essential for the GSDS transformation process and for the identification of new skills, training and technologies.

In view of this push to develop as a ‘green state’ and before investments can be ‘green-lighted’, investors will need to pay more attention to complying with policies and regulations that seek to conserve the nation’s natural patrimony. This will ensure transparency and fairness and also provide readily-available information. In parallel with the ongoing nationwide consultations, three economic modelling assessments are being undertaken in the areas of green economy policy, just transition and decent work conditions, and green industry. With the GSDS in place, this will spur further investment in a green economy, an objective that will cover operations in all sectors, including the opening up of new hard commodity markets in the short-term. Investors should, therefore, expect a combination of direct regulations, more robust environmental compliance measures, and flexible policy instruments, along with opportunities for direct and indirect investments. Guyana is just getting started in terms of ramping up activities and consolidating all the elements of the GSDS process. Information gathered from the consultations will be shared with thematic expert groups for elaboration of recommendations. These will then be included in the drafting stage of the GSDS and presented as policy recommendations applicable to the respective sectors, which will eventually be implemented via sector plans and applicable codes of practice. In the final stage, and led by the Ministry of the Presidency, Department of Environment, the substantive Green State Development Strategy document would need to be vetted by Cabinet and presented to the Guyanese Legislative National Assembly for approval.¤

Aruwai Resort in the Mazaruni River

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Indigenous Communities and Nature - A Strategic and Viable Combination for Investments

Indigenous Communities and Nature A Strategic and Viable Combination for Investments

President David Granger listens as Minister within the Ministry of Indigenous Peoples’ Affairs reads out the inscription on the plaque, which he had just unveiled to officially commission the Paramakatoi Tomato Project Facility. Also in the photograph are to the President’s left Canadian High Commissioner to Guyana, Pierre Giroux. Partially obscured are Minister of Indigenous Peoples’ Affairs, Sydney Allicock, Minister of Business, Dominic Gaskin and Minister within the Ministry of Finance, Jaipaul Sharma.

he importance of developing the rich heritage and natural resources of our hinterland communities and regions offers the potential to create rich hubs that can serve to bridge the gap between hinterland and coastlands. Ownership is central to the success and growth and a new era of economic prosperity can evolve when the importance of ownership is recognized. In this context, the Ministry of Indigenous Peoples’ Affairs will be focusing heavily on policies for diversifying ownership of hinterland lands as this creates systemic resilience. The Ministry has embarked on a programme of issuing titles to indigenous communities throughout the country in an effort to make these communities more resilient and self-sufficient. The Ministry has also been doing extensive work in the far reaches of the hinterland in developing Village Development Plans including financial and technical support which will position these communities on a sustainable green growth path over the next five to ten years.

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Indigenous Peoples’ Affairs Minister Sydney Allicock (Right) Discusses Amerindian Community Tourism with Visiting Barbados Tourism Officials

Minister Sydney Allicock, tasked with leading the way for a more empowered and sustainable Hinterland, believes that sound capacity building will only aid in the better management of this rich resource. “Through these programmes, we’ll know how many skilled personnel we have and in what areas we need to build capacity. We will also know what natural resources they have - gold, diamond, lumber and tourism - which need to be developed.” investguyana.net

Fishing in the Rewa River The idea is to have economic strength and ultimately development the abundance of resources that are found in these villages. Minister Allicock says even as his Ministry plays its part in realizing the vision of the Government for a Green State, getting these villages prepared is important. “Almost all communities are nestled in mostly pristine forest with natural resources and we have to build capacity on their preservation while teaching economic prosperity” He said in areas where there are natural resources which residents are not benefiting from, the Ministry is building capacity on how to form cottage industries which will ultimately develop their economies. Other areas of focus for training and development over the coming months will include sustainable farming activities. Developing Eco-Tourism in Their Natural Environment Already the Ministry has been working with several hinterland villages to develop their tourism products which is like no other, as these communities in their natural state offer once in a lifetime experiences. “What we have done so far is to give support to communities that are interested in community based tourism, I think that is one industry that is an inclusionary operation”. Each of these communities already has their unique product, waiting to be developed in a way that will not negatively impact their natural form. “They have education, health, communication, culture, and their very own way of life. What we are doing is educating

Harpy Eagle

them on the importance of keeping the natural resources intact, and to show others the relationships that can be developed to manage the eco system in these areas,” As good stewards of Guyana’s eco-tourism products, many of these villages are quickly gaining momentum in terms of marketing their products, building their village economies and doing their bit in moving Guyana towards a green state status. “If we are going to have a green state through a green economy, we must know the language of nature and we have to look at partnerships in development”. Training and development opportunities are also being provided in collaboration with the Guyana Tourism Authority as a collaborative and sustainable approach is needed. As this sector in the hinterland continues to develop at a rapidly growing pace, emphasis is also being placed on identifying, packaging and marketing these products and identify suitable persons to manage the overall affairs in a sustainable way. Hinterland Successful Business Initiatives When looking for a unique blend of pristine nature mixed wanderlust adventure, Guyana’s hinterland offers this and so much more. Examples of success stories and partnerships which thrive and offer amazing and unique community and hinterland tourism experiences and commercial business activities are growing and can be found across the country. Warapoka Village, mostly populated by the Warrau people, is an indigenous community which is nestled in the Moruca Sub-district in Region One. It is renowned for being home to the Harpy Eagle – its main attraction, which is a rare sight in other parts of the country. In addition, the uniqueness of the spectacular shell mound rocks coupled with the breathtaking boating experience through rivers, creeks and savannahs are things any good backpacker should add to his or her bucket list.

Amerindians with Cassava Harvest investguyana.net

Rewa Village is a small Amerindian community of approximately 300 people who are predominantly Makushi. Located in the Rupununi region – it is another one of Guyana’s best eco-tourism Invest Guyana 2018/19 | 27

Pakaraima Flavours Ketchup made in Region 8

Rupununi Essence made in Region 9

projects which only recently announced that it raked in $77M from its tourism initiatives. This Eco-Lodge is also renowned for its abundance of wildlife and ecological diversity.

All soaps are formulated to impart beneficial cosmeceutical properties; they contain fruits, vegetables as well as steam distilled essential oils and natural fragnance oils.

These are only a few of the more popular and successful ecotourism hinterland based communities which have proven that through public private partnerships, these communities can become self- sustaining using their natural environment and sharing their culture and lifestyle with the world yet preserving their heritage and the natural eco-systems.

In an MOU with the Ministry of Indigenous People’s Affairs and the Ministry of Social Cohesion is a number of collaborations with our Indigenous Peoples, focused on the production of cosmetics, medicines, fragrances and flavours.

Paramakatoi Village is a Patamona community located in the mountainous Region 8. The farmers in this community and nearby villages of Mountain Foot and Bamboo Creek do subsistence farming and have formed themselves into an Agriculture Co-op to facilitate large scale farming to further develop their communities. Their first project was the planting of Organic Tomatoes with the harvest being dried at a new solar drying and processing facility which has been built in the community. The dried tomatoes are then packaged as sun-dried tomatoes or made into sun-dried tomato salad dressing by the Institute of Applied Science and Technology (IAST). The project was officially launched, in August 2017, with $59M from the Government and $4.5M from the Canadian High Commission. Designed by Professor Suresh Narine, Director of IAST and labelled the Paramakatoi Flavours, it is set to revolutionise the community. The packaged Sun Dried Tomatoes are now available locally at popular supermarkets and other outlets. This Agriculture and Agro-Processing Initiative is another example of the possibilities available for partnering with Indigenous Communities. The Rupununi Essence and Natural Soaps Project Guyana is blessed with a botanical biodiversity which represents a patrimony of medicines, cosmetics, fragrances and flavours, colours and other bioactives. The Institute of Appled Science and Technology (IAST) has over the years formulated natural coconut oil liquid and solid soaps which are completely natural and contain supplementary oils that condition skin and cleanse gently, as well as glycerin as a natural byproduct of the saponification reaction. 28 | Invest Guyana 2018/19

Working collaboratively with the Ministries and the Macushi Research Unit (MRU) and the Medicines from Trees (MFT) organizations, both of the Macushi Peoples of Region 9, the IAST developed a new line of cosmetic facial cleansers made from locally produced coconut oil, essential oils of lemongrass and crabwood oil from the Guyana rainforest. The products meet all the American Society of the International Association for Testing and Materials (ASTM) standards for facial soaps. The products were manufactured at the IAST laboratories, and members of the MRU and MFT were trained in the modern preparation and quality control of the products which were launched in May 2016. The product has been a run-away success generating multiple requests from overseas distributors to partner with the MRU and the IAST, including the Body Shop, a major retailer of cosmetics in the United States and Europe. In December, 2016, IAST handed over $1,031,208 to the MRU and the Medicine From Trees group of the North Rupununi District Development Board (NRDDB) representing profits from the sale of Rupununi Essence Luxury Facial Cleansers. All production costs, including electricity, labour, raw materials, packaging, marketing, etc., were recovered by the IAST, with 100 percent profits being remitted to the NRDDB. The Rupununi Essence website is www.rupununiessence.gy. There are many such villages in the hinterland where such partnerships can be developed for the mutual benefit of the communities and all stakeholders. The Government and the Ministry of Indigenous Peoples Affairs is open to exploring and facilitating more villages opening their communities to investments which will promote self-sustaining and eco-friendly initiatives offering priceless experiences to those who dare to venture whilst protecting and preserving nature for future generations. ¤

investguyana.net

ISG

Director,

The University of Guyana

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Invest Guyana 2018/19 | 29

GEA Leads with Solar Power Installations as Guyana Transitions to a Green State

Ministry of Culture, Youth and Sport

GEA Leads with Solar Power Installations as Guyana Transitions to a Green State By: Taiwo Wilson Williams - Public Communications Officer, Guyana Energy Agency

ognizant of the consequences of high energy prices, dependence on fossil fuel imports and the effects of climate change, the Government of Guyana committed to ensuring a sustainable low carbon environment for Guyana and Guyanese at large through the development of the Guyana Green State Development Strategy (GSDS) and the Principle of Decarbonization and Climate Resilience. In 2016, His Excellency President David Granger, President of the Cooperative Republic of Guyana, declared that,

“The Government of Guyana will lead the way in transitioning towards greater renewable energy use. Every government building, including hospitals and schools will, within the next five years, be utilizing alternative sources of energy”. Subsequently the Guyana Energy Agency (GEA) was designated by Cabinet to lead the transitioning efforts and has since been making steady progress in a number of areas especially in relation to the use of solar energy through the installation of Solar Photovoltaic (Solar PV) systems on several Government buildings. “Solar PV systems have gained increased importance as a renewable source of energy due to its many advantages… such as little maintenance, no noise and no pollution. Further, the abundance of sunshine in Guyana makes the use of solar photovoltaic systems technically sound and environmentally feasible, especially given that solar energy is renewable and sustainable. This is not to say that we are not exploring other forms of renewable energy use such as biomass, wind and hydro, in fact we have a few projects in the pipelines in relation to these; However, we have made significant strides in outfitting several Government buildings with solar PV systems”, explained Dr. Mahender Sharma, CEO of GEA.

Leonora Technical and Vocational Institute 30 | Invest Guyana 2018/19

GEA’s solar photovoltaic (PV) programme for 2017 resulted in the installation of solar photovoltaic (PV) systems on the rooftops investguyana.net

of 70 government buildings, and support to the Hinterland Electrification Company Inc. (HECI) in the installation of a 400kW Solar PV Farm, totaling 1.36 megawatts (MW). These installations will result in annual energy savings of 1.86 gigawatt hours (GWh) or 1,200 barrels of oil equivalent per year; annual cost savings of approximately $140 million; and environmental benefits in the form of avoided carbon dioxide emissions of about 1,116 tonnes per year. The 2018 solar PV programme targets the installation of solar PV systems at 119 public buildings totaling 2.5 megawatts (MW) of installed capacity. These installations will result in annual energy savings of 3.5 gigawatt hours (GWh) or about 2,000 barrels of oil equivalent per year; annual cost savings of approximately G$207 million; and environmental benefits in the form of avoided carbon dioxide emissions of about 2,470 tonnes per year. Energy Engineer of GEA Mr. Leon DeSouza, who is the lead engineer overseeing the process, explained that the majority of the systems are grid connected “….which means that they will be generating electricity primarily for internal consumption while the excess energy will be supplied to the national electricity grid…” Apart from reduced energy costs and avoidance of greenhouse gas emissions, the installations will raise awareness among stakeholders about the applicability and functionality of renewable energy. He said that “…it is expected to contribute towards Guyana’s efforts to reduce reliance on imported fossil fuels through the proliferation and deployment of Renewable Energy Technologies”.

Ministry of Natural Resources

‘Green’ solutions are undoubtedly needed to address the challenges and threats facing the country, particularly those caused by climate change. Thus, the emerging role of renewable energy reflects the country’s approach to realising a Green Guyana and working towards a renewable energy target of 100% of electricity generation from renewable energy sources. In the words of His Excellency President David Granger, “Guyana’s green revolution will spawn a wide range of businesses, will produce and create employment opportunities…A green economy represents an investment opportunity for our business community; represents an emerging target market for our financial sector that will spur entrepreneurial activity…We will transition our economy rapidly towards renewable, clean and cheaper sources of energy.”¤

Global Seafood Distributors investguyana.net

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GO-Invest Guyana office for nvestment Overview and Outlook as Investor Interest Continues to Rise

GO-Invest

Guyana Office for Investment

Overview and Outlook as Investor Interest Continues to Rise Overview Guyana is set to receive valuable inflows from investors to stimulate key sectors of the economy as investment promotion and product development activities by Guyana Office for Investment (GO-Invest) continue to yield positive results. GO-Invest’s mission is straightforward: The Agency promotes and facilitates local and foreign private sector investment and exports according Guyana’s approved investment and export strategies, and makes the entire process comfortable and uncomplicated for investors who show confidence in the country and its future. In today’s international business environment, there is stiff competition among countries to attract investors. Guyana has a small private sector relative to nations of comparable size and limited capacity to invest in and execute large capital projects. As such, the payoffs from GO-Invest’s promotional activities are crucial to the nation’s economic development. The Agency has been moving the process forward by highlighting the benefits of doing business in Guyana, such as its liberalised 32 2018/19 32| |Invest Invest Guyana Guyana 2018/19

economy, supportive government policies and legislative framework, plus its abundant natural resources, strategic location and attractive fiscal incentive regime, to attract investors that fit the nation’s development profile. GO-Invest’s highly skilled and motivated team headed by Chief Executive Officer (CEO) Owen Verwey has developed initiatives that enable Guyana to record a strong performance in attracting investors and generating exports during the past year. The team’s bold and original approach to investment promotion and product development has gained valuable leverage for resource-rich Guyana in key areas, such as attracting Foreign Direct Investment and setting up good product-market links for exports, and the nation is looking forward to increasing returns from investments and exports in 2018-19. GO-Invest is preparing to examine its operations and streamline its activities as Guyana moves forward into a dynamic era of oil and natural gas production, with all the associated benefits and challenges. The Agency is adjusting its focus to help Guyana obtain more solid and balanced returns from investments by assessing investguyana.net

investors’ performance based on social impact, economic benefits and transparency, and ensuring that all investments fit national development objectives. GO-Invest will soon revamp its operations with carefully crafted promotional strategies and robust international outreach to attract investments and promote exports for maximum returns without jeopardising the public good. Through proactive and effective leveraging of trade and investment relationships, promotions and local product development in 2017–18, the Agency continues to make an extraordinarily positive contribution to Guyana’s economic development.

Key Investment Incentives A central component of the Agency’s advocacy and support is its special mix of incentives to motivate investors. These include: • Exemption from import duties and taxes on most plant, machinery and equipment • Exemption from Customs Duty on raw materials and packaging materials used in the production of goods by manufacturers • Exemption from Customs Duty and zero rate of Value-Added-Tax on raw materials and packaging for manufactures who export 50 percent or more of their products • Unlimited carry-over of losses from previous years • Accelerated depreciation on plant and machinery for approved activities • Full and unrestricted repatriation of capital, profits and dividends

Ministers of Government engage business executives at GIPEX 2018. • • • •

Benefits of double taxation treaties with the UK, Canada, Kuwait and CARICOM countries Exemption from Customs Duty and zero rate of ValueAdded-Tax on items approved under an Investment Agreement between the Government and the business Exemption from Excise Tax on items approved under an Investment Agreement between the Government and the business Zero rate of Value-Added-Tax on exports

GO-Invest’s role in establishing and publicising these incentives in 2017-18 was complemented by a packed programme of promotional activities at home and abroad. These activities were designed to bring in investments and increase exports, and also to retain all gains from these initiatives for comprehensive and sustainable economic growth.

Major Activities GO-Invest spearheaded, supported and/or coordinated numerous promotional activities in the latter part of 2017 and the first quarter of 2018 to pave the way for new investments in Guyana. • Guyana International Petroleum Business Summit & Exhibition (GIPEX) – GO-Invest was the lead organising partner in the Guyana Government’s first major inaugural event for its emerging oil and gas sector that brought in at least 300 potential investors in the local oil and gas industry and related businesses. • Outsource to the Caribbean – GO-Invest supported this event in Jamaica to promote investment opportunities in the business processing outsourcing sector, which is responsible for nearly 4,000 jobs in Guyana by industry stalwarts such as Qualfon, Emerge BPO and Sambora. • Prospective Developers and Associates of Canada (PDAC) 2018 Convention – GO-Invest facilitated Guyana’s Finance Minister Winston Jordan’s address at the 2018 PDAC Convention, the premier international event for the mineral industry with more than 25,000 attendees from 125 countries.

GO-Invest CEO Owen Verwey(Left) and Minister of Finance Winston Jordan at PDAC 2018. investguyana.net

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Minister of Business Dominic Gaskin addressing OAS Tourism Ministerial Congress 2018 Minister Jordan informed the audience that GO-Invest was “ably facilitating investors and helping them to cut through the red tape and bureaucracy. Investors can be guaranteed the safety of their investment and the ease of doing business”. In partnership with Guyana Goldfields, GO-Invest organised the Guyana Mining Day Forum during PDAC, which resulted in several international mining companies pledging to invest tens of millions of US dollars in Guyana’s mining sector.

Delegates at OAS Tourism Ministerial Congress 2018

•

After the event, GO-Invest’s CEO said he was heartened by the tremendous interest shown by investors, adding that “Guyana is indeed being recognised as a world-class investment option for mining and natural resources”. •

•

• •

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Outreach to Brazil–GO-Invest organised three trade missions from Brazil to Guyana and one from Guyana to Brazil to promote bilateral trade and investment between the neighbouring nations, especially with regard to agricultural commodities. Outreach to Suriname– GO-Invest hosted a trade mission from Guyana to Suriname to promote trade and investment opportunities to the Chambers of Commerce of Paramaribo and Suriname. Outreach to Trinidad and Tobago– GO-Invest organised multiple trade and investment missions between Trinidad and Tobago and Guyana. The Guyana branch of the Trinidadowned Republic Bank hosted a symposium in Guyana for all their clients around the Caribbean. Outreach to Barbados– GO-Invest organised three trade missions from Barbados to Guyana, primarily to promote the export of Guyana’s agricultural and craft products. Outreach from Aruba and Guadeloupe– GO-Invest organised an inbound trade mission from Aruba and Guadeloupe to explore the possibility of Guyana supplying goods and services to them at competitive prices and on a regular basis. Outreach to investors in the Extractive Industries– GO-Invest hosted several teams of investors, especially thosein the oil and gas industry, to promote major investment opportunities in Guyana. Outreach from China– Several Chinese missions visited Guyana to explore mutually beneficial investment opportunities across sectors in the economy. GO-Invest staff also participated in an Investment Promotion Seminar in

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China in 2017. This allowed for an exchange of investment related information between the two countries. Outreach to South Korea– GO-Invest participated in the Korea Invest LAC (Latin America Caribbean) event and showcased Guyanese products, services and investment potential. OAS Tourism Ministerial Congress 2018– GO-Invest collaborated with the OAS to host the XXIV Inter-American Congress of Ministers and High-Level Authorities of Tourism in Guyana with large representation by members of the Caribbean Tourism Organisation (CTO). At this event, the Agency capitalised on the opportunity to highlight Guyana’s enormous and unique tourism product. Delegates discussed connecting the Americas region and signed the Georgetown Accord to promote regional tourism. International Civil Aviation Organisation Air Transport Conference 2018– This event will be held in Guyana in 2018 and GO-Invest is a member of the planning committee and will utilise all opportunities to promote trade and investment. Inaugural Guyana Trade and Investment Exhibition (GUYTIE) – This exhibition will be held at the Marriott Hotel under the auspices of GO-Invest and the Caribbean Development Export Agency. The event will be a forum for an estimated 50 to 100 exhibitors of Guyanese products with investment and export potential to highlight the vast array of commodities produced in Guyana, particularly by ready-to-export companies. At least 30 international buyers are slated to attend the event. American Airlines (AA) Flights– The work of GO-Invest and other stakeholders has resulted in AA starting flight operations in Guyana in 2018. This is a major investment in Guyana with the added value of better air access so that foreigners and the Diaspora have more flight options to visit for business or pleasure, especially potential investors coming to Guyana to look for business opportunities. Joint Venture Seminar– This was a four-hour seminar hosted in the last quarter of 2017 that provided an introduction to strategic partnerships in recognition of the desire of local entrepreneurs to understand the process of assessing their internal capabilities. The seminar also evaluated external opportunities and provided an overview of the legal and financial basics for developing strategic partnerships. GOInvest initially planned for a total of 180 participants, but due to tremendous interest in the topic, approximately 241 persons participated. investguyana.net

•

Diaspora Events– The Agency facilitated three Guyanese Diaspora events in the US, Canada and Guyana. These events provided a forum to update and inform the Diaspora on new investment opportunities and developments taking place in Guyana with the hope that they will invest in Guyana by bringing home their technical skills and know how. Progress in important areas

During 2017–18, GO-Invest’s initiatives achieved significant progress in important areas.

Ministry of Public Telecommunications

A new application/expression of interest form is readily available online in an easy-to-use format to assist investors in providing crucial due diligence information. This form is part of the GO-Invest’s push to facilitate investment by placing more transparent and accountable procedures at potential investors’ fingertips, encouraging a smoother application process, which most international investors expect. The Agency has also improved the screening of applicants’ credentials significantly and incorporates Guyana’s overseas Missions. There is a secure special mechanism in place for the Missions to transmit their findings to GO-Invest and clear the way for bona fide investors. Applicants must complete a due diligence form, which is followed by an appraisal of the proposed business undertaking to evaluate its net benefit to Guyana as against the fiscal incentives desired. Guyana’s foreign missions play a critical role in GO-Invest’s outreach worldwide and the Missions are now actively involved in manning exhibitors’ booths at trade shows and events outside of Guyana. The upshot of their efforts is that GO-Invest officials based in Guyana do not have to be physically present at such events, which conserves vital resources such as time and money. There are other important changes in train. For example, training of the Agency’s employees at all levels is being stepped up and refined so that they are more knowledgeable of business practices and understand the nuances of Guyana’s Foreign Direct Investment process, especially the unique investor needs to set up specific types of businesses in Guyana. GO-Invest’s team members are well-equipped to do the necessary groundwork to validate investments, even those involving complex high-tech projects. In particular, the Agency has sharpened the staff’s skills in the essential area of net economic benefit analysis (fiscal). However, they will engage in periodic training to enhance their business analysis and project analysis skills. GO-Invest is now responsible for vetting applications for all investment ventures involving 40 or more acres of agricultural lands on behalf of Guyana’s Lands and Surveys Commission (GL&SC). The Agency also reviews all applications for industrial and commercial lands, and lands under the purview of the Central Housing and Planning Authority (CHPA) and the Ministry of Business. For investors interested in applying for lands under the purview of the CHPA, the Agency has formulated a user-friendly application process via a standard, downloadable, printable letter of interest that is available on GO-Invest’s website. investguyana.net

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GO-Invest has also fostered a closer working alliance between investors and local support agencies that allows the Agency to stay in contact and up-to-date with investors and their projects, which is critical to optimal inter-agency awareness, cooperation and efficiency, and to promote investor after care. Furthermore, GO-Invest aims to ensure that new investors are well settled and supported by the relevant local agencies and entities responsible for approving and licensing business activities, such as the Environmental Protection Agency, the Guyana Revenue Authority and the New Guyana Marketing Corporation. The Agency is in the process of improving its online presence and social media activities. To this end, the Agency’s website will be updated and will feature a comprehensive database of Guyanese service providers, such as lawyers, engineers, accountants, environmental professionals, transportation and logistics services and more. Local business services providers can register for inclusion on that database. Standout Achievement One of the standout achievement in 2017-2018 was the Agency’s collaboration with the key agricultural agencies in Guyana to attract and support investors in that sector, largely through the timely exchange of current and relevant information. GO-Invest partnered with the Ministry of Agriculture and other important agencies in 2017 to participate in outward missions to neighboring Brazil to encourage prospective large-scale investors to explore agricultural investment opportunities in Guyana.

Works at Shore Base Facility The team presented the country’s attractive investment incentives and explained the safeguards establishing a level playing field for all investors to promote confidence in the investment process. In particular, they sought to step-up Brazilian trade and investment in the Rupununi Region and increase cross-border trade in agricultural commodities. After preliminary discussions, Brazilian entrepreneurs were keen to undertake large-scale agricultural investment projects. As these discussions continue, the GO-Invest team’s priority is to ensure that actual projects start up during 2018-2019. The Agency also discussed a joint venture with Serviço Brasileiro de Apoio às Micro e Pequenas Empresas (SEBRAE, an institution that develops small and micro enterprises in Brazil, to assist small businesses in the border town Lethem to access venture capital and build competitive capacity.

Troy Resources Guyana Inc.

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GO-Invest is looking to launch an initiative to advance the agricultural sector by presenting potential investors with investment-ready lands and viable project ideas. The Agency will compile data and issue project-ready documents for the development, execution and delivery of agricultural land to investors. The intent is to encourage development of medium to largescale, value-added agriculture projects on suitable vacant lands ranging between 10,000 to 15,000 acres in size; for establishing a minimum of five farms within each Region, for agriculture and value-added production. The location of these projects should allow for a least-cost development, suitable drainage and irrigation infrastructure, access to markets, and water resource. The compiled documents must address import-substitution, increasing agricultural production, export diversification and job creation. GO-Invest expects this initiative to generate considerable interest in the investment arena because it explores the remarkable cutting edge innovation of a national investment agency spearheading the collaborative development of lands or projects for delivery to interested Investors at ‘turn-key’ status. The terms of reference for this initiative are available on the Agency’s website and several applicants have submitted expressions of interest. To reach this stage, GO-Invest worked with an inter-agency committee comprising the Ministry of Agriculture, The Inter-American Institute for Cooperation on Agriculture (IICA) and GL&SC. The Agency also participated in the Regional Agricultural and Commercial Exhibitions (R.A.C.E,) held in Regions 3 and 8 and plans to participate in other local agricultural activities. Additionally, to capitalize on the heightened interest in Guyana as a nascent petroleum producer due in part to the six oil discoveries offshore in just over two years, the Agency was the lead organising partner of GIPEX 2018, which attracted hundreds of local and interenational participants. With ExxonMobil as its Strategic Partner, GIPEX 2018 was an important initiative to promote Guyana’s Petroleum and Gas Sector and provide investors with a meeting place to explore the untapped potential of Guyana. The event will continue yearly to help grow a dynamic relationship between the Government and the Private Sector working together to boost economic activities and achieve sustainable development objectives. This event was also a brilliant showcase for Guyanese entrepreneurial talent. Seven Guyanese- owned local businesses were engaged to provide the manpower and manufacturing services and supplies needed for GIPEX 2018.

Minister of Business Dominic Gaskin recently presented a lease for 5,000 acres of land to Brazilian farmer and investor Nelson Itikawa through the Guyana Lands and Surveys Commission

The Inter-American Development Bank (IDB) has provided US$1.2 million for this review, which should be completed between November of 2018 and February of 2019. The goal is to streamline and improve GO-Invest’s operations to take advantage of the latest trends in global investment. The Agency anticipates three significant and positive developments from the review: • A complete overhaul of the GO-Invest website with enhanced visual impact and more user-friendly features to facilitate a strong, positive social media presence. • A new and improved Investment Promotion Plan. • A fresh and vibrant Export Promotion Strategy. GO-Invest attracted a significant number of investors in 2017– 18, some of whom did not require investment incentives. Many have already registered businesses or partnered with existing companies, started operations and, created jobs in Guyana. TheAgency’s achievement in the past year can be credited in part to the high-quality leadership from the Board of Directors in terms of broad policy, guidance and setting targets, and also senior management’s ability to innovate, adapt to unforeseen situations and give precise, effective directions. With these accomplishments on record, GO-Invest expects the review and streamlining of its operations to produce substantial results as the Agency strives to make a meaningful and lasting contribution to Guyana’s development. ¤ For further information on investing in Guyana, contact: Guyana Office for Investment (GO-Invest) 190 Camp & Church Streets, Georgetown, Guyana Tel: (592) 225 0658 / 227 0653 Fax: (592) 225 0655 Email: goinvest@goinvest.gov.gy Website: www.goinvest.gov.gy

The influence of the emerging oil and gas sector is evidenced by the decision of American Airlines (AA) to start flight operations in Guyana in the last quarter of 2018. This is a major investment in Guyana with the added value of better air access flight for business and leisure visitors to Guyana. Streamlining GO-Invest’s CEO and his team are gearing up for an in-depth review of the Agency’s organisational structure and its legal framework, to effectively serve investors in upcoming years. investguyana.net

Invest Guyana 2018/19 | 37

LOCAL CONTENT LOCALLY DEVELOPED, GLOBALLY COMPETITIVE

The Centre for Local Business Development Opening, July 13th, 2017. Patrick Henry- Project Manager Hon Raphael Trotman- Minister of Natural Resources Rod Henson- ExxonMobil Guyana Country Manager

LOCAL CONTENT

LOCALLY DEVELOPED, GLOBALLY COMPETITIVE

xxonMobil’s local content strategy is core to our business. Its elements are formally integrated into daily processes and procedures, and guides the way we work today and plan for tomorrow. Using a multi-tiered approach, we focus on building workforce and supplier capabilities in conjunction with strategic investments in the local community. At ExxonMobil, this approach is called local content.

ExxonMobil recognizes Guyanese suppliers and their workforce are vital to the success of our operations. Bristow, a U.S. company, is ExxonMobil’s Helicopter contractor flying oil field workers to and from the Stena Carron and Noble Bob Douglas daily. But, before they take off and when they touch down its operations are supported by Guyanese companies from fuel, ground crew to medical services. One hundred percent of the Stena Carron; the Drillship offshore Guyana fresh fruit, vegetables, frozen local fish and chicken are provided by a Guyanese company from a shore base in Georgetown owned and operated by Guyanese. The Stena Carron and Noble Bob Douglas utilize Guyanese staffing companies to identify the Guyanese personnel- filling roles such as Radio Room Administration Operators, Roustabouts, Camp Boss, Stewards and Painters. Geolog, an international surface logging company has four Guyanese employees collecting samples on the Stena Carron Rig. The support vessels managed by Edison Chouest are under international flags, but over the last couple years have transitioned to “training” vessels for Guyanese nationals. Officers from CDC and cadets from MatPal Maritime Institute have gained experience in roles ranging from engineer officers to deck side officer on Chouest vessels.

Oil and Gas 101 and Environmental Briefing for students of the Faculty of Earth and Environment Studies, University of Guyana April 09, 2018 by the Centre for Local Business Development 38 | Invest Guyana 2018/19

investguyana.net

Guyanese workers hired by JSL International to work on the Noble Bob Douglas Drillship offshore Guyana

ExxonMobil’s subsea contractor, TechnipFMC selected and hired 10 candidates from University of Guyana to attend training at their facility in Brazil. These programs are competency based and includes offshore experience training that can last anywhere from 12-24 months. ExxonMobil’s local office is comprised of ~70% Guyanese including two in senior management positions. Guyanese personnel work in the areas of Business Services, Controllers, Logistics, Public and Government Affairs, Safety, Security, Health and Environment. Three Guyanese Facilities Engineers have recently begun an international training program. The buildings in which we operate are owned and maintained by a Guyanese company. ExxonMobil’s “expats” as they are known, shop in Bourda market and eat locally at Guyanese owned restaurants. The expat’s also have taken advantage of seeing the beauty of Guyana by visiting Iwokrama, Kaieteur Falls, Arrowpoint Nature Resort, Baganara Island Resort and Linden. They have been spotted at Pinktober, walks for safety, health, and autism. They have also been to motor and horse races and cheered wildly for the Guyana Amazon Warriors. ExxonMobil has provided capacity building programs that included ExxonMobil Waste Facility Assessments in Trinidad and Guyana, Institute of Americas Geopolitics of Energy conference and workshop in California, training in safe driving practices and first aid response, and participation at Oil Spill Response Workshops. In fact, one Guyanese student who attended the University of South Florida (BS Geology) interned at ExxonMobil Exploration Company in Houston, Texas and is

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now an ExxonMobil employee. Twenty-three Guyanese were trained to be Protected Species Observers (PSOs) to support current and future operations. In April 2018, ExxonMobil hosted 70 University of Guyana students from the Faculty of Earth and Environment at the Centre for Local Business Development where they were given the Centre’s Offshore Oil and Gas course and an environmental overview of the Liza Phase 1 project. And these efforts do not include the over 200 businesses that have attended training programs conducted by the Centre of Business Development Specialists. ExxonMobil launched the Centre for Local Business Development initiative in April 2017. The Centre is managed by DAI and staffed by 80% Guyanese personnel. Key to its early success is DAI’s partnership with Guyanese companies. The facility itself is owned by IPED and was retrofit by a Guyanese contractor and features Guyana from furniture to art. A Supplier Registration Portal was developed by Brainstreet, a Guyanese IT company that is now building supplier portals for Oil and Gas projects in other areas of the Globe. The interactive supplier portal contains over 1,600 registered firms and ~850 Guyanese registered firms; ~100 firms use the portal daily. The Centre facilitates communication between suppliers, contractors and subcontractors, and provide business improvement assistance to Guyanese companies. ExxonMobil and its Prime Contractors utilize over 300 Guyanese companies for goods and services every quarter – and that number is growing. ExxonMobil is committed to working collaboratively with Guyana to develop opportunities for Guyanese nationals and local businesses in a structured and sustainable way. Our motto is “Locally developed. Globally competitive.” ¤ Invest Guyana 2018/19 | 39

IT’S NOT ALL ABOUT OIL

Key is Investing in Guyanese and Building Capacity

s the oil age dawns on Guyana in 2020, there is little time to prepare the hundreds of Guyanese that need to be trained in the basics of Oil and Gas and to obtain the necessary certifications that enable our people to be able to access jobs offshore and onshore. TOTALTEC Oilfield Services Guyana Inc.’s ambition from the first day of its incorporation by Lars Mangal, a native son of Guyana, has been to set up an International Petroleum and Maritime Academy (IPMA) in his hometown of Georgetown. Mangal and his team knew from years of international experience in the Oil and Gas industry that the local population always face a ‘Chicken and Egg’ situation from the viewpoint of obtaining employment in a new

40 | Invest Guyana 2018/19

industry – a lack of training and certification in Oil and Gas precludes employment and vice versa. Determined to ensure that this does not happen in Guyana, TOTALTEC has set up the IPMA with the generous support of key partners, who have supported with the provision of facilities for a Field Training Centre, as well as a growing list of companies, such as Jaguar Oilfield Services Guyana Inc, who believe in supporting local content in Guyana by sponsoring scholarships for the candidate trainees. Guyana Shore Base Inc, the company that is providing Shore Base services to ExxonMobil and its partners for the Liza field development is also providing the use of its recently acquired cranes, pipe handling equipment and forklifts for some practical ‘on the job’ training for the trainees.

TOTALTEC on its part has heavily invested in a 2 acre facility in Houston, Greater Georgetown and were honoured by the Hon. Raphael Trotman, Minister of Natural Resources to participate in the Ground Breaking ceremony on Thurs 8th February 2018. In addition, to ensure that the training meets international standards, IPMA has contracted a leader in training – First Competence Ltd. from Aberdeen, Scotland to provide the specialised equipment, trainers and systems to ensure that all successful candidates will receive Certification to ensure that they will be ready to take up positions offshore and onshore for the Oil and Gas industry. Honourable Minister Trotman also again visited the TOTALTEC Academy on Fri 20th Apr 2018 to meet the 23 recruits and see the training in action for himself.

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TOTALTEC Academy Training in Session

Minister of Natural Resources Rafael Trotman Visits Training in Session

Further investments have been made by TOTALTEC in the recruiting arena. One of the highest costs to employers and candidates is a poorly run recruitment process – it is too late for all the players in terms of time, cost and stress if the wrong candidate is recruited for the wrong position. To ensure that this is avoided, a database of applicants has been set up and a professional recruiter out of the UK, Leader Engineering Limited, with years of experience in the international Oil and Gas industry has been retained to directly support the recruiting effort. In the effort to ensure that Oil and Gas capacity is built in Guyana, the key is that the most suitable Guyanese are recruited and that there should be no obstacles in the way of worthy candidates. TOTALTEC has taken the commitment that no fees are paid by the participants, ie, TOTALTEC bears investguyana.net

all the costs of setting up the IPMA, the instructors, the certifications and as well shall keep the graduates on its books by paying a stipend for up to one year whilst the process of placing graduates in jobs in the Oil and Gas industry is being made. This approach helps in showing leadership in how things should be done right, flushes out potential bad actors in the industry that charge for training with the promise of a job placement at the end of the course etc. Our approach also ensures that we accelerate the development of a large and competent talent pool in support of the various service providers coming in to establish in Guyana. We look forward to the new graduates making Guyana proud by materially contributing to the production of Oil and Gas in the very near future. ¤ Invest Guyana 2018/19 | 41

E.C. Vieira Investments Limited Moulding A Skilled Labour Force With A Focus On Oil

Vessel in Drydock at ECV Complex at Houston, EBD.

E.C. Vieira Investments Limited

Moulding A Skilled Labour Force With A Focus On Oil By: Avenash Ramzan

he Oil and Gas sector is buzzing. US exploration company ExxonMobil has been dominating headlines with numerous significant oil finds offshore Guyana, signalling the prospects of enormous wealth and social wellbeing for this tiny South American nation and its approximately 750,000 inhabitants. With the industry set to transform the fortunes of the country, once effectively managed, opportunities for trade and investment are abundant and local individuals and businesses are positioning themselves to tap into this relatively new sector to Guyana. One such company is E.C. Vieira Investments Limited, located at Houston, East Bank Demerara. Established in 1981, this entity has evolved over the past three and half decades, with its main source of revenue being ship repair services, barge building and dry docking of vessels. Managing Director, Edmond Vieira, told Invest Guyana, “We own a shipyard, so we repair and maintain vessels and provide steelwork fabrications throughout the industry, and especially 42 | Invest Guyana 2018/19

with Oil coming now we’re tooling up to do jobs for the Oil industry, in relation to steel fabrication and welding.” He added, “We perform a large number of repairs in the Caribbean area on vessels weighing up to 2,000 tonnes light ship displacement. For the past 10 years we have remained about the same size, yet we have increased efficiency. Now with the investguyana.net

Fabrication Works in Progress

Government’s potentially greater financial capability with Oil on stream, we expect they will upgrade their fleet and carry larger budgets for the maintenance of the marine sector.” From being involved in shrimp trawling, dredges and associated workshops in its formative years, E.C. Vieira Investments Limited, through shrewd management and a penchant for efficiency, has grown significantly over time. Over the years they have secured good customers with many international firms, including Dutch company Boskalis, one of the world’s largest dredging companies, Danish dredging company Rohde Nielsen and British tug and barge company JP Knight. In a viable and competitive industry, the company today boasts of controlling the largest base of locally trained and highly skilled workers, namely Burners, Welders, Fitters and Fabricators. “We control the largest steel fabrication and welder base in this country - over 150 of the most skilled people and we want to use and deploy them for projects. With more vessels coming in through the Oil industry, we’re bound to have more business in the ship repair sector. Also we want to expand on warehousing and lay-down space for all these companies that are affiliated to the Oil industry,” Vieira explained. The Managing Director said diversification rather than expansion is the aim of E.C. Vieira Investments Limited going forward, pointing to property rentals for the Oil industry, land development and preparation as the main thrust of its focus. With a large foreign clientele, this decades-old shipping-based establishment has constantly been working to ensure its labour force is fully compliant to international standards, a critical and necessary step in forging partnerships in the Oil sector. “Change with the time or stand the risk of being left behind,” Vieira reckoned. investguyana.net

Apart from becoming fully compliant to the gold standard, E.C. Vieira Investments Limited’s long-term plan is to create and provide the same core services of ship repairs and the fabrication of steel structures and barges, as well as increase the efficiency and quality of work offered by the company. “It is a fact that we work longer hours, we work harder and think ahead of the industry. We don’t procrastinate. There is no tomorrow; let’s do it today,” Vieira revealed. “We approach projects with plenty people; we’re not in for a small number of employees. We flood a project; we don’t believe in being lean on the labour side because that can affect the efficiency, and takes longer.” E.C. Vieira Investments Limited has the capability to lift the largest vessels in Guyana, but more strategically, it is keen on lifting its own profile, because, as the Austrian-born American management consultant, educator, and author, Peter Drucker, said, “The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.” ¤ Invest Guyana 2018/19 | 43

RAMPS LOGISTICS

44 || Invest Invest Guyana Guyana 2018/19 2018/19 44

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www.rampslogistics.com investguyana.net

Invest Guyana 2018/19 | 45

Building Young Entrepreneurial Minds In A Fledgling Green Economy Building Young Entrepreneurial Minds In A Fledgling Green Economy

Dr Lowell Porter-CEO (seated) and Staff of the Small Business Bureau

ntrepreneurship acts as a vital pathway to economic, technological and social growth and development to any economy. With guidance from the Small Business Bureau, young entrepreneurs are working to become the catalyst of vital changes needed for sustained economic growth. Through sound principles, technical guidance and funding, the SBB continues to prepare youths for business with an understanding of the value of entrepreneurship and how it increases possibilities and remove barriers. Time and time again the call has been made for youths to take up the mantle in every sector as they are undoubtedly the future leaders. It is against this backdrop that the Small Business Bureau has crafted programmes geared at strengthening youths as budding entrepreneurs. The SBB’s mission is “To enable sustained growth and uniformed diversification of MSEs within local sectors with a view to creating positive measureable impacts through expert guidance, effectively channeled resources, comprehensive networking and provision of a supporting environment for maximised performance”. 46 | Invest Guyana 2018/19

SBB Staff Presenting Funds to Kwakwani Secondary School – Region 10.

Over the years, while executing this mission, it was found that the clientele base were from the more mature age bracket and a plan was crafted to capture the attention of a more youthful clientele base. According to SBB’s Research and Marketing Officer Ms. Shamane Headley, it was found that there was an apparent apprehension on the part of youths venturing into the entrepreneurship. “We thought it best to capture their attention from an early age - while in school”. Additionally, Ms. Headley explains, there are youths in the local school system, who already benefit from teachings and techniques from core subjects which are taught with regard to business. It is those very teachings and techniques, which the investguyana.net

SBB thought it best to utilize, reinforce and capatilise on, with the introduction of their In-School Entrepreneurship Programme. The programme provides fourth and fifth form students with access to funding for their School Based Assessment projects within the Principles of Business, Principles of Accounts and Agriculture Science and Building Technology fields. During the pilot programme, thirteen secondary schools spanning all ten administrative regions of Guyana, were selected to participate. In total one hundred and four students benefited from a grant allotment of $30,000. With the funding, each student is required to propose and manage a business of their choice within their subject syllabus for the subjects mentioned. In aiding the students along with good business practices, the SBB team provided sound technical advice which would see them utilizing these techniques even after leaving school. “We are giving them the technical “know- how” through their class project; we are providing business coaching/mentoring. It is now their responsibility to use all resources available and execute their ideas,” Ms. Headley said. This programme has also provided an opportunity for the participants to challenge themselves in terms of budgeting, good marketing techniques and good/bad investment decisions. “It’s a trial run for them, if they have failed or succeeded they understand what to need to be done, what works…what doesn’t work and all of this can be put into practice after they would have left school when they decide to venture into more structured businesses” . Coming out of the initiative, Ms. Headley proudly reported that students have successfully started, designing/crafts, mini snackettes, confectionary stalls, printing and stationary establishment, poultry rearing and supplying, fruits and vegetable farms, and general merchandising establishments. The overall success of this initiative must be credited not only to the dedication and passion for youth development of the SBB team, but also to the guidance of the school teachers and the commitment of the participants involved. 15 Year-old Sharon Kowlesar- breaking social barriers through entrepreneurship When this initiative was birthed, no one would have imagined the impact it would have on the life of 15 year-old Sharon Kowlessar a fourth form student of Aishalton Secondary School, in Region 9. Back in November 2017 while Lethem was gearing up for its township celebration, this young business woman was also preparing for a path that would change the course of her life. As fate would have it, Sharon was among twelve students who were selected to display their products and services at the Rupununi Expo, 2017. Her tenacity for business quickly caught the attention of the SBB team, as remarkably, even before the event was officially declared open, Sharon’s plantain chips, mettai and other items were sold out. Her excellent marketing strategy of posting flyers around Aishalton and in other surrounding communities along with the coaching and guidance from teachers, Sharon’s business catapulted and she now takes orders from several mining community in Region 9. investguyana.net

Within months, Sharon was tripling her profits and even made significant investments. Then unfortunately tragedy stuck as Sharon lost her main breadwinner of the household. However with the investments made, Sharon was able to restock and establish a fledging grocery shop in addition to setting up a food stall in her school compound. When the SBB Shamane Headley team did the close out SBB’s Research & Marketing Officer on this initiative, Sharon had an in-hand profit of $56,000, thus showing her resilience in business and overcoming social barriers. Sharon’s teachers have also reported that even with her dedication to her business ventures, the tragedy of losing her mother Sharon remains grounded and her grades in school keeps climbing. Sharon’s story is just one of many success stories coming out of the SBB’s In-School Entrepreneurship Programme, as the team aims to make more successful young entrepreneurs. What’s next on the agenda for the SBB Over the coming months, the Small Business Bureau will continue to extend its services to the far reaches of our country, while meeting the demands for sound business techniques and guidance. In an effort to make Guyanese more aware of the products and services offered, the Small Business Bureau has embarked on several sensitization programmes countrywide which are geared at providing citizens with the technical skills, coaching and funding needed to establish sustainable businesses. Already the SBB, through the Ministry of Business, has commenced infrastructural works on two Business Incubators- one at Belvedere on the Corentyne Coast and another at Lethem, Region 9- which will become commercial hubs in the respective regions and surrounding areas. Help Desks have also been established across the country which provides an opportunity for persons to seek advice on existing business and even soon to be established ones. In addition, as the SBB team join in with their bid towards Guyana becoming a green state, in the coming months, the agency will introduce the Green Tech Fund. Under this initiative, small grants valuing $1 M will be given to persons desirous of either investing in a current business or starting a new business that is in keeping with the trend of innovativeness and environmental sustainability. The grant can also be used for research projects directly related to business development within the same scope. Even as business continues to thrive and new ones are being established with guidance from the SBB, the team remains committed to giving exemplary service to all Guyanese as they work towards capturing more innovative and sustainable types of businesses. ¤

For more information please contact: Small Business Bureau - Tel: 226-8120/23/25 Invest Guyana 2018/19 | 47

A REVIEW OF

A REVIEW OF National Bduget 2018

NATIONAL BUDGET 2018 Prepared by: Khalil Alli, FCA MSc., Partner, Jack A. Alli Sons & Co. Chartered Accountants

Overview

The Minister of Finance, Honourable Winston Jordan, presented the 2018 Budget on 27 November 2017 under the theme “The Journey to the Good Life Continues”. Budget 2018 projects total expenditure of G$267.1 billion (US$1.290 billion) while total revenue is estimated at G$233.7 billion (US$1.129 billion). The budget deficit for 2018 is estimated at G$33.4 billion (US$161 million).

National Economy

Minister of Finance, Hon. Winston Jordan, on his way to Parliament to present the Budget

View of Stabroek Market from Parliament Building

Budget 2017 had projected that the economy would have grown by 3.8 percent. However, actual growth for 2017 was forecasted to end at 2.9 percent. Gross domestic product at current prices was forecasted at US$3.14 billion in 2017 compared to US$3.05 billion in 2016, while per capita GDP in 2017 was estimated at US$4,223 compared to US$4,097 in 2016. The contributions to gross domestic product of the major sectors, as measured at 2006 prices, are reflected in the table below.

Sectors

Agriculture, Fishing and Forestry Mining and Quarrying Manufacturing Services: Wholesale and Retail Trade Construction Public Administration Transportation and Storage Financial and Insurance Activities Information and Communication Other

% of 2017 GDP

% of 2016 GDP

% of 2015 GDP

16 15 7

17 15 7

19 11 7

12 11 7 11 5 7 9

12 10 7 11 5 7 9

12 10 7 11 5 7 11

Source – Budget Speech 2018 48 | Invest Guyana 2018/19

investguyana.net

Rice being Loaded for Export

The growth rates in the highlighted sectors, as measured using 2006 prices, are summarized in the table below. Sectors

Growth Rate 2017

Growth Rate 2016

Growth Rate 2015

Agriculture, Fishing and Forestry

0.2

-10.2

2.4

Mining and Quarrying

-1.9

45.4

9.0

Manufacturing

3.6

-9.2

5.3

Services

4.8

1.6

2.2

The mining and quarrying sector is set to contract this year even as gold declarations remained stable. Bauxite is expected to decline as a result of the inclement weather and mechanical problems encountered during the year. The manufacturing sector is expected to grow, as a result of the improved performance of the rice industry. The services industries are also expected to grow primarily due to increased construction, transport and storage activities.

Balance of Payments and Public Debt The balance of payments is expected to end in a deficit of US$53.1 million for 2017, compared to a deficit of US$53.3 million for 2016. The main contributors are highlighted below.

Source – Budget Speech 2018

The agriculture, fishing and forestry sector improved marginally in the year reflecting strong performances in the rice, fishing, livestock and other crops sub-sectors, offset by declines in the sugar and forestry industries. Rice production is expected to record an increase of 12.7 percent over 2016 due to improving access to markets and better yields. Sugar is set to record a 17.2 percent reduction in output over 2016. Forestry continues to suffer from the impact of imported woods.

Account

US$mln 2017

US$mln 2016

US$mln 2015

Gold

843.3

830.7

501.1

Rice

194.4

178.8

220.8

Bauxite

90.7

92.1

104.3

Sugar

46.5

73.4

78.4

Timber

38.6

40.4

43.7

Other Exports

225.7

225.3

203.0

Fuel & Lubricants

(371.8)

(344.3)

(367.4)

Other Imports

(1,214.5)

(1,103.5) (1,124.2)

(374.3)

(300.2)

(257.6)

Current – Private Transfers 286.5

320.4

416.5

Total Current Account (Deficit)/Surplus

(235.0)

13.0

(181.5)

Total Capital Account Surplus

181.8

(13.2)

71.4

Errors and Omissions

(53.2)

2.3

Overall Balance

(53.1)

(53.3)

(107.7)

Current Account Merchandise

Current – Services (Net)

Minister of Finance, Winston Jordan signs loan agreement with CDB’s Dr. Justin Ram

Source – Budget Speeches 2018, 2017 investguyana.net

Invest Guyana 2018/19 | 49

Pritipaul Singh Investments Fish Processing Plant

Gold and rice continued to represent the major export-earning industries for Guyana in 2017, with growth in both sectors benefitting overall export earnings. A significant decline in sugar earnings is however projected for 2017. Merchandise imports grew by 9.6 percent reflecting increased imports of mining machinery, chemicals, fuel and lubricants, and other non-durable goods. The capital account position improved significantly from 2016. The improvement was driven mainly by foreign direct investment, particularly towards to the oil and gas sector. The overall deficit was funded by debt relief and forgiveness.

Other Key Indicators The exchange rate at the end of 2017 remained stable with the Bank of Guyana weighted average US Dollar exchange rate ending at G$206.50, the same as the previous year end. Inflation of 2.0 percent was expected in the year compared to 1.3 percent in 2016, while the weighted average lending rate at commercial banks decreased from 10.43 percent to 10.26 percent since December 2016.

Revenue Projections for 2018

Net international reserves at the Bank of Guyana was projected to be US$616.8 million at the end of 2017 compared to US$596 million at the prior year end. The gross reserves held represent 3.4 months of import cover.

Of the total projected revenue for 2018 of G$234 billion (US$1.129 billion), G$202 billion (US$975 million) is from current sources while G$32 billion (US$154 million) is from capital sources.

Total public debt amounted to US$1.66 billion at the end of 2017, or 45.2 percent of GDP. External debt accounted for US$1.2 billion of the total amount outstanding.

The major sources of current revenue are summarized in the table below.

Aurora Gold Mining Operations 50 | Invest Guyana 2018/19

Form of Current Revenue 2018 Budget G$bln

2017 Budget G$bln

2016 Budget G$bln

Value-added tax

43.0

45.2

38.9

Corporation tax

40.5

33.6

32.6

Excise tax

38.4

34.4

33.6

Personal income tax

22.9

19.4

20.1

Import duty

17.0

14.4

13.1

Other tax revenue

19.5

15.6

12.1

Transfers from statutory and non-statutory bodies

6.3

10.1

8.7

Rent, royalties and land development schemes

5.6

5.3

4.9

Bank of Guyana profits

3.7

3.5

3.3

Other current revenue

4.8

4.5

6.0

201.9

186.0

173.3

Source – Budget Speeches 2018, 2017, 2016

investguyana.net

Sea Defence Works in Progress

New Housing Development

Significant fiscal measures announced in Budget 2018 are as follows: Measures towards the Green Agenda • Exemption from excise tax of vehicles principally designed to accommodate LPG gas with an engine capacity not exceeding 2000cc and not exceeding four years old from the date of manufacture to the date of importation. • Exemption from customs duty of machinery and equipment to set-up refilling stations for LPG vehicles. • •

• • • • • • • • • •

Measures to increase disposable income Extension of the minimum personal allowance of G$720,000 for each person working for part of a year. Permission for a tax-free vacation allowance to private sector employees up to a maximum of one month’s base salary. Measures in support of private sector Restriction on the importation of pine wood and pine wood products. A supply of logs and rough lumber to the sawmilling industry to be exempt from VAT. A reduction in the tributor’s tax from 20 percent to 10 percent. Replacement of the current 2 percent royalty regime for gold declarations with a sliding scale percentage approach based on the price of gold. Housing units costing up to G$6.5 million built by, or on behalf of, the CHPA to be exempt from VAT. Reduction in the rates of excise tax applicable to vehicles for overland transport used for tourism purposes in Regions Nos. 1, 7, 8 and 9. Removal of VAT on vehicles less than 4 years old, which are used to transport more than 21 persons. Replacement of excise tax with VAT for vehicles 4 years and older that carry between 22 and 29 passengers. Educational services to be exempt from VAT. Capital costs and expenses related to day care centres offered by employers to be allowed in full as deductible expenses.

Other tax measures • A tax amnesty is offered from 01 January 2018 to 30 September 2018. Taxpayers who file and pay all principal taxes on or before 30 June 2018 will have all interest and penalties waived, while those who file and pay all principal taxes between 01 July 2018 and 30 September 2018 will have 50 percent of interest and penalties waived. • Reduction in the amounts required to be deposited in order to challenge assessments through a board of appeal or a judge in chambers. The required deposit will be onethird of the tax in dispute, if less than G$20 million; or the lodgement of bond or other acceptable form of guarantee, for disputes over G$20 million. • Facilitating the filing of tax returns with draft management accounts, in certain pre-determined circumstances, to be followed by filing of audited financial statements by 31 December of the year the return becomes due. Capital revenue is projected to be received principally through external loans of G$21.1 billion (US$102 million) and external grants of G$9.2 billion (US$45 million). Significant funds are expected from external loan arrangements with the Government of the People’s Republic of China of G$9.0 billion (US$44 million) and the Inter-American Development Bank of G$6.6 billion (US$32 million).

Expenditure Projections for 2018 Budget 2018 projects total expenditure of G$267 billion (US$1.290 billion) compared to G$250 billion (US$1.208 billion) in 2017. The allocations to capital and current expenditure are shown in the table below. Expenditure

2018 Budget G$bln

2017 Budget G$bln

2016 Budget G$bln

Current

207

193

178

Capital

267

250

230

Source – Budget Speeches 2018, 2017, 2016 investguyana.net

Invest Guyana 2018/19 | 51

The table below analyses the allocation of total expenditure across responsible agencies, with comparative allocations from Budgets 2017 and 2016. Responsible Authority

2018 2017 2016 Budget Budget Budget G$bln G$bln G$bln

Ministry of Finance

Ministry of Public Infrastructure

Ministry of Education

Ministry of Agriculture

Ministry of Social Protection

Ministry of Public Security

Ministry of Public Health

Guyana Defence Force

Regional Authorities

Other Authorities

Public Debt

267

250

230

Source – Budget Speeches 2018, 2017, 2016

Some significant expenditure items announced by the Minister are highlighted below.  - - - -

With respect to infrastructural development: Commencement of the Sheriff Street – Mandela Road upgrade Widening of the East Coast Demerara Highway to four lanes Completion of West Coast Demerara Highway Upgrades to major hinterland roadways including Port Kaituma–Matthews Ridge-Baramita corridor, internal

Road Construction at Mabaruma

- - - - - -

roads at Mahdia and the Bartica-Potaro road Feasibility and design of a permanent bridge at Kurupukari Rehabilitation of sea defenses at various points along West Coast Demerara New ferry for the Parika-Mabaruma route Rehabilitation of stellings and sea transport vessels Rehabilitation of airstrips in the hinterland Completion of the CJIA Expansion Project

 - - - -

With respect to agriculture: Development, rehabilitation and maintenance of drainage and irrigation services Stimulation of private-sector growth in agro-processing Investment in non-traditional crops and livestock Development of agriculture in the Intermediate and Rupununi Savannahs

East Coast Highway Expansion in Progress 52 | Invest Guyana 2018/19

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- -

Construction of an agricultural centre and reservoir in Lethem Continued support for GuySuco’s operations as a Special Purpose Unit pursues the divestment of Skeldon, Rosehall and East Demerara Estates, and also reconfigures operations at remaining estates

 - - - - -

With respect to national security: Expansion and rehabilitation of prison infrastructure, including the Mazaruni Prison Equipping the police with additional vehicles Construction, upgrading or rehabilitation of twelve police stations Addition of a Port Georgetown fireboat Fire stations at Onverwagt, Mabaruma and Melanie Damishana

 - - - - - - -

With respect to education, youth and children: Construction and rehabilitation of schools Construction of practical instruction departments/ centres in seven communities Expansion of the school feeding programme Increase of 80 percent in the Remote Area Incentive paid to teachers Subvention to the University of Guyana Continuing support of youth programmes such as Youth Innovation Project, Youth Entrepreneurial Skills Training, Sustainable Livelihood and Entrepreneurial Development Programme and the Hinterland Employment and Youth Scheme Completion of the Sophia Drop-in Centre

 - - - - - - - -

With respect to healthcare, utilities and social security: Upgrading and equipping of district hospitals Rehabilitation of the obstetric unit in the CC Nicholson Hospital and provision of the obstetric and new born equipment for GPHC Training of five hundred health workers in mental health issues Continuing upgrade of the electricity distribution network Upgrade of water transmission lines, including in eleven hinterland villages Construction of three new water treatment plants Old age pension to increase from G$19,000 to G$19,500 Public assistance to increase from G$7,500 to G$8,000

Projected Performance of Guyana Economy in 2018 It is projected that the Guyana economy will grow at 3.8 percent in 2018 driven by growth in the following key sectors: mining and quarrying – 5 percent; rice – 2.5 percent; forestry – 8 percent; construction – 15 percent; and services – 3 percent. Bauxite is expected to increase production by 23.3 percent in the year while gold declarations are projected to improve by 3.3 percent. Construction is expected to grow with the expansion in the housing sector and with the improved implementation of the public sector investment program. The agriculture and manufacturing sectors are expected to contract due to the decline of the sugar industry. investguyana.net

Shore Base Installation at Houston

The balance of payments deficit is expected to widen to US$79.7 million in 2018. The merchandise trade deficit is expected to increase as imports grow faster than exports. Higher net inflows of private capital are expected mainly as foreign direct investment towards the petroleum sector. The inflation target is set at 2.4 percent. ¤

Author’s Notes Budget 2018 was prepared in Guyana Dollars. For purposes of this article, United States Dollar equivalent amounts have been stated by applying an exchange rate of G$207 to US$1, and have been rounded to the nearest million in most cases. Figures in tables may not sum to the total due to rounding. Budget 2018 was presented prior to the end of 2017. Various national indicators highlighted in the budget presentation were therefore not final. At the time of writing of this article, the final national indicators for 2017 have not been published.

About The Author: Khalil Alli is a partner with the professional services firm of Jack A. Alli, Sons & Co. He holds a BSc. and MSc. in Economics from the London School of Economics and Political Science, and is a Fellow of the Institute of Chartered Accountants in England and Wales.

Jack A. Alli, Sons & Co. (JAS), established in 1966, is a professional services firm in Guyana, providing integrated services in audit, accounting and tax; human resource consulting; financial advisory and business recovery. Jack A. Alli, Sons & Co., 145 Crown St., Queenstown, Georgetown, Guyana. Tel: (592)-226-2904 | Fax: (592)-225-3849 Email: khalil.alli@jaasco.com | Website: www.jaasco.com

Invest Guyana 2018/19 | 53

Opening the Doors to Opportunity with Key Investments in Infrastructure

New Roundabout Under Construction at Kitty Seawall, Georgetown

Opening the Doors to Opportunity with Key Investments in Infrastructure Important national economic goals depend heavily on reliable infrastructure to connect supply chains and efficiently move goods and services. Public infrastructure is directly linked to the pace of a country’s development and opens opportunities for new investments, employment, healthcare, trade and education and the overall growth of a country’s economy.

year 2018. The feasibility study has estimated the cost of the project at US$170M. The proposed location for the

Guyana’s Minister of Finance in presenting the 2018 national budget said the country’s economic fortune is premised, in part, on the speed with which we are able to improve, modernise and expand the country’s infrastructure. With G$35B of the Guyanese G$250B Budget in 2018 for infrastructural development across the country, Minister of Public Infrastructure, Hon. David Patterson is leading an active public infrastructure programme inclusive of a slew of high impact development projects as part of his agenda and commitment to eliminating the infrastructure deficit that obtains, including linking our heavily populated coastland to the rich, arable and pristine hinterland communities. Two major development projects are a paved road to Brazil and a new Demerara River Bridge - two key arteries serving as vital links which connects major regions of the country. And so too are the soon to be re-opened expanded and upgraded Cheddi Jagan International Airport, redevelopment of the Lethem Airport as a regional hub and the proposed Deep-Water Harbour in Georgetown. The new state-of-the-art Demerara River Bridge has been approved for funding by the Ministry of Finance and tenders have been issued for its implementation in budget 54 | Invest Guyana 2018/19

An artist’s impression of the proposed new Demerara River Bridge

new bridge would bed at Houston on the East Bank to Versailles on the West Bank of the Demerara River, with three lanes and a movable section to transit vessels using the river. It has been advised that the bridge be designed with a minimum clearance of 17.5 m above Chart Datum (CD) to allow uninterrupted movement of river transport. After years of planning and assessment the paving of the Linden to Lethem Road connecting Guyana and northern Brazil is now closer to becoming a reality. This project will open vast new lands and create major trade and investment opportunities between the two countries. Guyana’s developmental partners have already approved the terms of reference for the design and feasibility of the Linden-Mabura Road Upgrade and the River Crossing investguyana.net

at Kurupukari, which are key interior links along this road. Already a feasibility study is being pursued along with detailed designs for the first phase of the Linden-Lethem road, covering the section from Linden to Mabura Hill.

One, Seven, Eight, Nine and Ten. In addition repairs have been done to several timber bridges; installation of culverts, bush clearing, and rehabilitation to damaged sections and carriageways.

External funding has been given to the country to also scope out and develop key social and economic opportunities for residents along the corridor - another of the benefits of that road link.

River and Waterfront Development But while the country’s land transportation network is being upgraded, extensive rivers have also served to complement the existing travel networks. In Budget 2018, G$250 million is allocated for the upgrade of Stellings at Bartica and Leguan with a further G$160 million for the reconstruction of the Vreed-en-Hoop and Stabroek Stellings, into modern water taxi terminals.

Current Kurupukari Crossing by Barge

Similar studies are also being conducted on the 65 mile Soesdyke-Linden Highway and the Linden-Ituni-Kwakwani Corridor in order to provide greater ingress and egress to the Intermediate Savannahs and upper reaches of the Berbice River. It was also recently announced that works will soon commence on the construction of a new single or dual lane fixed bridge approximately 600 meters long, at the Kurupukari Crossing, Region Eight (Potaro-Siparuni). This project will be funded through the United Kingdom Government under its UK Caribbean Infrastructure Partnership Fund (UKCIF) programme.

Hinterland Roads and Bridges Several key roadways in the Hinterland, are also under various stages of upgrade or construction including the Port Kaituma Matthew‘s Ridge-Baramita Corridor, internal roads in Mahdia, and the Bartica-Potaro road. Contracts are out for Mahdia to the Denham Bridge and from Miles 78 on the Bartica-Potaro trail to Mile 96 (Cassandra Crossing). When completed, by the end of 2019, the project will create a direct link from Bartica to Mahdia after more than 30 years.

Additionally, G$1.1 billion has been allocated for the construction of an ocean going passenger and cargo ferry, which will ply the Parika-Mabaruma route along with another G$500 million going towards the rehabilitation of existing fleet of vessels operated by the Transport and Harbours Department. The Parika Stelling will soon be equipped with modern features as part of an upgrade to be funded with a US$15Million loan from the Caribbean Development Bank (CDB. The new features will include a commercial space, a vending area as well as restaurants. Additionally, tenders have already been presented for feasibility studies of the Stabroek Wharf and the Waterfront Recreational Area with works expected to commence before the end of 2018. Over in Region Two, in the next six months a range of new investment opportunities will be opened as that region is also gearing for a state-of-the-art Water front project. The project, which is pegged at more G$88M, is intended to have a new passenger waiting area, paved parking areas, organised vending spaces with standardised shops, paved waterfront promenade with rails, shaded public seating and lighting. Among the major elements of the enhancement project are the rehabilitation and upgrading of the existing main road at the Supenaam waterfront; construction of a new anchored steel sheet-pile revetment; and a paved waterfront promenade with rails.

To date, the first phase which includes works from Mile 19 to Mile 33, Mile 78 to Cassandra Crossing along the Bartica/ Potaro road and Mahdia to Denham have been completed. This year’s projected works are almost completed on phase two which comprises from Mile 33 to Mile 68 along the Bartica/Potaro road. The third and final phase will begin in 2019 and will see the rehabilitation of the Denham Bridge, construction of a Cassandra Crossing Bridge and road works from Cassandra Crossing to Denham. Bridging the gap in hinterland regions remains one of the government’s main priorities and Budget 2018 provides G1.5B for road rehabilitation and construction in Regions investguyana.net

Recently Reconstructed Supenaam Stelling

Invest Guyana 2018/19 | 55

President David Granger (2nd from Left) along with Minister Joseph Harmon (Left) and other Government and Private Sector Officials being led on a tour of the expanded and soon to be officially opened Cheddi Jagan International Airport by Public Infrastructure Minister David Patterson at center.

Cheddi Jagan International Airport Minister of Public Infrastructure, David Patterson in May 2018, provided public and private sector officials with a guided tour of the Airport and facilities constructed as part of the airport’s multi-million dollar upgrade by contractor China Harbour and Engineering Company (CHEC). He disclosed that the new arrival terminal will be opened in June with the entire airport is scheduled for completion and official opening in December 2018. The airport will feature modern facilities to include jet bridges, departure and arrival terminals, duty free shopping and VIP Lounges. In addition automated kiosks to scan passports and speed up the immigration process are being included. Guyanese craft and pictorial images will be incorporated in keeping with a request made by President David Granger to ensure that the airport is uniquely Guyanese. With the opening up of Guyana’s new Oil and Gas Industry and increased demand for international travel, Guyana’s main International Airport is already attracting a number of new international carriers with American Airlines committing to start a Miami to Guyana service in December 2018. Jet Blue and

New Boarding Bridge at the CJIA

WestJet are two other international carriers who are exploring providing service from the USA and Canada. Panama based COPA Airlines is also expanding service to Guyana from South America while regional carrier LIAT has announced increased service from the Caribbean to Guyana. This all augurs well for burgeoning business developments across all sectors and especially with with first Oil scheduled for 2020. It will also open great opportunities for the opening of Guyana’s potential as a tourist destination. ¤

Cheddi Jagan International Airport in Final Stages of Construction for 2018 Official Opening. 56 | Invest Guyana 2018/19

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GUYANA RICE DEVELOPMENT BOARD

RICE, OUR LIFE, OUR HISTORY 116-117 Cowan Street, Kingston, Georgetown, Guyana Tel: 592 225 8717, 225 3839, 225 1215 Fax: 225 6486, 226 4411, Email: info@grdb.gy

LICENSED GOLD TRADER / LICENSED CAMBIO (FOREIGN CURRENCY EXCHANGE) MOHAMEDS’S ENTERPRISE

Lot 29 Lombard Street, Werk-En-Rust, Georgetown, Guyana, South America Telephone: +592 227 7952, 227 0179, 227 0178 or 225 9010 Email: mohamedsenterprise@gmail.com investguyana.net

Invest Guyana 2018/19 | 57

KSM Investments Inc

KSM

58 | Invest Guyana 2018/19

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KSM Investments Inc. The Gold Standard for Rock Solid Quality

KSM Investments Inc.

The Gold Standard for Rock Solid Quality

f you know Mahadeo Panchu you’d know that ‘sub-standard’ doesn’t exist in his vocabulary. He’s all for quality and longlasting products manufactured to international standards, which are affordable, attractive and ensures his customers are satisfied and proud.

By Avenash Ramzan

Chief Executive Officer Mr. Mahadeo Panchu

It is against this backdrop that on November 15, 2015, the doors of KSM Investments Inc. began commercial operations under its primary motto: “Revolutionising the Concrete Products Sector in Guyana: Forging Alliances and Building Partnerships through our World Class Products.” Located at Plot MP 8 Good Hope Public Road, East Coast Demerara, KSM is a wholly owned and operated Guyanese business establishment which has been revolutionising the construction sector, proudly boasting of being the home of RockSolid Hollow Blocks, DuraLast Vent Blocks and EverLast Stone Pavers. Their colourful, eye-catching and interactive products display has also transformed the East Coast Demerara thoroughfare, and is indeed among the most creative and meticulous forms of advertising seen locally. Modern decor Mahadeo Panchu, the Chief Executive Officer of KSM Investments Inc, believes that for far too long Guyanese consumers have suffered the agony of spending hard-earned money on poor quality concrete products, hence, his decision to invest millions in supporting the growth and development of the construction sector. investguyana.net

“Buildings have failed us, as have the artisans who made those poor quality blocks using sand and a sprinkling of cement to hold the sand together,” Panchu said. “We have seen public buildings constructed only to disintegrate in a short time. And, we have seen millions of our tax dollars doled out to repair these buildings. We have seen millions of dollars spent on the construction of roads and streets which disappear ‘overnight’ and more scarce dollars budgeted and utilised to effect repairs or complete replacements.” However, new dynamics have been created with the arrival of one of the most modern Concrete Products Plant in Guyana and the Caribbean, promising to physically transform the landscape of the country, providing value-for-money in a range of concrete products never before seen in Guyana. “Our people and country now stand to spend less and get more on any construction job, utilising the types of products we manufacture,” Panchu reckoned. Invest Guyana 2018/19 | 59

The fully automated Plant is a product of Chinese and German engineering and meets all European quality standards in its design and manufacture. Its Siemens Control system and its precision weighing systems mean that every product KSM Investments Inc. manufactures has exactly the same high quality and strength per batch, and exactly the same size. Quality and Strength KSM Investments Inc. prides itself on being the providers of the best quality Portland grey cement and extremely strong concrete blocks, curbstones and pavers – the literal building blocks of the construction industry in Guyana. “Our concrete blocks have been strength-tested and certified by the Work Services Group of the Ministry of Public Infrastructure as having a stress or load bearing capacity of as high as 2,000 psi. Our pavers on the other hand have been strength-tested with a load bearing capacity of as much as 10,000 psi. This clearly classifies our pavers as being highly suitable for road and street construction, pavements, medians, compounds, parks, airports, and other similar undertakings,” Mahadeo explained. Their range of EverLast Stone Pavers products include Curbstone, Square D- Circle Line, Diamond Grass, Hexagon (Six Dimensional), Dog Bone, Drive-Line Oblong, Square D Plain, Tennis Racquet, W-Block and Triple Hexagon (12 Dimensional). ¤

Awards

Panchu’s vision for excellence in the construction sector has not gone unnoticed. In 2017, KSM Investments Inc. received the Guyana National Bureau of Standards’ Gold Manufacturer Award for Quality in the Medium Business Category, while the company copped the Local Investor of the Year 2016/2017 plaque, a Caribbean Award offered by the Caribbean Export Development Agency and the Caribbean Association of Investment Promotion Agencies.

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60 | Invest Guyana 2018/19

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Invest Guyana 2018/19 | 61

Partnering To Provide Safe Orderly And Structured Developments

ousing is a key input in economic, social, and civic development, and many housing-related activities contribute directly and indirectly to achieving broader socio-economic development goals. Housing investment is a major driver of economic growth and in the coming months the country’s premier Housing agency has every plan to further develop the housing in a sustainable green path. The Central Housing and Planning Authority (CHPA) mediumterm strategy was developed based on a contextual analysis of the following issues and challenges plaguing the housing sector: 1. Haphazard growth and development, which is due to the lack of forward planning, effective planning control and enforcement. 2. Low occupancy within housing schemes due to affordability issues, incomplete or inadequate infrastructure, lack of social and community facilities, distances of housing areas from place of work and the challenges associated with households undertaking their own home construction. 3. Lack of adequate and affordable housing due to financing resulting in many low-income households residing in deteriorated housing conditions, overcrowded situations or

62 | Invest Guyana 2018/19

in informal settlements as squatters. Many of these lowincome households are unable to benefit from the formal banking system. 4. Inadequate administrative support mechanisms such as the insufficient project implementation monitoring and current and comprehensive data. Given the broader strategic direction of creating cohesive, empowered and sustainable communities by the Ministry of Communities, under which the CHPA operates, the following objectives were articulated to address the issues and challenges in 2018: 1. Pursue a range of housing solutions initiatives targeting lowincome earners, state employees and youths in need. Some of the initiatives will involve partnering with the Private Sector and Civil Society Organisations to provide adequate and affordable housing; 2. Place emphasis on CHPA’s planning function with respect to settlement development and land use control and management. The role of planning is critical in creating sustainable communities since adequate planning and design can ensure preservation of neighbourhood quality, investguyana.net

proximity to job opportunities and designated areas for community facilities, public utilities and green open spaces. 3. Consolidate selected existing housing and regularized squatting areas that are deemed critical for intervention, through the application of appropriate criteria, supported by comprehensive data compilation and analysis; and 4. Enhance collaboration and participation with stakeholders (Local Democratic Organs, beneficiaries, civil society, etc.) in the housing and community development process to promote cohesion and empowered communities. Undoubtedly, these objectives are nesting with the United Nations, Sustainable Development Goal 11 (Sustainable Cities and Communities). To this end, the Central Authority has allocated resources to sustain and broaden the Housing Development Programme. During 2018, the agency will deliver approximately 248 housing units in four coastal regions and 142 units in three hinterland regions. Also in the hinterland regions 50 qualified residents will benefits from home improvement subsidies. On the other hand, under the Public Private Partnership sub component it is envisaged that in the first phase our partners will be approved and mobilized at site in Prospect/Little Diamond to commence construction during the last quarter of 2018. This sub component is aimed at delivering 8,000 units by 2021 and is open to any private developer who satisfies the selection criteria. The Agency cannot meaningfully solve the housing problem unless attention is given to low income and social housing. Therefore, we will endeavor to work with our partners to deliver affordable housing to the most vulnerable in our society. Our low income housing solutions will be launched during the final quarter of 2018 in the Demerara/Mahaica Region. Under this initiative qualified residents will benefit from low cost housing or full house subsidies. It is imperative that living conditions in communities be improved; thus, the Agency continues to upgrade infrastructure in several communities. In 2018, fifteen communities will benefit from various forms of infrastructure upgrade. Most noteworthy, the Sophia/Cummings Lodge area will benefit from substantial upgrade under an IDB Loan. This community programme is not restricted to roads and drains, but includes developing and improving public open spaces, pedestrian pathways, and recreational facilities.

issue certificates of title/transports to residents of regularized communities. It is recognized that a considerable number of citizens are interested in serviced lots and not built units. Therefore, the Agency will make available a minimum of 1,000 serviced lots in 2018. Likewise, the issue of land tenure security will be adequately addressed since this has implications for mortgage financing. During this year, a minimum of 1,000 certificates of title/transports will be issued. Several initiatives are being undertaken to address the issue of haphazard planning and development. These include: preparation of spatial development plans; preparation of planning schemes; reviewing of planning guidelines and implementation of planning framework. Additionally, the Agency will continue to work with members of the Inter-Agency Committee on Planning and Development in order to deliver safe, orderly and structured development. During 2018, the CHPA will offer several housing solutions to the public. Namely: serviced lots; built units; and housing subsidies. Most importantly, the Agency will issue titles and regularize informal settlements in specific communities. Greater emphasis will be placed on low income, social housing and planning control. ¤

Community upgrading does not only include infrastructure upgrading, but also restoration of the natural environment; especially, in informal settlements. Hence, the Agency will continue its regularization and relocation project. Six coastal communities will benefit from this exercise. Residents living in zero tolerance zones will be relocated and areas restored to their natural state. Regularization will only affect those that are living on lots that can be regularized; taking into consideration, the need to develop safe, orderly and structured communities. Informal settlements are ‘dead capital,’ since assets (fixed) within cannot be easily bought, sold, valued or used as investment. Lamentably, it is recognized that those who live in these settlements possess assets that are not represented in a tangible way. The absence of land tenure security makes it difficult for residents to prosper; thus, the Agency will continue to investguyana.net

Invest Guyana 2018/19 | 63

Laparkan Global Freight & Logostics Solutions Celebrating 35 Years LAPARKAN Global Freight & Logostics Solutions

64 | Invest Guyana 2018/19

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Invest Guyana 2018/19 | 65

President Granger meets Diaspora in London, UK

The Guyana Diaspora A Strategic Investment Partner

By: Wesley Kirton

Well Positioned to Capitalise on the Many Investment Opportunities

ver the years the Guyanese Diaspora has been contributing to the nation’s economy primarily through remittances to family members which often have surpassed foreign direct investment. Remittances have averaged 132.93 million US dollars annually between 1977 and 2015, with a high of 469.26 million US dollars in 2012, according to World Bank figures. An increased focus on the role of the diaspora in development was noticeable from the first year in office of A Partnership for National Unity/ Alliance for Change (APNU/AFC) coalition Government’s campaign promise. The enthusiasm within diaspora communities rose significantly as the potential for complementing mainstream development efforts back home through increased investment emerged as more of a reality. This came at a time when United States oil giant ExxonMobil announced significant Oil and Gas discoveries offshore Guyana with first oil production schedule to begin in 2020. Today, the Guyana economy offers to those of us in the diaspora a range of investment opportunities, if which carefully nurtured, would present a ‘win win’ proposition for the diaspora investor and the country. Inextricably linked to these investment opportunities is the diaspora itself as a consuming market for many of the products and services that would result from new investments in the Guyana economy.

Minister of Foreign Affairs Carl Greenidge engages Diaspora

investment opportunities especially through joint venture arrangements with existing local professionals and businesses. The Local Content Policy seeks to give Guyanese preference where the capacity exists and here the diaspora can play an integral role in helping to develop the competencies of Guyanese at home and partnering to facilitate technology and knowledge transfer.

ExxonMobil has since established a Center for Local Content Business Development in Guyana geared towards mentoring The Oil and Gas sector has the potential to dramatically transform local businesses to meet the Oil and Gas industry standards and Guyana, once it is well managed. The Guyana Government has qualify for business opportunities. Diaspora professionals and begun to put in place a Local Content Policy that would allow entrepreneurs should engage the Center which has identified for Guyanese companies to provide products and services which the various goods and services which local businesses should be meet the required standards. Many of the skills required in the available to provide the industry in the short, medium and long sector are either not available in Guyana or do not meet the terms. These include in the first five years of development of the required certification. This opens up tremendous possibilities sector services such as Waste Management, Aviation Support, for professionals and entrepreneurs in the diaspora to explore 66 | Invest Guyana 2018/19

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Guyana is currently working on introduction of Food Safety legislation which will be enacted later this year. This will bolster the nation’s food safety systems and provide a more enabling environment for expanded exports of non-traditional produce. A critical link to the successful development of export markets for Guyana’s produce is reliable, affordable and efficient air transport for cargo as well as passengers. Guyanese both at home and abroad have been clamouring for the re-introduction of a national air carrier. Government has made it clear that it will not get into the business of air transport. So here again is another opportunity for diaspora Guyanese to “team up” and look at investing in a national air carrier.

Inaugural University of Guyana Diaspora Conference May 2017

Warehousing, Catering, Information Technology, Medical Services and Security. The Center’s Project Director, Patrick Henry says “the Center provides a place for local firms to learn about opportunities in the Oil and Gas sector, strengthen their competitiveness and prepare to supply the sector with various services. We offer business training and coaching and e-procurement support as part of our assistance to local companies.” As much as Oil and Gas will have tremendous impact on our economy in the future, it is investment in other economic sectors such as Agri-Business to include value added production; Hinterland Development to include upgrading Airstrips, Resort Development and Hospitality Services; Light Manufacturing; Forestry; Health Care and related Care for Children and the Aged; and International Air Transport that offer lucrative returns on investment. I have advocated previously that investment opportunities exist even for cemeteries around the country that would provide a parklike ambiance. These would serve as alternatives to the often flooded and overgrown burial grounds, to use Guyanese parlance, which are often inaccessible to relatives, especially those from the diaspora who wish to keep up the tradition of visiting their loved ones’ graves when in Guyana. In the area of Agri-Business, the opportunities are endless for Guyanese in the diaspora to “cash in” on the good life which has been promised back home. According to Vishnu Mahadeo, Executive Director of the Richmond Hill Economic Development Council (EDC) “the diaspora consumer market is significantly larger than that of Guyana. We can expand the range and value of Guyana’s exports if we comply with the food safety standards and regulations in the USA and Canada which include formal packaging of fruits, vegetables and seafood. These exports can amount to some 50 million US dollars annually.” Mahadeo said that diaspora businesspersons can play an even more significant role, beyond that of wholesalers, distributors and retailers by investing in Guyana in state of the art packaging facilities that would include refrigeration. But he insisted that exporters have to meet the food safety requirements of the international market place. Hundreds of thousands of Guyanese and other Caribbean immigrants live in New York alone, where enough of the agricultural produce and seafood including fish from Guyana is still unavailable. investguyana.net

A paved highway from Lethem to Linden linking Georgetown with northern Brazil should be a reality by 2020 or soon thereafter. This, together with a deep water harbour will open another set of opportunities for services that will be required by the increasing traffic traversing this corridor especially as exporters from northern Brazil utilize this shorter route to access international markets. The Guyana Office for Investment (Go-Invest) and Guyana’s Ministry of Business, not to mention President David Granger himself have all pointed to many of these investment opportunities and have pledged government’s support in helping potential investors from the Guyana diaspora to navigate the process that would result in successful, sustainable and profitable business operations. Some changes have also been implemented to serve as incentives, including the availability of land for diaspora investors based on the same terms and conditions that apply to local entrepreneurs. To facilitate investment and expansion in the various sectors Guyana offers an array of investment incentives inclusive of tax holidays, repatriation of profits and duty free entry of equipment and supplies. Go-Invest serves as a one-stop shop for navigating the investment process in Guyana and has been staging events in key cities in the diaspora to sensitize potential investors to the possibilities, and the process for exploiting the available opportunities. Some businesspeople from the diaspora have already invested. They feel that the speed with which government agencies act can be heightened and this is a legitimate observation. But the environment is right for investment from the diaspora and both the government and potential investors must eschew “lip service” and strike the iron while it’s hot. ¤ About the Author: Wesley Kirton is the founder/ president of the newly established Guyanese American Chamber of Commerce. He is a former Director of Public Affairs and Information in the Ministry of Foreign Affairs of Guyana and also served in its Permanent Mission to the United Nations. He served also in the Department of Public Information at the Organization of American States (OAS) and as its Director in the Commonwealth of the Bahamas from 1996-2000. Kirton is very actively involved in Caribbean Diaspora affairs. Invest Guyana 2018/19 | 67

Opportunities in a Restructured Sugar Industry

Opportunities in a Restructured Sugar Industry By: Komal Samaroo

he Sugar Industry of Guyana is at its most critical crossroad in its entire history that spans over three centuries. For most of the 20th century, the industry, one of the pillars of the Guyanese economy, was mainly owned by several British companies. Over time, for economic reasons, ongoing consolidation led to a point in time when two British companies, viz. Booker McConnell and Demerara Company were the principal owners. Following a spate of nationalizations in the first decade of the country’s independence, the Industry came under total State ownership in 1976 through the establishment of the Guyana Sugar Corporation (Guysuco) – the State owned agency responsible for management of the Sugar Industry. The Commonwealth Sugar Agreement, which came into effect in 1951, provided a formula for regular price review to provide ‘a reasonably remunerative price to an efficient producer’. When the UK acceded to the EEC in 1974 the UK Government pressured the EU to establish a broader trade arrangement with 78 developing countries called the Lome Convention which contained several Special Protocols including a Sugar Protocol. Under the Sugar Protocol between the EU and ACP countries there was a quota for raw sugar of around 160,000 tons at a price equivalent to the price paid to EU beet sugar producers, which was significantly higher than the prevailing world price. On 15th April 1994, following the successful conclusion of the Uruguay Round of Trade Negotiations in Morocco, 124 countries, including Guyana, and the European Union signed the Marrakesh Declaration establishing the World Trade Organisation (WTO) on 1st January 1995. In the Declaration, the signatories affirmed their “widespread desire to operate in a fairer and more open multilateral trading system for the benefit and welfare of their peoples. Ministers express their determination to resist protectionist pressures of all kinds.” Inevitably, this set the stage for significant changes in trading arrangements between the EU and the Caribbean. The US and Central American countries, for example, challenged the Lome Convention and the benefits bananas producers received in 1995.

68 | Invest Guyana 2018/19

The Lome Convention ended in 2000 and in 2001 the EU introduced the EBA (Everything but Arms) Initiative under which all imports into the EU from Least Developed Countries will be on a duty free, quota free basis from March 2001. There was a transitional arrangement for sugar extending existing arrangements under the Sugar Protocol to July 2009. Harvard Professor Michael Porter, in his book Competition in Global Industries, wrote, “a firm may possess two types of competitive advantage (1) Low Cost or (2) Differentiation. These grow out of a firm’s ability to perform the activities in the value chain either more cheaply or in a unique way relative to its competitors”. Compared with major international sugar producers Guyana is a high cost producer of sugar and not internationally competitive at prevailing world market prices. One may argue that the investment in the new Skeldon Sugar Factory was the response by Guysuco to make the sugar industry internationally competitive by significantly reducing the cost of production. However, this project has not achieved its objectives and there are several conflicting views as to the reason for this failure. While Guyana, like the rest of the Caricom region, produced and exported raw sugar, the region imported about 200,000 tons of refined sugar for its beverage and food industry. Some producers in the region are now actively pursuing this market with production of ‘Plantation White’ sugar. At the same time negotiations with Caricom for the imposition of a Common External Tariff on imported sugar is ongoing. In addition, the opportunity for packaged sugar for the consumer market in the region, and beyond, remains relatively underdeveloped.

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the retail trade. Hence the Commodity Marketer deals with large industrial buyers and does not deal in the consumer markets that operate through a multiplicity of retail outlets. There is a major difference in the marketing capacity required by a Commodity producing organisation versus the marketing capabilities required for a brand producing entity.

Skeldon Sugar Factory at night.

The Industry has not fully exploited this opportunity, as it has historically been a commodity supplier with a focus on its traditional markets. The introduction of ‘Demerara Gold’ branded sugar was a move in the right direction, but, like in the case of the Demerara Sugar brand name, which was lost since before the World War 1, this was lost to a North American company in another trade mark dispute. In any case, other producers are already well established in this market and it will take creative marketing strategies to carve out a part of this for the local industry. It should also be noted that at this time the Health Authorities are increasing their campaign against sugar in a war on obesity and the impact of this on market size has to be determined. In a presentation I did last year on the subject “Promoting A Caribbean Brand to the World” at the Institute of Chartered Accountants of the Caribbean Annual Conference held in Guyana, I made the following comparison on the marketing skillset required for higher value branded products: “A commodity has only functional appeal and is price driven. Commodities are sold to industrial or commercial businesses that either trade in them or refine, package and distribute to

“A Brand on the other hand, has emotional appeal to the consumers who purchase it. Brands compete on the basis of its intangible attributes. These attributes have to be communicated in the most effective manner. The brand has to be correctly ‘positioned’ in terms of presentation, price, promotion strategy, and available in the appropriate places to reach the targeted demographic. It is sold to consumers through the retail distribution system sitting alongside a multiplicity of competing brands, and requiring merchandising techniques to stand out on the shelf. Therefore, Brand Marketing requires considerably more marketing skills, talent and knowledge of consumer behaviour and route to market distribution systems to be able to build a sustainable market share.” For over three centuries, molasses, a by-product of sugar production has been used to produce rum. Historically rum was also traded as commodity bulk rum to merchants and bottlers in Europe and North America. But Rum, unlike Sugar, did not benefit from preferential price nor guaranteed export quota. Rum producers had to compete against each other on the basis of cost of production, quality and reliability for an import quota for the same market in Europe. The rum industry utilised the benefits under the Cotonou Agreement to rapidly upgrade its competitiveness and transition from a commodity based industry to an industry producing high quality brands marketed around the world. Since rum is made from the sugar cane plant (molasses, juice or syrup) it would be particularly difficult to conceive of a sustainable rum production industry without a viable domestic sugar industry. Molasses is an internationally traded commodity, but the cost of logistics to import is quite high and will impact significantly on production cost. Therefore, the challenge for the local rum industry is how it can continue to grow while the local sugar industry is down-sized to a point where it cannot provide adequate supply of molasses. Guyana’s World Famous El Dorado Rum

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Invest Guyana 2018/19 | 69

The global market for Premium Spirits is showing steady growth. Compared with other categories of Spirits, such as Scotch Whisky, American Whisky, etc., the Premium Rum Segment, while showing encouraging growth globally, has a relatively small market share. There is opportunity for future growth that can be exploited by competitive and efficient producers. It is in this context that the Executive Team of Demerara Distillers Ltd, has been working on a long term sustainable solution for adequate supply of the basic raw material required for its rum production. The company has expressed to the Guyana Government an interest in possibly acquiring the Enmore Sugar Estate to produce inputs for its distillery operations. The plan would be to re-engineer the operations of the Enmore Sugar Estate to make it an efficient and competitive supplier of inputs for its distillery operations, Demerara Distillers Ltd has been very successful in developing its El Dorado Rum brand in the premium and super-premium segment of the international rum market and reliable source of competitively priced molasses supplies are vital to its continued growth. There are many examples in other parts of the world where strong Premium Spirits markets are the mainstay of major agriculture activities. The Scotch Whiskey producers provide a major market for grains produced in the UK and the Cognac producers provide a ready market for the thousands of grape farmers in France. Indeed the global Wines and Spirits industry is an integral part of the value chain for agricultural sector

around the world. Can we make the Guyana sugar cane industry a viable part of the supply chain of the rum industry? Only time will tell! ¤ About the Author: Komal Samaroo AA, FCCA, ACIS - is the Executive Chairman of Demerara Distillers Limited, one of the leading rum producers of the Caribbean and the home of El Dorado Rum. He has been instrumental to the company’s development over the last 48 years having held several key positions including Managing Director and Vice President, International Marketing. He also serves as Chairman of the Board of Directors of West Indies Rum & Spirits Producers’ Association (WIRSPA), National Rums of Jamaica, Diamond Fire and General Insurance and Institute of Private Enterprise Development Limited (IPED) and also as a Director on the Board of Demerara Bank Limited. He was awarded the Golden Arrow of Achievement by the President of Guyana in 1993, for service of an exceptionally high standard in the field of Financial Management and Business.

MARICS & CO> LTD

70 | Invest Guyana 2018/19

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REPUBLIC BANK ASSURIA

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Invest Guyana 2018/19 | 71

Guyana’s Rice Industry

Presenting Untapped Opportunities for Investment By: Nizam Hassan

Rice Being Loaded for Export

ice cultivation began in Guyana in 1738 after it was introduced by the Dutch Governor of Essequibo, Laurens Storm van Gravesande (Ramgopal, 1964). By 1896 Guyana exported its first shipment of rice to Trinidad, having produced more than was needed for local consumption. As the industry evolved, Guyana continued to produce more rice than was needed for its local consumption. In 2017, Guyana exported over 75% of its rice production. Rice has been a significant contributor to Guyana’s gross domestic product (GDP), contributing 3% to overall GDP and 18% to agricultural GDP (2016). Rice cultivation, milling, packaging and export is fully privately owned and operated in Guyana. It is primarily cultivated on the low lands across Guyana’s coastal plain. Over 400,000 acres are cultivated in two crop cycles annually. Rice is also cultivated in Guyana’s highland and was introduced in 2000 into Guyana’s rupununi savannahs in Region 9 by a foreign investor. Production from this region is exported overland to Brazil. Guyana produces an average of 1 million tonnes paddy over the 2 crops annually. In 2017, production closed at an average

national yield of 5.6 tonnes per hectare comparing favourably to many Southeastern Asia producing countries. The major producing regions are Regions 5, 6 and 2 producing 87% of total production, whilst Regions 3, 4 and 9 contribute the other 13%. Research Supporting the development of the rice industry and promoting improved rice cultivation in Guyana is the Guyana Rice Development Board, the regulatory agency of the industry. A major function of the Board has been its research provided through its Rice Research Station at Burma, Mahaicony. Varietal development has been a key focus of the Board’s research activities and since 1997 the GRDB has released 15 varieties of paddy resulting in the continuous growth in yields per hectare over the years. Its most recent variety released in April 2018, the GRDB 15 is a long grain producing as much as 20% higher yields above earlier released varieties. Acreages under this variety are expected to grow steadily thereby further increasing the production and productivity of rice cultivation in Guyana.

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6 5 4 3 2 1 0

1970 1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 2015

mt/ha

Guyana Paddy Yield (mt/ha)

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1,200,000 1,000,000 800,000 600,000 400,000 200,000

Hectares

2016

2014

2012

2010

2008

2006

2004

2002

2000

1998

1996

1994

1992

1990

1988

1986

1984

1982

1980

1978

1976

1974

1972

1970

Paddy

In 2017, Guyana exported its highest export volume of paddy, rice and rice products. 539,387 tonnes valued at US$ 201,034,835 were exported. Rice is exported to CARICOM, Latin America and the European Union.

Exports for Rice and Rice products (2015-2017) 80,000 70,000

Exports (mt)

60,000 50,000 40,000 30,000 20,000 10,000 0

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2015 33,688 25,060 29,537 75,181 57,530 55,898 34,029 35,608 42,648 48,269 59,729 40,157 2016 34,492 28,240 30,800 57,595 47,874 53,166 53,908 40,616 33,870 60,253 33,241 25,137 2017 25,272 13,775 24,882 56,883 51,441 31,033 68,456 39,204 52,400 73,482 56,273 46,288

WHY INVEST IN GUYANA’S RICE SECTOR The FAO estimates the 2017-18 global rice utilization at around 503.6 million tons, up from an estimated 497.7 million tons in 2016-17. The increase is attributed to about 6.1 million tons increase in food use. Whilst global per capita rice consumption is estimated at around 54 kilograms per person, it is reported to be about 70 kilograms per person in the Caribbean. Guyana is well poised and has the ideal conditions for growing paddy, manufacturing rice and processing rice into various rice products.

Exports to Caricom -2017 (mt)

ST Vincent

32%

Markets Guyana’s rice farmers and millers have responded to the needs of markets in Europe, Latin America, North America and the Caribbean supplying those markets with quality long grain and extra-long grain rice for decades. investguyana.net

Jamaica

Trinidad

54%

Other

6% Invest Guyana 2018/19 | 73

Exports to the European Union- 2017 (mt)

Exports to Latin America-2017 (mt)

9% 6%

18%

GREECE

PORTUGAL SPAIN

Production Guyana has favourable factors for rice cultivation, namely, • Temperature – Normally between 20-30 degrees celsius throughout the year which is considered to be near ideal for rice. • Rainfall - Over 2000 mm annually which is well distributed, ideally favoring 2 crop seasons a year. • Soils - One of the world’s most fertile, high in both clay (> 50%) and organic matter (>2.5 - 3%). • Water – good quality and available in abundance. • Drainage and Irrigation: Fairly well managed drainage and irrigation system. • Insects, pests and diseases - They are few and manageable. • Mechanization: Mechanized cultivation and harvesting system. • Technologies: Availability of new and improved technology eg high yielding locally adopted varieties. GRDB’s Services Market Facilitation The Guyana Rice Development Board provides export documentation services to all licenced millers and exporters. Additionally, information on shipping and logistics are made available to all stakeholders. Research and Development The Board also has highly trained experts in all the major disciplines required for rice production: Breeding, Agronomy, Entomology, Pathology, Post-Harvest Management, Quality Assurance, Seed Production, and Technology Transfer. The services of the Guyana Rice Development Board are available to all investors. Quality Control Services To ensure that Guyana maintains its highly accepted quality of rice, the Guyana Rice Development Board provides quality control services to the industry at all licenced Mills and at all Ports of Exit.

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BRAZIL CUBA MEXICO NICARAGUA PANAMA

15%

43%

UNITED KINGDOM other

37%

13%

HOLLAND ITALY

23%

VENEZUELA other

11%

Value added and downstream processing Opportunities exist for exploiting Guyana’s rice industry to development a strong supply chain that allows the product to change its appearance and quality from primary production to final consumer through value-added products. Guyana’s value added and downstream processing is in an infant stage of development waiting to be exploited. Guyana possess an ideal opportunity in the rice industry for agro investors, both in primary production of paddy, manufacturing of rice and in value added down-stream processing of paddy and rice. As cultivated acreages expand and production and productivity continue to grow, the rice industry will be positioned as an excellent sector for investment. Growing consumption of rice and rice-related manufactured products, increasing consumer demand and consumption for gluten-free products, competitive global prices, will create attractive opportunities for investors. ¤

About the Author: Nizam Hassan holds an MBA from the Australian Institute of Business (AIB) and is a Marketing Management Facilitator at AIB’s MBA programme offered through Nations School of Business and Management in Guyana. He has previously served as General Manager of the Guyana Marketing Corporation and is currently General Manager of the Guyana Rice Development Board. He also served as Chairman of Guyana’s Forest Products Development & Marketing Council.

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Impressions

Farm Supplies Ltd.

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Invest Guyana 2018/19 | 75

Guyana Livestock Development Authority

Guyana Livestock Development Authority Creating Investment Opportunities; Pursuing ISO Certification By: Avenash Ramzan

Ducklings Raised at GLDA’s Mon Repos Farm

onceptualised in 2010, the Guyana Livestock Development Authority (GLDA) is an amalgamation of the Ministry of Agriculture’s Veterinary and Livestock Science Division, the National Agricultural Research and Extension Institute’s Livestock Department, the Chief Executive Officer, National Dairy Development Programme Nigel Cumberbatch and the livestock personnel from the various regions, which came into being by the passing of an Act on January 06, 2010, and the inception order was issued by the then Minister of Agriculture, bringing the Authority into existence from September 1, 2010. Formed mainly for the effective administration and regulation of trade, commerce, production, breeding and processing of livestock for local consumption and export, and all other related matters, the birthing of the organisation was facilitated by a loan from the Inter-American Development Bank through the Agricultural Export Diversification Programme.

Special Bulls (Above and Below) Imported for Breeding

The GLDA is currently headed by Chief Executive Officer, Nigel Cumberbatch, who was appointed to the post in 2015. “Since its formation the GLDA would have looked at the overall development of livestock throughout the country, and this is supported by two main departments - The Animal Health Department and the Animal Production Department,” Cumberbatch, an agricultural expert, highlighted. 76 | Invest Guyana 2018/19

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The Animal Health Department encompasses Quarantine and Inspection services including Wildlife export, the Veterinary Laboratory Services, Animal Welfare, Identification and Registration as well as Epidemiology all geared towards the overall general health of the nation’s livestock. The Quarantine Services would handle the importation of live animals and meats, while the Veterinary Diagnostic Laboratory is there to support the GLDA in the event of any disease or outbreak that may occur. The Animal Production Department focuses primarily on Animal Genetics and Breeding, as well as other production activities, such as feeding, management and livestock extension activities, of poultry, sheep, goats, cattle, pigs and bees. Two Livestock Farms, at Mon Repos, East Coast Demerara, and the other in the Intermediate Savannahs in the Berbice River cater to the rearing of cattle, sheep, pigs, ducks and chickens. “These animals are held as breeding animals to be able to provide breeding stock for farmers throughout the country. Also at our Mon Repos unit, we have a duck incubator and hatchery unit which supplies ducklings for not only our farmers, but for utilisation on our farms. We also do toll hatching at our incubator and hatchery, meaning that if a farmer has eggs and doesn’t have a hatchery he can bring his eggs in and we will be able to hatch for him, at a cost,” Cumberbatch explained. INVESTMENT OPPORTUNITIES The GLDA has representatives in each of the 10 administrative regions of the country, providing services in the area of livestock development. Over the years, it has become evident that opportunities for investment is rife, and according to Cumberbatch, the GLDA is open to partnerships with potential local and overseas investors. “Guyana is self-sufficient in meat, and we have the ability to provide for most of our meat needs, we do however, import small quantities of meat, at the top end of the market, mainly for the hospitality sector and large mining enterprises, in other words we import top quality which at the present time we cannot produce. So, there is within the country opportunities for investors to access that market provided that they can supply meat of the standard that is demanded by the hospitality sector,” the GLDA head pointed out. He continued, “We’ve recognised too that the international mining enterprises do import meat for themselves, and now we have the oil rig and they also import meat for their use,

Imported Male Goats and Sheep for Breeding

and so we feel there are investment opportunities available for entrepreneurs to be able to access that market.” One of the hindrances however, has been the lack of an internationally certified abattoir with the sanitary and other standards, that may be required from some of the companies that are potential clients. “We are in the process of building two abattoirs within the country, one is going to be located in Region Five and the other one in Region Nine. These abattoirs would be of international standard where the sanitary and health requirements would be of such that we would be in a position to export meat and satisfy the requirements of those people importing meat,” Cumberbatch informed. With this is mind, the GLDA’s breeding and genetic programmes are geared to improve the quality of the animals that are available to the local market. “In our genetic lab we store semen and embryos from a number of improved breeds of cattle, sheep, goats and pigs. We have a very good genetic improvement programme and we are in fact doing artificial insemination, all aimed towards the improvement of the genetics of the animals that we have within the country,” Cumberbatch said. According to him, the GLDA is equipped to offer assistance to potential investors to access breeding materials from both local and foreign sources, as well as aid in choosing an area of livestock development that best suits the investor.

GLDA Complex at Mon Repos investguyana.net

Invest Guyana 2018/19 | 77

DAIRY AND DAIRY PRODUCTS “If you look at the importation of food in Guyana, you’re going to find that we spend in excess US$40M per year to import milk and other dairy products. This is a very attractive and lucrative sector for investment in the country and I don’t think you could lose with milk,” Cumberbatch reasoned. The lack of a milk processing facility also offers another opportunity for potential investors to embark on such a project in Guyana. Some of the marketing opportunities for milk include supplying the school feeding programme and hospitals, the disciplinary services and the packaging of UHT for local consumption. “We import UHT milk from some 37 different countries, and one of the things we could do if we have a processing facility is do what a number of other countries have been doing: importing powdered milk, reconstituting it and making it available as UHT milk,” Cumberbatch asserted. ISO CERTIFICATION ISO Certification is one of the key areas for the GLDA in its quest to remain relevant and become a hub for livestock and dairy development. That process has already started, with consultants currently attached to the GLDA and leading that effort, according to Cumberbatch. “We have started working with a number of consultants and just in April 2018 we signed the agreement with the consultant firm to work with us in upgrading our laboratory so that it can be ISO certified.” “It would require also for us to look at the whole organisational structure of the facility, and we are in fact tweaking that

Ducklings Hatched at Mon Repos Farm

structure so that it can be internationally accepted and aligned to the international standards that are recommended for laboratories.” “We have started to certify some of the farms that we’re working with and also trying to establish traceability on some of the farms. Additionally, we have to have disease-free status in some other areas, for example we have to be declared free of brucellosis.” Certification is being done in stages, and the GLDA has set some targets, which it is working assiduously to achieve over the coming years. ¤

Palladium Motors Inc.

PALLADIUM MOTORS INC.

Sole Distributor For Ironman Products

Ironman 4×4 products have been developed in the harshest proving ground in the world. Sold in more than 120 countries. WANDA, an AkzoNobel brand, delivers value, colour and simplicity to the collision repair industry.

Trust Corporation Inc.

192 Wellington Street Lacytown, Georgetown, Guyana. South America. Tel: 592 225 0956

78 | Invest Guyana 2018/19

Authorised & Sole Distributors of all WANDA Products

Authorised Distributors of All gliptone Products

Fax: 592 225 0976

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El Dorado Rum

PLEASE ENJOY RESPONSIBLY

Sole Distributor For: Vitabiotics (U.K) Ltd.

Meyer

Pharmaceuticals &

Intas

Pharmaceuticals

Mikes’s Pharmacy

Mike’s Pharmacy Importer, Wholesaler & Retailer

Lot 1 Blygezight, Bel AIr,

(Conversation Tree & Embankment Roads) Tel: 592 226-1250, 225-1255, 219-2330 Fax: 592 227-0189 investguyana.net

88 Robb & Alexander Streets, Lacytown, Georgetown. Tel: 592 227-0188, 225-1458, 227-4534 147 Regent & Albert Streets, Bourda, Georgetown. Tel: 592-223-9700 and 223-9701 Invest Guyana 2018/19 | 79

Global Seafood Distributors

H.E. President David Granger on a guided tour with CEO Allison Butters-Grant

Packaged Fish Products from Global Seafood

Global Seafood Distributors Empowering the back bones of society as they strive to meet sustainability and international standards in the fishing industry

ith just four years back in the fishing industry in Guyana and more than 50 years of experience Global Seafood Distributors is swiftly catching on one family at a time with wholesome, nutritional wild caught fish “from the sea to your plate” -- fresh catch. Sitting at the helm of this establishment is Ms. Allison Butters-Grant the woman behind the idea which is now a reality and is changing lives. Her mission is to build capacity and lift the bar in the local fishing industry with innovative methods following international standards. Global Seafood Distributors provides the highest quality of wild caught fish from the Atlantic Ocean of South America to wholesalers and retailers country wide, under the strictest quality control systems. Their products range from freshly packaged nuggets, steaks, fillets, seasoned fish and salted fish, dried in a solar dryer, in wholesale quantities and economy packages.

80 | Invest Guyana 2018/19

With a workforce of 22 persons 95 % are females, Global Seafood Distributors is working to expand its reach while creating employment in a green and sustainable environment over the coming months. While, traditionally it is found that females are more drawn to the processing aspect of the fishing industry they continue to play a crucial role in marine environments and fisheries economies, Ms. Allison Butters-Grant specifically in the artisanal fisheries sector, though their contribution is still invisible and unacknowledged. Global Seafood Distributors believes in enforcing Corporate Social Responsibility in its confines as the best way to support the future generation is to economically empower their mothers. Since women are known to invest their earnings first in the education, nutrition and health care of their children, Global Seafood Distributors is doing their lot in building the future for wholesome communities as well as the economic prospects for the country. Currently the company operates on a boutique level, thus placing focus on direct and unique service to its clientele. “Having direct contact with our clients is always a plus and in addition to that we continue to be innovative in the creation of our niche products,” Butters-Grant explained. While the services offered caters to a large clientele line up, it also caters to small households who are simply looking for a healthy, quality, choice. As part of its growth strategy, the company has taken a investguyana.net

“H.E. President David Granger observing the fillet process of Bangamary”

decision to strategically place its product. “We have strategically spread ourselves into two retail supermarkets and not retail mainstream, as to continue to perfect and measure our market in the products that we currently manufacture”. As part of this growth strategy the company continues to reinvest its profit into product development, branding, marketing and perfecting a growing product. Ensuing Quality- Since, Butters and Grant brand prides itself in quality they ensure they follow Hazard Analysis Critical Control Point and all of Good Manufacturing Practices with a Quality Assurance Manager, a graduate from The Guyana School of Agriculture on its staff, as it prepares for ISO9000 certification. Whether its serving the international market or some of Guyana’s most noble and prestigious organizations or the countryside’s most humble kitchen, quality and freshness is assured always. Censorship of fish raw material is done from the point of receivership in an effort to ensure that the client gets the best catches from the sea. Global Seafood products are procured from artisanal vessels which always guarantee freshness as their

length of time at sea are minimal. Providing all the necessary traceability and quality checks are done, the women who start the mantra of Global Seafood Distributors “From the Sea to your Plate” begin the processing towards the end of the line to packaging. The men do the laborious task of using the food grade saw, logistics and loading the walk in freezers. These standards are only maintained because of the company’s dedication to capacity building in Good Manufacturing Practices. Additionally staff are trained in other key administrative areas – Supply Chain Management at the Centre for Local Business Development as Global Seafood Distributors prepare for its expansion plans in the Village of Victoria. Ms. Allison Butters-Grant the woman behind the Establishment Ms. Butters-Grant grew up in a family that worked assiduously as entrepreneurs in the local fishing industry and helped build a renowned brand for local and international consumption. Though she left Guyana in her teen years, her passion for the industry never dwindled. While living in the United States of America she worked in several fields, including Marketing & Advertising, ICT, Hospital Administration, and Accounting but as if it was in her blood, she yearned to return to her home country and the Fishing industry. Every field she worked in provided all and more than she needed to return home to restart her family’s long lived tradition. With the help of her husband Kerwin Grant, her two daughters and grandson the band is well on the way to making its mark on Guyana fledging Fishing Industry. “What I would like to see in the scheme of things is the fishing industry in Guyana is respected for what it is on other shores”. Ms. Butters-Grant strongly feels once the industry stakeholders takes the local fishing industry seriously and are equipped with the necessary resources towards creating sustainable fishing grounds, the local fishing industry can blossom into a world class sustainable, reproductive sector, since the international fish mongers continue to look at Guyana for their seafood as fish has become the “go to” protein supplier worldwide. ¤

“H.E. President David Granger observing Solar Fish Dryer operations an innovative hygienic method of drying salted fish”

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Positioning Guyana As An Attractive Destination For Tourism Investment

ith a landscape that is diverse in its offerings and largely undeveloped, Guyana offers a wealth of natural and cultural heritage attractions to visitors, and prime opportunities to investors looking to engage in new business initiatives and ventures in the tourism and hospitality sector. Tourism contributes significantly to the country’s economy, and Government is committed to working with investors who share common objectives and interests that aid in their vision of making Guyana a Green State by 2030. In 2017, Guyana welcomed 247,302 visitors, an increase of 5.1% over 2016. This figure will continue to increase due to Guyana’s booming economy.

In its current stage of industrialization, steps are being taken to prepare for rapid growth in primary sectors such as oil and gas, ICT, tourism and hospitality, and agriculture with its value added products and medium scale manufacturing. In a volatile global economic climate, Guyana is making strides to compete with the rest of the world. The Cheddi Jagan International Airport (CJIA) Expansion and Modernization Project is exemplary of new development. This state-of-the-art facility will service hundreds of passengers transiting the port, and has attracted the 82 | Invest Guyana 2018/19

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interest of international airlines such as American Airlines and JetBlue, the former of which will commence service to Guyana in December, 2018. There is a strong push by Government to attract other international carriers in anticipation of the high volume of visitors travelling to Guyana for leisure and business as the country makes its mark on the global market. Conventions and Corporate Business Meetings are on the rise as the pace of International Business accelerates on the global frontline. Over the last five years, Guyana has become known for hosting increasingly large numbers of International Conferences & Corporate Business Meetings with both Government and Private Sector continuously looking at ways to enhance Guyana’s attractiveness as a MICE Destination. The Government, for example, has started major renovations of the Arthur Chung Convention Centre and reputable hotels have also upgraded conference facilities to host such International Business Events. Development in Guyana’s sporting arena over the last decade has spurred the diversity of events in the country with the hosting of international sporting events such the Caribbean Premiere League 20/20 Cricket (CPL), International Cricket

2013

2014

Jan Feb

12,691 14,000

13,512 12,553

Mar Apr May June July Aug Sept Oct Nov Dec TOTAL

23,368 16,624 12,894 14,601 23,257 21,506 13,200 13,618 13,914 20,387 00,060

14,648 21,418 14,130 14,526 25,091 22,770 14,179 14,860 15,736 22,401 205,824

investguyana.net

2015 14,001 13,965

Council’s World T20’s and World Cup and Seaboard Caribbean Marine Motor Racing Champions to name a few. The selection to host the upcoming 2018 ICC Women’s World Twenty20 is a testament of Guyana’s ability to execute events of this magnitude, which have contributed to Guyana’s placement on the world stage. Community owned and operated ventures and ventures undertaken in partnership with private sector businesses have resulted in improved livelihoods, sustainable sources of income and conservation. Visitors are encouraged to engage in authentic experiences with locals and their communities, indulging in cuisine, learning their way of life and enjoying the natural environment at the same time. Communities welcome partnership opportunities that support capacity building, product development and enhancement, upward mobility, and active community involvement. The acclaimed Community Based Tourism models in Guyana are being used as a blueprint to develop this lucrative niche product and experience.

OAS Tourism Ministerial Conference in session

Month

Marketing Guyana’s Tourism

2016 14,449 15,080

2017

% Chg. 16,984 17.5 16,281 8.0

18,464 20,156 19,568 20,126 17,330 24,910 12,371 24,987 18,266 14,562 16,185 17,520 22,954 24,953 24,824 21,728 21,863 25,720 15,187 15,319 15,951 15,183 17,461 19,398 15,705 19,832 21,042 22,573 27,680 26,838 06,819 35,295 247,302

CPL Cricket at the Guyana National Stadium

-2.9 43.7 -26.9 8.2 -0.5 17.6 4.1 11.1 6.1 -3.0 5.1 Invest Guyana 2018/19 | 83

Like many destinations, culinary tourism is becoming more important, as an increasing number of travelers make their travel choices based on the diversity of dining options available. Blended with its unique heritage and culture is a very interesting medley of Indian, African, Indigenous, Chinese, and European cuisine. To further compliment Guyana’s distinctive food, several international franchises have established themselves and become very successful. Being an English speaking destination, investors contemplating the installation and operation of service enterprises will find this a distinct advantage. With Government creating an enabling business environment and with new opportunities arising, Guyana must be considered as a favourable investment destination.

Iwokrama Gorge Waterfall

Other key investment opportunities lie in: • Soft, hard and extreme adventure tourism projects and offerings • Aviation, Airlift and Transportation services • Accommodation facilities such as luxury lodges, resorts, camping grounds, etc • Nature related parks, activities and experiences • Health and Wellness • Amusement Theme Parks • Tour Operations • Agro-tourism ¤ • For more information on investment opportunities in the tourism and hospitality sector, please contact: Guyana Tourism Authority at (592) 219 0094 - 6 or, GO-Invest at (592) 227 0653.

Marriott

84 | Invest Guyana 2018/19

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. DESIGN AND CONSTRUCTION OF : Airstrips using EBS soil stabilizer techniques Asphaltic roads and interior roads Steel, concrete and timber bridges and reinforced concrete culverts Steel and concrete commercial buildings

83 Premniranjan Place, Prashad Nagar, Georgetown. Tel: 223-5067

MMC SECURITY FORCE

READYMIX CONCRETE LIMITED

investguyana.net

Invest Guyana 2018/19 | 85

Guyana to take aSlice of the MICE Market

The Modern Arthur Chung Conference Centre

Guyana Set to Take a Slice of the MICE Market A modernized Arthur Chung Conference Centre preparing for its second coming

s Guyana plans for the full realization of the Oil and Gas sector, the windows of investment opportunities for every economic sector in Guyana continue to open wider with higher demands for products and services delivered at international standards. This emerging hydrocarbon sector has catapulted Guyana onto the world stage, creating higher demands for a widening range of products and services including conference and training facilities, infrastructure and support services. In recent years, Guyana has been the host to an increasing number of international business events, some annual, others Tourism-related, sports related or economic. These events are generally referred to as MICE - Meetings, Incentives, Conferences and Exhibitions. Over the past two decades, Government and the local private sector took advantage of the opportunities to invest in small to medium scale conference rooms, and in 2006, the People’s Republic of China handed over to Guyana a gift of a largescale conference facility located in the Liliendaal community adjacent to CARICOM’s Secretariat. It was named the Guyana International Conference Centre. Since then, Guyana has welcomed international hotel brands such as Marriott and Ramada and, together with the long existing Guyana Pegasus Hotel, the quality standards bar remains high for modern accommodation, large conference and banquet space with support services in this South American country. These hospitality services providers have played no mean role in propelling Guyana onto the world stage as a choice tourist and events destination. 86 | Invest Guyana 2018/19

President David Granger Ministers and Officials at the reopening of the Guyana International Conference Centre The Arthur Chung Conference Centre The Guyana International Conference Centre was declared open on February 16, 2006, and in 2015 it was re-named the Arthur Chung Conference Centre in honour of Guyana’s first President who had served from 1970 to 1980. It is ideally situated at Liliendaal in close proximity to a fast expanding community that includes the CARICOM Secretariat, the University of Guyana, high-end residences, the Aquatic Center and the ultra popular Giftland Mall. ACCC is easily a fifteen minute drive from the city’s center. From 2006 to 2016 the Centre incrementally acquired an excellent reputation for quality service. Bookings increased steadily from investguyana.net

13 events in the year 2007 to 114 in 2016. They ranged from high school Graduations to diplomatic receptions and national awards ceremonies. On the business front, ACCC has been host to summits of CARICOM’s Heads of Government and the Union of South American Nations (UNASUR); to private sector companies and NGO’s Workshops; to Medical, Engineering and Mining conferences; Toshaos Council and other high-level conferences; expos and Guyana’s first ever Coconut Festival. The Agreement that was signed in 2004 by representatives of donor and receiving countries included a commitment by the donor to carry out extensive reconstruction and rehabilitation works on the centre after 10 years of use. That period expired on December 1, 2016 and the Arthur Chung complex was closed temporarily to the public. Soon thereafter, the US$7 Million rehabilitation project commenced with construction of a stronger foundation raised by approximately two feet. The main conference hall was completely rehabilitated and a slew of additional features and modern audio/visual technologies were installed to render the ACCC a state-of-the-art conference venue befitting a nation on the rise. The rehabilitative works were scheduled for completion in May 2018 and the ACCC was expected to be formally handed back to the people of Guyana during the second quarter of the year as a full-service facility operating at international standards. The Main Conference Hall now seats 500, the Eastern Conference Room 220, and the Western Conference Room 120 persons. Via sliding walls, there are options for five (5) break-out rooms each with a 60-person capacity.

The Centre’s ‘Computer Laboratory’ is now equipped with twenty internet-ready computers and it is outfitted as a training facility that doubles as a Media Center. Additional attributes include completely modernized Conference Secretariat, Business Center, Clinic, Dining Hall and Kitchen. The Main Conference Hall has a new Digital Conference System that is able to translate and relay three (3) different languages simultaneously. It has video tracking capacity, a video matrix switcher, LED screens and projectors. Even while the rehabilitation was winding down, the Centre was taking bookings for large-scale events in the immediate future, among them the International Civil Aviation Organization (ICAO) Air Transport Conference in November 2018, and the 17th Session of the Committee for the Review of the Implementation of the UN Convention to Combat Desertification (CRIC17) in January 2019. Preparations were already underway when Invest Guyana visited in May, to ensure that a higher quality of service is available and deliverable for these and future national and international events. Guyana was the first country in the English-speaking Caribbean to formally establish diplomatic relations with China in 1972. One year later the Guyana Embassy was opened in the Chinese capital, Beijing. In June 2018, Guyana and China observed 46 years of friendship and cooperation, bilateral ties that are firmly grounded in mutual respect. ¤

Main Auditorium, Arthur Chung Conference Centre

investguyana.net

Invest Guyana 2018/19 | 87

Leadership is What We Seek!

Leadership is What We Seek! By: Vishnu Doerga

Vishnu Doerga Conducting Training Session

The Need for Leadership and Management Skills in a Growing Economy

eadership is what we seek. But what is leadership? The dictionary defines leadership as the action of leading a group of people or an organization, or the ability to do this.

According to the Online Business Dictionary, “Leadership involves: Establishing a clear vision, sharing that vision with others so that they will follow willingly, providing the information, knowledge and methods to realize that vision, and coordinating and balancing the conflicting interests of all members and stakeholders. A leader steps up in times of crisis, and is able to think and act creatively in difficult situations. Unlike management, leadership cannot be taught, although it may be learned and enhanced through coaching or mentoring.” John Maxwell, one of the world’s leadership gurus said that LEADERSHIP IS INFLUENCE, Nothing more, nothing less. He also posited that everything rises and falls on leadership. My own definition of leadership is providing empowerment to those who seek it. To lead others, however, you must first lead yourself. Can you do what you say? Do you say what you think? Mahatma Gandhi said that happiness is when what you think, what you say and what you do are in harmony. How many of us would be happy by this standard? In the workplace we look to positional leaders to provide direction, wisdom and insight. How present are these qualities? According to a 2018 Guyana Bureau of Statistics report produced with support from the Inter-American Development Bank (IDB), the educational achievement in Guyana has a pyramidal

88 | Invest Guyana 2018/19

structure which shows that 5.6 per cent of the working-class have post-secondary certifications and qualifications. The study, which was done in the third quarter of 2017, has revealed that only 2.3 per cent of the population have a Bachelor’s Degree or equivalent, 0.3 per cent have a Masters, and 0.2 per cent have Doctorates or the equivalent. Statistics have also shown that 9.9 per cent of the working population received no schooling, while the majority of the working class have primary education, which was recorded at 48.3 per cent, and upper secondary education at 24.3 per cent. “The finding has two implications: on the one hand it entails a shortage of highly qualified human resources in the labour market and on the other, it indirectly confirms the seriousness of the issue of outward migration of tertiary-educated people, which may explain the relatively low educational profile and skills portfolio of the economically active population,” the report indicated. This report highlights and confirms the impact of having exported a significant portion of our qualified thinkers. Thinkers who left for greener pastures and cultivated those greener pastures where ever they arrived. In our still male dominated society, some males who left may want to return, however females and kids who left are less likely to want to return given better civil liberties and an overall better standard of living. Once you start enjoying uninterrupted electrical power, a sense of safety and economic empowerment, there is little that would attract these migrants back to Guyana. investguyana.net

Today we live in a society where a portion of our leadership positions are filled by loyalists and in some cases by unprepared individuals filling leadership voids created by the death, migration or transfers of the previous office holders. A system of internal promotion sometimes bordering of favoritism has left organizations with a lack of competent and innovative leadership. Individuals keep their performance afloat by copying and perpetuating whatever system they inherited. Our outdated education system continues to traumatize our students by pressuring them into industrial era thinking, removing their childhood and creativity by extensive hours and a near straight jacket approach to learning. So much so that our kids cram to pass exams with the hope of being liberated from education on passing. This is another barrier in developing the leaders we seek. We have known of these ills for quite some time, we understand that better leadership will be needed to shift our current paradigm. With the discovery of oil the tides seem to be slowly changing. Nepotism and cronyism are still real and in such a small society most likely will never really disappear, however the new opportunities will be numerous and preparation will be key. Those who see the bigger picture will realize that education and the application of this education will hold the keys to a prosperous Guyana for Guyanese. With so many eyes on Guyana, we can expect an influx of organizations and professionals that will shift the way we experience life. Our current and aspiring leaders will have to make tough yet intentional choices with faith that the masses will understand and appreciate how our lives will change either way. Whatever way you look at Guyana, we are heading into one of the most exciting times and if there was ever a time to lead, that time is NOW. ¤

investguyana.net

About the Author: Vishnu Doerga DME, MBA, Ph.D. Candidate – is a Strategy Expert and Certified Business Coach with 17+ years of Business Experience. He is a Past President, Chairman and Councilor of several Business Support Organizations including the Georgetown Chamber of Commerce and the Bureau of Standards. Vishnu has 15 years of private sector development service and is a certified John Maxwell Leadership Coach, Mentor, Trainer and Speaker. Also an MBA Lecturer, he is currently pursuing a Doctorate specializing in Entrepreneurship.

Invest Guyana 2018/19 | 89

ICT Presenting Opportunities to Transform Guyana’s Economy

nformation and Communications Technology has emerged over the past decades as one of the most visible representations of modern development, profoundly influencing production processes and social life. We have seen and read about other countries where this sector became the primary engine for global and social growth. Today’s dynamic and competitive global economy demands an ambitious national commitment to technology, innovation and entrepreneurship. Today, technology and the internet can transform nearly every sector of our economy—from manufacturing and transportation, to energy and healthcare. There is absolutely no reason why Guyana cannot do the same. The traditional productive sectors that Guyana has depended on for over the past fifty years are now unable to provide the revenue and employment as they did in the past. The challenges in the sugar and rice industries, and decline in gold prices are all a grim reminder that despite all the sentiment, these primary sectors can no longer continue to be the only drivers of our economy in their current scope and framework. It is the technology driven, knowledge management industries that will have to be cornerstone of this country’s future. The vision of the Government of Guyana therefore is to harness 90 | Invest Guyana 2018/19

the power of technology and innovation so that it works for all Guyanese, generating employment, revenue and wealth creation throughout the nation. In December 2015, the Government of Guyana created the Ministry of Public Telecommunications (MOPT) with the mandate to develop and operationalize the enabling environment that will facilitate the optimum utilization of the Information and Communication Technology (ICT) for national growth and development. Our vision therefore is built on three fundamental pillars. • The use of ICT to significantly improve the availability, efficiency and delivery of Government related products and services. • ICT as a critical, cross cutting, supporting component across all productive sectors. • A standalone ICT focused business sector that will create employment, improve livelihoods, create wealth and be a significant contributor to the Gross Domestic Product. Laudable strides have been made over the past 2 ½ years. The first transformational step was the laying of the new Telecommunications and revised Public Utilities Bills in 2016. investguyana.net

These two sets of legislation have established the road map and policy direction for the creation of a liberalisation of the telecommunications sector. Negotiations with the exclusive telecoms provider are ongoing. The Ministry also paid significant attention to building out the infrastructure necessary for the support of Government to Citizen related services. To date 110 hubs have been built nationwide to allow members of communities to access the internet for research, help with homework and even telework and related entrepreneurial activities. The Ministry has provided critical support for the education sector as well. 250 high schools from Mabaruma in the northwest, to Skeldon in the east, and Aishalton in the deep south, have been provided with internet access to support the Ministry of Education with the delivery of educational services and students with accessing related education content and similar resources. The third and equally critical pillar is the development of an enabling environment for the creation of an ICT private sector

Minister Catherine Hughes at Regional ICT Conference

that can contribute to the economy in terms of revenue, employment and wealth creation. The Ministry recognises that in order for the sector to develop and become a regional hub for nearshore ICT services, there must be a rapid development of a technology ready workforce. The Ministry is providing training in coding and software development at the community level and collaborating with the Ministry of Education to review and revamp the current ICT curricula. Concurrently the Ministry is currently reviewing current legislation to identify the gaps and identify new legislation that may be required. The Ministry believes that it is these strategies and initiatives that will make Guyana the ideal location for ICT related investments and partnerships. Areas of focus include: • Call Centers, Business Process Outsourcing and related services • Software Application/Development support services • Sub-sea fibre optic cable • Technology parks Guyana is the world’s newest frontier, driven by an emerging Oil and Gas industry that will trigger a tremendous amount of spinoff enterprises in a new diversified progressive economy that will fulfil this nation’s potential as the best location to conduct business. ¤ We invite all of you to come aboard. Contact us for further information: Ministry of Public Telecommunications Colgrain House, 205 Camp Street, Georgetown, Guyana. Tel: (592) 225 2705 / 225 2715 Website: www.mopt.gov.gy

investguyana.net

Invest Guyana 2018/19 | 91

Investing in Guyana’s Sustainable Future – Mexico’s Gift

Investing in Guyana’s Sustainable Future – Mexico’s Gift The University of Guyana’s Yucatan Centre for Greening Research, Information and Sustainability (CeGRIS)

Alumni and Master Architect Sheldon Williams’ impression of the University of Guyana’s Yucatan Centre for Greening Research, Information and Sustainability (CeGRIS) to be located behind the Institute of Applied Sciences and Technology at The Turkeyen Campus

hile much attention is focused upon the development of an oil and gas economy, the University of Guyana (UG) through several major partnerships is responding to the President’s long term developmental vision for Guyana as a model green state. Mexico’s US$5million Grant: The flagship which will embody UG’s enterprise will be The University of Guyana’s Yucatan Centre for Greening Research, Information and Sustainability (CeGRIS). The project developed by the University’s office of Philanthropy, Alumni and Civic Engagement is being built with a US$5million competitive grant accessed from the Government of Mexico through Guyana’s Ministry of Public Finance with IADB as fiduciaries . CeGRIS will be the hub for critical natural resources training and green teaching laboratories. It will also host specialized natural resource research libraries, as well as state of the art information and documentation facilities including the endangered Caribbean Reference Library. Work at CeGRIS will focus specifically on developing Guyana’s green agenda. It will include four laboratories designed for natural resources research shared by the Faculties of Technology, Natural Sciences and Agriculture and Forestry which will occupy one wing of the complex. Putting all these diverse endeavours into a single complex allows for the effective use of shared space and resources as well as cross germination, synergy and closer collaboration between the so called soft and hard sciences.

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Rajinder Persaud, CEO of Nand Persaud Group and UG Vice Chancellor Ivelaw L Griffith Sign Agreement for Laboratory

Public Private Partnership – Nand persaud Soil Testing Facility at John’s Campus in Berbice A major part of the country’s green agenda is food security and decentralized development. To this end, on 30th November 2017, an Academic Public-Private Collaboration was signed between Nand Persaud Group of Companies and the University of Guyana for a state of the art Soil Testing Research Laboratory at the University of Guyana’s John’s Science Centre in Berbice. This centre will provide soil testing, water testing, as well as diseases testing in plants and animals in a timely, accurate and quality assured manner. This is expected to enable farmers to improve yields and profitability. investguyana.net

The facility also makes future provisions for a quarantine facility for the safe handling of plants and animals imported or exported. The centre will be entirely financed (building, equipment, utilities, staffing and maintenance) by the Nand Persaud Group of Companies. In exchange the University of Guyana’s council approved its location on 1.5 acres of UG land to erect the facility. Apart from benefitting farmers, the facility will be a fertile training ground for the University’s students, more so those at the UGBC. The Nand Persaud Soil Testing Centre will provide opportunities for staff and students of the University to obtain hands on experience with soil, water and diseases testing as well as in the operation of state of the art efficient technologies and methodologies. The Nand Persaud Group of Companies will also recruit suitable staff from among the students who have graduated in the relevant fields; they may The signing of the historic philantrophic gift to bring the Centre into being, (L t R) Vice Chancellor Ivelaw L also look at the possibility of recruiting part-time Griffith, Prof. Paloma Mohamed (DVC-PACE), Jay Sobhraj, Jay and Sylvia Sobhraj Foundation staff from amongst current students. This project is another joint-venture partnership between the Foundation’s US$ 400,000 gift will be used to refurbish an University of Guyana and a private entity following on the heels existing building on the Turkeyen campus. What will emerge is of the MovieTowne agreement early in 2017. a modern state-of-the-art multi-purpose centre – the JAY AND SYLVIA SOBHRAJ CENTRE FOR BEHAVIOURAL STUDIES - named Philanthropic Gift to Establish The Jay and Sylvia Centre for after the donors. The building will also house a constellation of Behavioural Sciences and Research: However, development programmes such as psychology, social work, criminology and is for and about people. It does not escape the University that psychiatry as well as a book store, food court, model counselling Guyana’s most valuable natural resources are its human beings. centre, student gym, medex centre and prayer rooms. That is why the focus on mental wellness had been included in its long-term development response. Proving that the investment in developing philanthropy and diaspora relations was astute, the university received its first major gift by a private individual/foundation in April 2018. Negotiated over several months by the University of Guyana’s office for Philanthropy, Alumni and Civic Engagement (PACE), The Jay and Sylvia Sobhraj

While The University of Guyana may not have been traditionally the first place to think of when pondering investment opportunities, its historic institutional role in training the workforce badly needed to power Guyana’s development agenda makes it an inescapable first choice. ¤

Alumni Master Architect’s impression of the Jay and Sylvia Sobhraj Centre for Behavioural Sciences and Research investguyana.net

Invest Guyana 2018/19 | 93

Doing Business in Guyana

Regent & Camp Streets Georgetown

Doing Business in

Guyana

•

of signatories to the articles of incorporation. Details of the persons who are to be first director(s) and secretary, and their consent to serve.

A registration fee of G$63,900 is required.

By: Jack A. Alli, Sons & Co., Chartered Accountants

There is an obligation to file an annual return with the Registrar, along with the audited financial statements.

eneral information is provided on areas of interest to investors including methods of establishing a business in Guyana, taxation issues, employment issues, investment protection and environmental considerations, among others.

Registering a Foreign Company A foreign company established under the laws of a country other than Guyana can register to carry on business in Guyana as an external company under the Companies Act. To register, the following documents should be submitted to the Registrar:

I: Forms of Business

•

There are several options for establishing a business in Guyana including registering a new company, registering an established foreign company in Guyana, establishing a partnership or operating as a sole proprietorship. Registering a New Company Under the Companies Act, a company can be registered with submission of an application to the Registrar containing the following: •

•

Articles of incorporation giving details such as the name proposed for the company; the registered office in Guyana; the share capital – rights, privileges, restrictions, conditions, payment terms; and the size of the board of directors. Statutory declaration by an attorney-at-law on the suitability

94 | Invest Guyana 2018/19

•

• •

Statement containing details such as the company name; the jurisdiction incorporated in; the date and manner of incorporation; the company’s share capital; the extent of limited liability; the undertaking in Guyana and date of commencement; the full address outside Guyana and in Guyana; and the names, addresses and occupations of the directors of the company. Statutory declaration by two directors of the company attesting to the information submitted to the Registrar, along with a copy of the corporate instruments of the company. Statutory declaration by an attorney-at-law that the Companies Act has been complied with. A fully executed power of attorney that shall empower some person named in the power and resident in Guyana to act as attorney of the company. investguyana.net

A registration fee of between G$80,000 to G$300,000 is payable depending on the share capital of the company. A registered external company is required to lodge audited accounts with the Registrar on an annual basis. A registered company is entitled to own land in Guyana as may be authorized by licence of the President. Registering Sole Proprietorship or a Partnership Under the Business Names (Registration) Act, a sole proprietorship or a partnership carrying on business under a business name other than the true surname of the proprietor (or names of partners), is required to be registered. The Partnership Act governs the workings of partnerships in Guyana. Registration of a business name requires submission of an application to the Registrar containing the following details: • •

The business name, general nature of the business and the principal place of business. The name, nationality, usual place of residence and other business occupation of the sole proprietor or every individual who is a partner.

A registration fee of G$5,000 is payable. II: Tax Regime Corporation Tax Corporation tax is charged at a rate of 40% for commercial companies (except telephone companies) and at a rate of 27.5% in the case of any other company. Telephone companies pay corporation tax at a rate of 45%. A commercial company means a company for which at least 75% of the gross income is derived from trading in goods not manufactured by it and includes any commission agency, any telecommunication company, any bank and any insurance company (other than a long-term insurance company). Where companies are engaged in both commercial and non-commercial activities, the commercial activity is taxed at 40% and the noncommercial activity is taxed at 27.5%. Where the actual corporation tax liability of a commercial company as computed at 40% or 45% is less than 2% of the turnover of the company, the Corporation Tax Act provides for the payment of corporation tax at the rate of 2% of turnover - referred to as minimum tax. Insurance companies and any company exempt from corporation tax are exempt from minimum tax. Minimum tax paid in excess of the actual corporation tax liability is recoverable once proven to the satisfaction of the Commissioner-General and on the raising of an assessment. Tax returns must be filed by April 30 of the year following the accounting year-end. Accounting year-ends that do not coincide with the calendar year-end must be approved by the tax authority. Tax returns are required to be submitted with audited financial statements. Corporate bodies are required to pay corporation tax in quarterly installments on March 15, June 15, September 15, and December 15 of the year of income. Any shortfall of taxes after accounting for quarterly installments should be met by April 30 following the year of income. investguyana.net

Guyana Revenue Authority Head Office Complex Branch Profit The corporation tax rates on branch profit are the same as for companies. Branch profit net of corporation tax is subject to withholding tax at 20%. Tax Losses Losses may be carried forward indefinitely to be set off against future profits. Brought forward tax losses cannot be used to reduce the tax payable of any year by more than 50%. Loss carrybacks are not permitted. Payments to Foreign Affiliates A company may claim a deduction for charges paid to foreign affiliates, provided such amounts are reasonable and necessary, having regard to the requirements of the trade. Deduction for head office expenses is restricted to the lesser of the charge and 1% of gross income of the company. Head office expenses include charges from a non-resident parent company, or a non-resident associate company of a company resident in Guyana, or a non-resident associate or subsidiary company of a non-resident company in respect of a branch or agency owned by the non-resident company in Guyana, or the head office of a non-resident company in respect of a branch or agency in Guyana, for any administrative, technical, professional or other like service of an essentially managerial nature. Group Taxation There are no group taxation provisions. Income Tax Income is taxable when it accrues in or is derived from Guyana, whether or not the individual is resident in Guyana, and whether or not the income is received in Guyana. Employment compensation includes all benefits and allowances derived from employment, except allowances for medical or dental expenses or for any passage to or from Guyana and allowances for subsistence, travel, vacation, entertainment, or expenses if proven to the satisfaction of the tax authority. There is a personal allowance equivalent to the higher of G$60,000 per month or one-third of the employee’s salary. Also, the employee’s national insurance contributions are allowed as a Invest Guyana 2018/19 | 95

deduction in determining taxable income. The rate of income tax is 28% on taxable income up to G$120,000 per month and 40% on earnings beyond this level. Self-employed persons make income tax payments in quarterly installments with any shortfall of taxes being made by 30 April following the year of income. Other employed persons have income taxes withheld under the pay-as-you-earn (PAYE) system. Tax returns must be filed by April 30 of the year following the year of income. National Insurance Scheme National insurance contributions are required at a rate 14% of earnings, with 5.6% being deducted from employees’ salaries and 8.4% being contributed by employers. Self-employed persons contribute 12.5% of earnings. There is a monthly earnings ceiling of G$240,000. Withholding Taxes Withholding tax at 20% is deducted at source on gross distributions, and other specified payments (e.g. royalties, management fees, rent) made to non-residents. Payments disbursed to resident contractors in excess of G$500,000 are subject to a withholding tax of 2%. Payments to non-resident companies on account of any contract undertakings are subject to withholding tax at 10%. These withholding taxes on contracts are a form of advance tax to be set-off against final tax liabilities. Property Tax Property tax is payable on net property of companies and individuals at the end of year of income. For a company, the first G$10 million of net property is exempt, the next G$15 million is taxed at 0.5% and thereafter a rate of 0.75% applies. For an individual, the first G$40 million is exempt and a rate of 0.75% is applied on net property in excess of G$40 million. Capital Gains Tax Gains arising from disposal of capital assets held for between 1 and 25 years are subject to capital gains tax at a rate of 20%. Gains arising upon the disposal of capital assets within 12 months of acquisition are subject to corporation or income tax as appropriate. Capital assets held for more than 25 years are not subject to capital gains tax upon subsequent disposal. Capital losses are allowed as an offset to capital gains and may be carried forward for a period of 24 years. Stamp Duty Stamp duties are charged on various types of instruments. The rate applicable varies by type of instrument. Custom Duties Customs duty is charged on the importation of goods into Guyana. The rate applicable varies by type of good. Excise Tax Excise tax is charged on the importation or domestic manufacture of motor vehicles, petroleum products, tobacco products and alcoholic beverages. The rate of excise tax varies across and within these product groups. Value-added Tax Value-added Tax at a rate of 14% is charged on taxable supplies

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Bank of Guyana

of goods and services. There are certain categories of supplies which are zero-rated or exempt. Corporation Tax Holiday Under the Income Tax (In Aid of Industry) Act, the Minister of Finance may grant an exemption from corporation tax with respect to new economic activity of a developmental and riskbearing nature in one of the following fields: • • • • • • • • • •

Non-Traditional Agriculture Development and AgroProcessing Information and Communications Technology Petroleum Exploration, Extraction, or Refining Mineral Exploration, Extraction or Refining Tourist Facilities Value-Added Wood Processing Textile Production Biotechnology Development and Manufacturing of New Pharmaceutical Products, Chemical Compounds and the Processing of Raw Materials to Produce Injectables Infrastructural Development, Including the Production of Electricity Using Renewable Sources of Energy

New economic activity in one of the following administrative regions of Guyana may also qualify for exemption from corporation tax: • • • • •

Region 1: Barima / Waini Region 7: Cuyuni / Mazaruni Region 8: Potaro / Siparuni Region 9: Upper Takatu / Upper Essequibo Region 10: Upper Demerara / Upper Berbice

Exemption is granted for a period of up to 5 years but may be extended up to 10 years if the activity is in one of the specified economic fields. In the case of infrastructural development, the exemption may extend beyond 10 years. In addition to the above provisions, the Minister may grant an exemption from corporation tax with respect to income from the following activities: • Wind and Solar Energy • Water Treatment and Water Recycling Facilities • Disposal and Recycling Facilities for Plastic Items Exemption for corporation tax for these activities shall be for a period not exceeding 2 years. Export Allowances Companies that export sales of manufactured, processed or agricultural products are entitled to export allowances as investguyana.net investguyana.net

a deduction from chargeable profits. The quantum of the allowance is dependent on the percentage of export sales to total sales. Products that do not qualify for this allowance are bauxite, gold, diamonds, petroleum, sugar, rum, molasses, rice, timber, lumber, and shrimp. Also, export sales to certain CARICOM countries do not qualify for the allowance. Double Tax Treaties Guyana has effective double taxation treaties with Canada, the United Kingdom and CARICOM Member States that have ratified the CARICOM Double Tax Treaty. III: Labour Laws in Guyana Labour Regime Guyana has several laws which govern the employment of labour. Some of the significant laws in this regard are as follows: Labour Act Termination of Employment and Severance Pay Act Wages Council Act Leave with Pay Act Shops (Consolidation) Act Prevention of Discrimination Act Occupational Safety and Health Act Labour (Conditions of Employment of Certain Workers) Act Trade Unions Recognition Act Employment of Young Persons and Children Act Licensed Premises Act Factories (Hours and Holidays) Act These laws address matters such as the treatment of wages and salaries, normal hours of work and overtime, leave with pay, safety, health and welfare, accidents and occupational diseases, termination of employment and severance pay, registration and

regulation of industrial establishments, collective agreements, employment of young persons and duty of employers to keep records. The normal work week is legislated as 40 hours over not more than 5 days. Any hours of work beyond normal hours are remunerated as overtime in accordance with applicable law. The statutory minimum wage in Guyana is G$44,200 per month; however, the public service minimum wage is $60,000 per month. Employment of Foreigners Foreigners require a work permit issued by the Ministry of Citizenship to be employed in Guyana. Application for work permit requires information on both the employer and the intended non-national employee. A CARICOM national holding a CSME Skilled National Certificate and his/her spouse are not required to obtain work permits to be employed in Guyana.

BEHARRY AUTOMOTIVE LIMITED

Sandspring resource Ltd.

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Invest Invest Guyana Guyana 2018/19 2018/19 || 97 97

IV: Investment Protection Rights and Guarantees Under the Investment Act, the Government of Guyana provides various assurances to investors with respect to any investment made in Guyana, including the following: •

• • •

•

Not to compulsorily acquire or take possession of the investment unless for a purpose in law, on a nondiscriminatory basis, with prompt payment of adequate compensation and with a right of access to the court system To allow investors to purchase or lease land in Guyana subject to existing laws Not to intervene in the management of investor’s activities, nor impose conditions on the sale, pricing or distribution of associated products, except in the pricing of utilities Guarantee the right of investors to determine the distribution of all profits and dividends, and to receive their share of such profits or dividends subject to settlement of corresponding tax obligations To allow the employment of skilled and expert foreign personnel when necessary with the approval of the relevant authority and in accordance with applicable laws

Transfers of Funds Abroad The Investment Act also allows investors to transfer funds, subject to payment of applicable taxes, for the following purposes: Repatriation of dividends, earnings and capital Remittance of proceeds of sale or liquidation of an investment Payment of interest on international loans Payment for imports Payment of fees for trademarks, royalties and management services Payment of licensing fees for franchising agreements Transfers of funds may be prevented however in circumstances of bankruptcy, insolvency, criminal proceedings, court orders or judgements or when necessary for the protection of stockholders or creditors. Dispute Resolution The Investment Act provides that in cases where disputes arise among investors or with the Government of Guyana, the following avenues are available if the matter is not amicably settled through consultation or mediation: Submit the dispute to arbitration under the Arbitration Act Refer the matter to the competent courts in Guyana Submit the matter to the International Centre for the Settlement of Investment Disputes (ICSID) of which Guyana is a member

Dams and other installations designed to hold liquid or to store it on a long-term basis Installation for the treatment of waste water, industrial or domestic waste Importing of any waste matter whether hazardous or not Release, use or keeping of any genetically modified organisms Harvesting and utilization of forest resources Extraction and conversion of mineral resources Currency Matters The unit of currency in Guyana is the Guyana Dollar which is freely convertible into other currencies based on prevailing market conditions. All monetary obligations or transactions in Guyana are required to be expressed, recorded and settled in Guyana Dollars unless permission is obtained from the Bank of Guyana which is responsible for the regulation of the financial sector in Guyana. Under the Investment Act investors may open accounts in Guyana Dollars and in foreign convertible currencies with licensed banks in Guyana. Anti-money Laundering The Anti-money Laundering and Countering the Financing of Terrorism Act is the primary legislation in this area. The Financial Intelligence Unit, provided for under the Act, is responsible for the handling of suspicious transaction reports and other information relating to money laundering, terrorist financing and the proceeds of crime. Stock Exchange The Guyana Association of Securities Companies and Intermediaries Inc. operates the Guyana Stock Exchange. There are presently sixteen companies on the Exchange. Accounting Standards The accountancy profession in Guyana is regulated by the Institute of Chartered Accountants of Guyana (ICAG). Accounting standards adopted for application in Guyana are the International Financial Reporting Standards. The ICAG is a member body of the International Federation of Accountants and the Institute of Chartered Accountants of the Caribbean. ¤ Author’s note:

The information contained in this article is for general guidance on matters of interest only and is not meant to be comprehensive. It is recommended that you obtain advice specific to your circumstances from professional advisers before proceeding.

V: Other Matters of Interest Environmental Protection Under the Environmental Protection Act, administered by the Environmental Protection Agency, a developer of any of the following types of project, or any other project that is likely to impact the environment is required to obtain an environmental permit. Construction of any hotel, guest house or inn above ten rooms Installation for hydro-electric energy production Construction of roads, harbours and airfields 98 2018/19 98| |Invest Invest Guyana Guyana 2018/19

Jack A. Alli, Sons & Co., 145 Crown St., Queenstown, Georgetown, Guyana. Tel: (592)-226-2904 | Fax: (592)-225-3849 Email: khalil.alli@jaasco.com| Website: www.jaasco.com investguyana.net investguyana.net

Government Offices & Agencies

Government Offices & Agencies Ministry of the Presidency Shiv Chanderpaul Drive, Georgetown Tel: (592) 225-1330-1 Fax: (592) 226 3395 Email: op.guyana@gmail.com Website: www.op.gov.gy

Ministry of Education 21 Brickdam, Stabroek, Georgetown Tel: (592) 226 3094, 223-7800 Fax: (592) 225 5570 Email: nicolette.henrymoe@gov.gy Website: www.education.gov.gy

Office of the Prime Minister Shiv Chanderpaul, Drive Georgetown Tel: (592) 226-6955, 227-8266 Email: opm@opm.gov.gy

Ministry of Finance 49 Main & Urquhart Streets, Georgetown Tel: (592) 227 1114, 227-3992 Fax: (592) 226 1284 Email: minister@finance.gov.gy Website: www.finance.gov.gy

Ministry of Foreign Affairs 254 South Road, Bourda, Georgetown Tel: (592) 226-1606-8 Fax: (592) 223 5241 Email: minister@minfor.gov.gy Website: www.minfor.gov.gy Ministry of Indigenous Peoples Affairs 251-252 Thomas & Quamina Streets Georgetown Tel: (592) 227 5067, 225-8416 Fax: (592) 225 7072 Email: indigenousaffairs@gmail.com Website: www.moipa.gov.gy Ministry of Agriculture Regent & Shiv Chanderpaul Drive, Bourda, Georgetown Tel: (592) 227-5049, 223-7291 Email: minofagriculture2015@gmail.com Website: www.agriculture.gov.gy.com Ministry of Business & Tourism 229 South Road, Lacytown, Georgetown Tel: (592) 226-2505, 225-4310, 226-2392, 226-3182 Email: info@minbusiness.gov.gy Website: www.minbusiness.gov.gy Ministry of Citizenship 164 Waterloo Street, Georgetown Tel: (592) 227 1193 Fax: (592) 227 2700 Email: ministerofcitizen.gy@gmail.com Ministry of Communities Fort Street, Kingston, Georgetown Tel: (592) 22-6-0617, 226-5071, 225-8621 Email: ministerofcommunities@gmail.com Website: www.moc.gov.gy

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Ministry of Legal Affairs 95 Carmichael Street, Georgetown Tel: (592) 225 3607 / 226 2616 Fax: (592) 227 5419 Email: agchambers@mola.gov.gy Website: www.legalaffairs.gov.gy Ministry of Natural Resources Upper Brickdam, Georgetown Tel: (592) 231 2506-11 Fax: (592) 231 2503 Website: www.nre.gov.gy Ministry of Public Health Lot 1 Brickdam, Stabroek, Georgetown Tel: (592) 226 1560, 226-7400, 2261818 Fax: (592) 225 4505 Email: ministry.publichealth@gmail.com Website: www.health.gov.gy Ministry of Public Infrastructure Wight’s Lane, Kingston, Georgetown Tel: (592) 226 1875, 231 8115, 226-1269 Email: mopiguyana@gmail.com Website: www.mopi.gov.gy Ministry of Public Security Lot 6 Brickdam, Stabroek, Georgetown Tel: (592) 225 7270, 226-1717 Fax: (592) 227 0213 Email: homemin@guyana.net.gy Website: www.mops.gov.gy Ministry of Public Telecommunications Colgrain House 205 Camp Street, Georgetown. Tel: (592) 225 2705 Email: minister@mot.gov.gy Website: www.mintic.gov.gy

Ministry of Social Cohesion Main Street, Georgetown Tel: (592) 227-7860, 226-3665 Email: mosc.motp@gmail.com Website: motp.gov.gy Ministry of Social Protection Lamaha and East Streets, Georgetown Tel: (592) 225-6545, 225- 4186 Email: socialprotectionpr@gmail.com Website: www.mlhsss.gov.gy

GOVERNMENT AGENCIES Environmental Protection Agency Ganges Street, Sophia ,Georgetown Tel: (592) 225 2062 Fax: (592) 225 5481 Email: epa@epaguyana.org Website: www.epaguyana.org GO-INVEST (Guyana Office for Investment) 190 Camp & Church Streets, Georgetown. Tel: (592) 225-0658/ 227 0653 Fax: (592) 225 0655 Email: goinvest@goinvest.gov.gy Website: www.goinvest.gov.gy\ Guyana Civil Aviation Authority 73 High Street, Kingston, Georgetown. Email: it@gcaa-gy.org / directorgeneral@gcaa-gy.org / dasr@gcaa-gy.org Tel: (592) 227-8111, Hotline: 592-608-4222 Website: www. gcaa-gy.org Guyana Energy Agency 295 Quamina Street, Georgetown. Emails: gea@gea.gov.gy Tel: (592) 226-0394, 2259050, 226-4424, 225-8569 Fax: (592) 226-5227 Website: http://www.gea.gov.gy Guyana Forestry Commission 1 Water Street, Kingston, Georgetown Tel: (592) 226-7271/4 Fax: (592) 226-8956 Email: forestrygy@gmail.com Website: www.forestry.gov.gy

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Government Offices & Agencies

Government Offices & Agencies Guyana Geology and Mines Commission Upper Brickdam, Georgetown Tel: (592) 225-6691, 225-2862, 225-28 Fax: (592) 227-0084 Email: commissioner@ggmc.gov.gy Website: www.ggmc.gov.gy

Guyana Revenue Authority 200-201 Camp St, Georgetown Tel: 592- 227 8222 ,227-6060 Website: www.gra.gov.gy Guyana Rice Development Board 117 Cowan Street Kingston, Georgetown Tel: (592) 225 8717 Fax: (592) 225 6846 Email: info@grdb.gy Website: www.grdb.gy

Guyana Lands & Surveys Commission 22 Upper Hadfield Street Durban Park, Georgetown Tel: (592) 227 2582 Fax: (592) 226 4052 Email: ceo.office@lands.gov.gy Website: www.lands.gov.gy

Guyana Tourism Authority National Exhibition Centre Sophia, Georgetown Tel: (592) 219 0094-6 Fax: (592) 219 0093 Email: info@guyana-tourism.com Website: www.guyana-tourism.com

Guyana National Bureau of Standards Sophia Exhibition Complex Georgetown Tel: (592) 219-0062/64/65/66 Fax: (592) 219-0070 Website: http://www.gnbsgy.org/

Nation Insurance Scheme Brickdam, Stabroek Georgetown Tel: (592) 226 6797 Fax: (592) 225 9377 Email: gmnis2010@yahoo.com Website: http://nis.org.gy/ National Industrial & Commercial Investments Ltd / Privatisation Unit 126 Barrack Street Kingston, Georgetown Tel: (592) 225 0317-19; 225 1708-9 Fax: (592) 226 6426 Email: info@privatisation.gov.gy Website:www.privatisation.gov.gy

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Advertising Brand Development Web Designing & Hosting Publications Event Management 213 B Camp St., P.O. Box 101582 Georgetown, Guyana. Tel: 592.225.5384 Fax: 592.225.5383 P.O.Box 2003 Gros Islet, St. Lucia. Tel: 758.453.1149 Fax: 758.453.1290. E-mail: lokesh@amsstlucia.com. www.amsstlucia.com 100 | Invest Guyana 2018/19

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Private Sector Agencies

Private Sector Agencies Berbice Chamber of Commerce and Development 12 Chapel Street, New Amsterdam, Berbice Tel: (592) 333 3324 / 333-3808 Email: bccda@guyana.net.gy Central Corentyne Chamber of Commerce and Industry Plot cc Williamsburg, Corentyne, Berbice. Tel: (592) 322 5264 Email: central_chamber@yahoo.com Forest Products Association of Guyana 157 Waterloo Street, Georgetown Tel: (592) 226 9848 Fax: (592) 226 2832 Email: fpasect@guyana.net.gy Georgetown Chamber of Commerce & Industry 156 Waterloo Street, Georgetown. Tel: (592) 227 6441 or 225 5846 Tel/Fax: (592) 226 3519 Email: info@gcci.gy, gccicommerce2009@gmail.com Website: www.gccigy.org Guyana Gold & Diamonds Miners Association (GGDMA) East Half 29 North Road, Bourda, Georgetown Tel: (592) 225 2217 Fax: (592) 225 1828 Email: minersassociation@yahoo.com Website: www.guyanaminers.com Guyana Manufacturing & Services Association 157 Waterloo Street, Georgetown Tel: (592) 223 7405-06 Fax: (592) 225 5615 Email: gmsaguyanaltd@gmail.com Website: www.gma.org.gy Institute of Private Enterprise Development 253-254 South Road, Bourda, Georgetown Tel: (592) 225 8949 / 226 4675 Fax: (592) 226 4675 Email: iped@ipedgy.com, rameshpersaud@ipedgy.com Website: www.ipedgy.com

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Linden Chamber of Commerce and Industry 97-98 Republic Avenue, Linden Tel: (592) 444 2901 Fax: (592) 444 4057 Email: infolindenchamber@gmail.com Website: www.lindenchamber.org.gy Private Sector Commission Umbrella organization for most private sector business and employer organisations. Most major companies are also members. 157 Waterloo Street, Georgetown. Tel: (592) 225 0977 Email: office@psc.org.gy Website: www.psc.org.gy Rupununi Chambers of Commerce and Industry Block ‘A’ Takatu Drive, Lethem, Rupununi, Region 9 Tel: (592) 772 2213 Email: rupununircci@yahoo.com Tourism and Hospitality Association of Guyana (THAG) 157 Waterloo Street, Georgetown. Tel: (592) 225 0807 Fax: (592) 225 0817 Email: thag.secretariat@gmail.com Website: www.exploreguyana.org Upper Corentyne Chamber of Commerce & Industry Lot 52 East Public Road, No. 78 Corriverton, Berbice. Tel: (592) 339-2935 Email: ucci_9@yahoo.com West Demerara / East bank Essequibo & Islands Chamber of Commerce and Industry. Ocean View Dr, Ruimzeight, West Coast Demerara. Tel: (592) 269 0030 Fax: (592) 269 0022 Email:roseramdhan88@gmail.com/essequibochambers@yahoo.com

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GUYANA EMBASSIES & OVERSEAS MISSIONS

GUYANA EMBASSIES & OVERSEAS MISSIONS BARBADOS Consulate General of the Republic of Guyana Sefton Lodge, Britton’s Cross Road St. Michael, BB14002, Barbados Phone: 246-228-2767; 246-426-1708 Fax: 246-228-3123; 246-228-3083 Email: guyanaconsulategeneralbarbados@gmail.com BELGIUM Embassy of the Republic of Guyana 3rd Floor, Boulevard Brand Whitlock 114 1200 Brussels, Belgium Phone: 322-675-6216 Fax: 322-672-5598 Email: info@embassyofguyana.be Website: www.embassyofguyana.be BRAZIL- BRASILIA Embassy of the Republic of Guyana SHIS Q1 05 Conjunto 19, Casa 24 Lago Sul-CEP 71615 – 190 Brasilia DF, Brazil Phone: 55-61-3248-0874; 55-61-3248-0875; 55-61-3364-5319 Fax: 55-61-3248-0886 Email: embguyana@embguyana.org.br BRAZIL - RORAIMA Consulate of the Republic of Guyana Cel Mota 629, Centro Boa Vista, Roraima CEP: 69.301-120, Brazil Phone: 001-55-95-3624-1129; 001-55-95-3624-6904 Email: co_guyanaconsulateinboavista@hotmail.com BRAZIL- BOA VISTA Consulate of the Republic of Guyana Rua Joao Pereira Caldas 71-Nossa Senhora Aparecida CEP: 69.306-450 CNPJ 05.870.492/001-90 Boa Vista-Roraima Phone: 001-55-95-3624-1129, 001-55-95-8123-4219 Email: guyanaconsulatebrazil@hotmail.com

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CANADA (OTTAWA) High Commission of the Republic of Guyana 151 Slater Street, Suite 800 Ottawa, ON KIP 5H3, Canada Phone: 613-235-7240; 613-235-7249 Fax: 613-235-1447 Email: guyanahcott@rogers.com Canada (Toronto) Consulate General of the Republic of Guyana 505 Consumers Road, Suite 206 Willowdale, Ontario M2J 4V8, Canada Phone: 416-494-6040; 416-494-6059; Fax: 416-494-1530 Email: info@guyanaconsulate.com China Embassy of the Republic of Guyana No. 1 Xiu Shui Dong Jie Jian Guo Men Wai Beijing 100600, China Phone: 8610-6532-1601 Fax: 8610-6532-5741 Email: admin@guyanaembassybeijing.cn Cuba Embassy of the Republic of Guyana Calle 40, No. 518, Entre 5ta y 7ma Miramar, Playa, Havana, Cuba Phone: 537-204-2094 Fax: 537-204-2867 Email: geh@mission.gov.gy Website: www.guyanaembassycuba.com India High Commission for the Republic of Guyana E-7/19 Vasant Vihar New Delhi – 110057, India Phone: 9111-4166-9717/8, 9111-4166-9715 or 4166-9716 Fax: 9111-4166-9714 Email: hcomm_ind@mission.gov.gy Kuwait Embassy of the Republic of Guyana Block 3, Street 321, Villa 3 Mubarak Abdullah Al Jaber West Mishref State of Kuwait Phone: 965-2539-7939; 965-2539-4336 Fax: 965-2539-3448 Email: gek@mission.gov.gy

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GUYANA EMBASSIES & OVERSEAS MISSIONS South Africa High Commission for the Republic of Guyana Suite H, Third Floor, Grosvenor Place 235 Grosvenor Street PO. Box 12238, Hatfield 0081 South Africa Phone: +27 79 648 6373; +27 12 941 1694 Fax: +27 12 342 2736 Email: ghcpretoria@hcguyana.co.za Suriname, Republic of (Nickerie) Consulate General of the Republic of Guyana Gouverneur Straat & West Kanaal Straat No. 10 Nickerie, Suriname Phone: 597-211-019 Fax: 597-212-080 Email: gcn@mission.gov.gy Suriname (Paramaribo) Embassy of the Republic of Guyana Henck Arronstraat No. 82 P. O. Box 785, Paramaribo, Suriname Phone: 597 - 477 – 895; 597 - 472 - 509 Fax: 597 - 472 – 679 Email: gep@mission.gov.gy Switzerland UN Office and other International Organizations at Geneva 1 rue de Pré-de-la-Bichette, 2ème étage 1202 Genève, Switzerland Phone: +41 22 730 1790/1 Fax: +41 22 730 1792 Email: pmog.gv@gmail.com Trinidad & Tobago, High Commission for the Republic of Guyana No. 12 Alexandra Street, St. Clair Port of Spain, Trinidad & Tobago Phone: 868 622 2913 Fax: 868 628 2616 Email: ghctt@mission.gov.gy

Permanent Mission of the Republic of Guyana to the UN 801 Second Avenue, Fifth Floor New York 10017 USA Phone: 212 573 5828 Fax: 212 573 6225 Email: guyana@un.int United States of America (New York) Consulate General of the Republic of Guyana 308 West 38 Street 8-9 Avenue New York, NY 10018, USA Phone: 212 - 947 – 5115-6; 947 – 5110-9 Fax: 646 915 0237 Email: cgny@guyanaconsulatenewyork.org United States of America (Washinton D.C.) Embassy of the Republic of Guyana 2490 Tracy Place, N. W. Washington, D.C., 20008 USA Phone: +1 - 202 - 265 – 3834; +1- 202 - 265 – 6900; +1 – 202 - 328 - 1567 Fax: +1 - 202 - 232 -1297 Email: guyanaembassydc@verizon.net Venezuela Embassy of the Republic of Guyana Quinta Los Tutis Segunda Avenida entre Novena y Decima Transversal Urbanizacion Altamira, Municipio Chacao Caracas Venezuela Phone: 58-212-267-7095; 58-212-261-7745 Fax: 58-212-976-3765 Email: embguyccs@gmail.com

United Kingdom High Commission for the Republic of Guyana 3 Palace Court, Bayswater Road, London, W2 4LP, England Phone: 44 - 207 – 229 -7684 Fax: 44 - 207 - 727 - 9809 Email: guyanahc1@btconnect.com Website: http://www.guyanahclondon.co.uk

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Advertiser’s index COMPANY

Page

Advertising & Marketing Services (AMS)

100

Arthur Chung Conference Centre

Assuria General Insurance Guyana Inc.

Atlantic Hotel Inc. (Guyana Marriott Hotel)

Beharry Automotive Ltd.

Caribbean Airlines Ltd.

Central Housing & Planning Authority (CH&PA)

Corriea Group of Companies

Demerara Distillers Ltd. (DDL)

E.C Vieira Investments Ltd.

El Dorado Offshore / Ramps Logistics Esso Exploration & Production Guyana Ltd. (ExxonMobil)

44 Cover

Farm Supplies Ltd.

Back 75

Gafsons / Gafoor & Sons Ltd.

GAICO Construction Inc.

General Equipment Guyana Ltd.

Global Seafood Distributors

Guyana Office for Investment (GO- Invest)

Cover

Guyan Rice Development Board (GRDB)

Inside Back 57

Guyana Livestock Development Authority

Hand in Hand Trust Corporation Inc.

Ideal Autos Inc.

Ideal Supplies Inc.

Impressions

Industrial Supplies of Guyana

Japarts / Source One Supplies

John Fernandes Ltd.

JR Ranch Inc.

KSM Investments Inc.

Laparkan Trading Guyana Company Ltd.

Marics Co. Ltd.

Mike’s Pharmacy

Ministry of Indigenous Peoples Affairs

Ministry of Public Telecommunications

MMC Security Force Inc.

Mohamed’s Enterprise Navigant Builders Inc. (Windsor Estates)

57 Cover

Inside Front

Palladium Motors Inc.

Readymix Concrete Ltd.

Repsol Exploration Guyana

Republic Bank Guyana Ltd.

RUBIS Guyana Inc.

Sandspring Resources Ltd.

Small Business Bureau

SOL Guyana Inc.

The National Gas Company Of Trinidad & Tobago Ltd. The University of Guyana TotalTec Oilfield Services

2 29 3

Tropical Shipping

Troy Resources Guyana Inc.

United Nations Environment Programme

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