More investments needed — Ali
Touting its tremendous market access and viable industries, president of guyana Dr irfaan Ali said that his country, among several others in the Caribbean, was well suited for greater investment opportunities.
Speaking to scores of investors and business leaders at the Caribbean Council’s annual reception held recently in the United Kingdom (UK), Ali said that as a tourism hub and through its strategic location, the Caribbean has access to over 220 million people directly or through trade agreements.
“We have complete trade agreements with Venezuela, Colombia, Cuba, the Dominican Republic, Costa Rica, and, of course, we are part of the economic partnership agreement,” he told the foreign investors, urging them to seek out new interest in the region especially in light of new global challenges.
“What is needed now is a new development of the relationship and new perspective — a renewed interest in the Caribbean because there is tremendous opportunity and given what is taking place globally, the Caribbean is presenting itself as an interesting solution for investors and investments,” he said.
Highlighting a raft of investment opportunities including infrastructure expansion, information communication technology (ICT), tourism, health, agriculture and education, Ali said that outside of the oil-rich industries existing in Guyana, there were many other sectors through which investors could pursue a whole new wave of development.
“Our development is about creating a broad platform for the future, a platform in which we are going to strengthen traditional sectors, make them more competitive even as we go after new sectors,” he noted, citing ICT development as one of the new pillars that will further help to support the economy.
He said that while there are millions in funding being earmarked for investment, infrastructure development and transformation by these countries, enough was not being done to take advantage of the emerging opportunities in Guyana and the wider region. “There is a lot of possibility and a lot of resources available through the UK Government. Once you have a big idea, I can tell you, there is an opportunity.”
Chiding UK investors and EU private sector bodies for what he described as their lack of aggressiveness, the president urged them to become bolder in their approach. “Many people ask sometimes why Chinese investors find the market faster than anyone else; well I can tell you from our humble experience, their aggression is far different,” he said.
Acknowledging current challenges which encompasses a growing regional food import bill, and commodity shortages owing to the war in Europe, Ali said that though steps were being taken to address them boldly, partnerships were needed to advance the deliverables. He, however, said that the mission was not just about understanding the opportunities that exist, but also understanding how to access them.
“We welcome your investment. We are open, and we are ready to have a conversation on how you can be part of the development,” Ali said.