Driving Guyana’s Construction Boom
Hardware firm Gafsons Industries is riding high on the country’s economic wave.
Gafsons, Guyana’s leading producer and supplier of building materials, has established itself as the largest manufacturer and importer of construction supplies in the country, offering a wide range of products including concrete hollow blocks, steel products, and PVC pipes. In the past two years, the company has continued to expand – revenue figures are up 30 percent, and Gafsons recently opened the largest hardware store in Guyana. “We started with just two people, and now we have grown to 1,400 employees and 400 contractors,” said Abdool Sattaur Gafoor, Executive Chairman and CEO.
Gafoor became involved in the industry when in 1959, at the age of 14, he started working for the family firm established by his late father, Abdool Gafoor. Over the years, Gafsons has seized upon chances, diversifying across the Caribbean and building a strong reputation for excellence along the way. “Economic conditions in the 1990s, and now oil and gas, have provided us the opportunity to grow our business to where it is now,” Gafoor said.
With a deep sense of modesty, Gafoor attributes the success of Gafsons to his employees. “We see our people as our most important asset. We have a philosophy here in the office that the higher an employee's position is, the greater their humility should be.”
Q: What does Guyana’s oil and gas discovery mean for your business?
With oil and gas comes infrastructure investment, and we have also seen growth in other sectors including agriculture, forestry, IT, and ecotourism. Everyone is flocking to the region to invest, increasing the demand for our construction materials and services. Infrastructure developments in Guyana are providing many different opportunities for us, since we are involved in other areas like steel. For example, we are exploring ways to convert steel billets into finished products to use for reinforcing buildings. Guyana is already importing 50,000 tonnes of reinforcing rods per annum. If we can produce these in-house, then new possibilities will open up for us in the market.
Q: How are you responding to the Guyanese government’s drive for economic diversity?
We are at the forefront of financing the agricultural sector to diversify crops through new farming technologies such as hydro farming. Guyana is blessed with rich lands and a variety of goods, allowing us to focus on exporting our products to other nations. For instance, we are currently looking to produce peanuts, cashew nuts, nutmeg, black pepper, and onions for export using modern techniques and technologies brought in from the United Kingdom. There are also talks with British Airways regarding offering ecotourism packages to Guyana, in conjunction with Barbados. In addition, we are also involved in the government drive to support Guyana’s dynamic and vibrant housing sector.
Q: What opportunities exist in Guyana for international investors?
Any country starting from the level of Guyana represents a vast amount of opportunity since we are essentially beginning from scratch. There are a wide variety of sectors to invest in, and those interested should come and see for themselves. The government is keen to create opportunities, and a dedicated team, the Guyana Office for Investment, is there to help investors see what the government can offer in terms of tax incentives, subsidies, and other benefits if they were to come to Guyana.
Q: What is the secret to your success?
Hard work, dedication, and most importantly integrity. The hallmark of every successful person is integrity. My motto is that struggles create opportunities, and opportunities lead to strength.
“My motto is that struggles create opportunities, and opportunities lead to strength.” ABDOOL SATTAUR GAFOOR, EXECUTIVE CHAIRMAN AND CEO, GAFSONS INDUSTRIES LTD. “Infrastructure developments in Guyana are providing many different opportunities for us.”