Guyana proves it’s the place to do business

–thanks to ever growing investor confidence

GUYANA is open for business, and the fact that the country continues to attract investors is not only encouraging, but inspiring as well, said President Donald Ramotar Sunday during a tour of the Guyana Gold Fields Inc., Aurora Gold project.

With a deliberate policy position to liberalise the economy, Guyana has enjoyed sustained exchange rate stability, constantly low inflation rates, interest rates that have influenced an exponential increase in commercial

President Donald Ramotar and his ministerial entourage pay keen attention to some pictorial displays at Guyana Gold Fields Inc., Aurora project

lending, a manageable debt to Gross Domestic Product (GDP) ratio, and healthy international reserves.
Speaking to GINA, the president said the fact that investors, whether local or foreign, continue to invest millions of dollars in Guyana, is indicative of their confidence in the strength of the local economy.
And the impact of that investor confidence, he said, can be felt in almost every sphere of the society, creating wealth and jobs so essential for the nation’s economic and social development.
Encouraged by what is taking place, he pledged the administration’s continued support in whatever tangible way possible to help Guyana Gold Fields achieve its goal, as whatever that goal is will, in the longrun, benefit all Guyanese.
“We will continue to try our best to offer support, so that we can have full cooperation. We welcome this investment; we think it’s a good story to tell… and it benefits all of Guyana,” the President said.

President Donald Ramotar and Canadian High Commissioner, Ms Nicole Giles examine core samples taken from sites explored by Guyana Gold fields Inc. Looking on at right is Public Works Minister, Mr. Robeson Benn

With the surge in investments over the last few years, the evidence indicates that government’s fiscal policies and programmes are steps in the right direction, the president noted. These decisions are driven by sound management, and all are taken in the best interest of the nation as a whole, the president had stated on previous occasions.
The Government, he stated, will continue its mission of ensuring a better life for all Guyanese and the continued development of the nation through careful management of its resources.
The investment by Guyana Goldfields Inc., a Canadian based mineral exploration company, primarily focused on the exploration and development of gold deposits in Guyana,  is just one of several slated to come on-stream, within the next few years.   The company is currently undertaking drilling and studies to advance and develop the Aurora Gold Project in Cuyuni, with a current measured and indicated resource of 5.71 million ounces gold (47.04 million tonnes at a grade of 3.83 g/t).
ETK Sand Springs which is setting up operations in the Puruni River area along with the Troy Mining Company’s investment in the Issano community are two other major investments set to become fully operational over the next few months.
Each of the afore-mentioned companies’ investment will be in excess of US$100 million. Both have indicated their intention of hiring a significant number of Guyanese for their operations and have expressed confidence in the local economy and political stability, as key among their reasons for their decision to invest in Guyana.
Other recent investments such as the five-star Marriott Hotel  which is expected to open its door later this year, the proposed Sun and Sand Luxury Hotel, another five-star venture at Liliendaal  and major expansions by local companies such as Banks DIH, along with other manufacturing companies indicate a growing confidence in the local economy and its long- term stability.
It is this conducive economic environment that has led to a boom in investments in almost all of the 10 administrative regions.
An ECLAC annual report stated that Guyana earned US$294M through foreign direct investments in 2012 representing a 19 per cent increase from the previous year’s US$247M.
Recently, the J & C Renaissance Banquet Hall, which is located in Ameila’s Ward, Linden opened its door while many other local investments are underway.
Within the last few years, historic large scale investments such as First Bauxite Corporation’s venture at the Bonasika mine along the Essequibo River, and Reunion Manganese Incorporated in Matthews Ridge have been witnessed.

(GINA)