Huge potential for Guyana says Chamber president

Guyana is an emerging economy with huge potential for potential investors said Moonilal Lalchan, president of the T&T Chamber of Commerce. “The most significant reason is that the Guyanese economy shows enormous potential. Earlier this year in May, the International Monetary Fund (IMF) predicted that Guyana would see the second highest economic growth in South America at a rate of six percent just behind Peru,” he said.

He was speaking yesterday at a seminar entitled T&T-Guyana Connection, held at the T&T Chamber of Commerce in Westmoorings. He said Guyana's geographical position on the South American continent close to major world economies like Brazil is also an advantage. “Closely related to this point is the fact that Guyana is connected to Brazil, the largest South American country and one of the BRICS economies, distinguished by the fast pace of growth and significant influence on global affairs,” he said.

He also referred to Guyana's President Donald Ramotar, who has made it clear to T&T's business people that Guyana is open for investment.

“During the Chamber’s annual general meeting held in April, Donald Ramotar, President of the Republic of Guyana issued an invitation to small, medium and large investors from T&T to set up or expand businesses in Guyana. The Chamber is now doing its part in facilitating this process by providing the platform for the exchange of information. It is up to you, to utilise this information that leads to sound decision making that resounds to the benefit of all relevant stakeholders,” he said.

Lalchan also said Guyana has the advantage of being a resource rich country which makes investment even easier. “It has huge forest reserves, large rivers, agricultural lands and mineral deposits among many others. The objective here is sustainable exploitation of these resources,” he said. He said T&T has for far too long been dependent on one resource to sustain the economy, 

“Many of the experts in this field agree that we are long overdue in achieving a diversified economy that will allow the citizens of T&T to maintain our current standards of living. Derek Hudson, former President of BG TT, and current President of BG East Africa, opined that urgent action was needed to prevent T&T from falling off an energy cliff. This is part of the reason that the sustainable growth, development and diversification of the national economy remain one of the core areas to be addressed by the Chamber,” he said.

He urged business leaders to take risks in Guyana as they will pay off.“It has been said recently that Trinbagonians are by nature highly conservative which transcends into the economic landscape as well. Often, the business sector is hesitant to take risks unless full guarantees are provided by the Government. In my studies, I was told that the greater the risk, the greater the return and sometimes you have to take risks,” he said.