Transformation in Guyana draws prominent Jamaican investor, affiliate banker

Encouraged by the attractive environment for business in Guyana over the past few years, executives of Portland Holdings and its subsidiary the National Commercial Bank (NCB) of Jamaica, are in Guyana exploring investment possibilities in a range of sectors.

Portland Holdings Chairman Michael Lee Chin and NCB Managing Director Patrick Hylton met President Donald Ramotar for talks today in the company of a delegation, hoping that their venture will end with the team actually getting “something done.”

Chairman of Portland Holdings Michael Lee-Chin greets President Donald Ramotar

“Climate, potential, the fact that the country (Guyana) has a long runway of opportunities ahead of it, given that you are so blessed in all sorts of minerals, natural resources,” were some of the attributes that Lee Chin said attracted the group to Guyana.

NCB’s examination of various economies across the Caribbean in search of opportunities has also been a factor.

“When we look at the macro-statistics, we see the stability that has taken place; we see the growth that has taken place, we see where the economy seems to be on a good path… Guyana is one of the countries to which we are attracted,” Hylton said.

Jamaica’s National Commercial Bank (NCB) Managing Director Patrick Hylton meets President Donald Ramotar

As managers of a private equity fund their investment interests are broad-based, ranging from financial services, waste and asset management, telecommunications and tourism.

Lee-Chin’s testimonial is similar to the atmosphere of optimism numerous investment interests and ventures are highlighting about Guyana.

The country’s economy in 2012 recorded six consecutive years of positive growth and has been awarded good ratings from international entities and institutions such as the International Monetary Fund and the United Nations Economic Commission for Latin America and the Caribbean (ECLAC).

President Donald Ramotar in talks with a delegation from Portland Holdings and the Jamaican National Commercial Bank (NCB)

The Government has credited this achievement to its efforts since taking office in 1992 to rebuild the economy from one of bankruptcy to that of vibrancy with the private sector taking the lead as an engine of growth.

The heavy debt burden the ruling People’s Progressive Party (PPP) inherited in 1992 was addressed, and over the years, the highest portion of the country’s national budget has been going to areas where it matters most.

The Government remains committed to creating the enabling environment for growth by prioritising sectors that are considered growth poles for the country such as tourism, Information Communication Technology (ICT) and environmental services.