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TRADE AND INVESTMENT
Guyana with its diversified natural resources, developed human resources and
its strategic location providing access to the Caribbean and the Americas, holds enormous potential for investors, both domestic
and foreign. The Government welcomes investors. Since 1989, Guyana has implemented wide-ranging reforms to improve the business
and economic environment for private sector investment. In particular, the Government has maintained a sound macroeconomic
framework, which has resulted in price and exchange rate stability, lower fiscal deficit and sustainable balance of payments.
Further, the Government has introduced far-reaching regulatory reforms.
To provide a level of comfort to investors,
the Government has prepared an Investment Code which, in addition, to the existing Investment Guide brings together the incentives,
the regulations, the facilitation and the protection of private capital, both domestic and foreign. (see Go-Invest website)
OBJECTIVES
The objectives of the Code are to further the socio-economic development of
Guyana by attracting and facilitating investment through;
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Providing legal protection for investment
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Increasing the predictability, stability and transparency of the legal regime for investment
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Promoting the development of international best practices regarding investment; and
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Providing a framework for fiscal incentive for investors.
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The Government is seeking to encourage investment by local and foreign investors
in the following areas:
- Agriculture and Agri-Business
- Fishing and shrimping including aquaculture
- The
manufacturing sector
- Wood processing
- Mining and minerals
- Tourism and hotel development sector
- Travel
and hospitality
- The housing sector
- Information technology / data processing
AGRICULTURE AND AGRI-BUSINESS SECTOR
The main crops are sugar and rice, grown on the coastlands. Coconuts, the third
most important crop, have vast potential for investment. The government is developing the Intermediate Savannahs comprising
600,000 acres of virgin lands with good agricultural potential and excellent investment opportunities for the production of
beef, milk, mutton, citrus, legumes, dairy products, orchard crops and any combination of these. There has been an expansion
in orchard crop production including avocados, citrus fruits such as oranges, grapefruit, tangerines, limes and exotic fruits
such as mangoes, sapodillas, papayas, pineapples, and passion fruit. Organic crops are gradually being introduced and the
Essequibo region has been earmarked for the development of this sector.
There is potential for exporting small farmer
root crops such as yams, sweet potatoes, cassava and eddoes, herbs and spices such as hot peppers, eshallots, celery; fresh
vegetables such as cucumber, pumpkin, sweet potatoes, melon, plantain, same, bora, calaloo, etc. In addition, efforts are
being put in place for increased production for the exportation of jams, jellies, sauces, processed spices and fruit puree
blends. There is also potential for the production of meat (beef and mutton), poultry products, milk and milk products including
cheese.
FISH AND SHRIMP:
With the 200-mile coastal zone, deep-sea fishing provides species such as gillbacker,
snapper, trout, cavalli, shrimp, prawns, etc. There is tremendous potential for fresh water fish and prawns of the Malaysian
type. The development of aquaculture is also being encouraged since there is great scope for rearing of species such as hassar
and tilapia for local and export markets.
RICE AND SUGAR
Good opportunities exist for joint-venture arrangements in the export of rice.
Potential exists for rice to be used to manufacture items such as breakfast cereals for export. Opportunities exist for processing
of sugarcane to crystallised sugar.
ORNAMENTAL HORTICULTURE:
Species include anthuriums, orchids, calla lilies and heliconias; and foliage
items such as croton, ficus and leather leaf ferns.
MANUFACTURING SECTOR:
A broad classification of the sub-sectors in this sector includes wood and wood-related
products, food and food processing, beverages (alcoholic and non-alcoholic), livestock-related, textiles, chemicals, paper
and paper-related, leather, fabricated metals, and refrigerators and stoves.
Agriculture and manufacturing incentives for projects in Linden
and surrounding areas
Investment opportunities in this sector for manufacture include high quality
wooden furniture in both finished and knock-down forms; fitted kitchen furniture; standard size doors, windows, panels (groove
& tongue), and other household fittings; plywood veneers; wooden garden furniture; prefabricated wooden houses; and parquet
material and floor tiles.
Agro-Industries:
Opportunities exist for processing, canning and bottling of agricultural products; manufacture of chemical products.
Packaging, Jewellery, Leather Craft, Ceramics and Non-metallic
Minerals, Textiles, etc:
Investment opportunities exist for the manufacturing of packaging materials
and containers for transporting of finished products; of jewellery and ornaments based on gold, diamond and semi-precious
stones; leather products and souvenirs, articles based on clay, kaolin and silica sand; garments and textiles for local and
export markets; and production of building materials such as stone, cement, clay blocks and tiles, and the manufacture of
glass.
FORESTRY SECTOR:
Guyana's vast forest resources cover over three-quarters of the 83,000 sq miles
landmass and consist in excess of 1,000 species of trees. The species which are intensely exploited include greenheart, mora,
baromalli, purpleheart, crabwood, kabakalli and womara. Opportunities exist for the production of furniture, plywood and veneers,
parquet, floor tiles, kiln drying and wood preservation activities.
MINING SECTOR:
Mineral resources include bauxite, laterite, manganese, kaolin, sand resources,
gold, diamonds, radio active minerals, copper, molybdenum, tungsten, iron, nickel, etc. There are prospects for oil in the
Takutu Basin.
TOURISM SECTOR:
Guyana offers a distinct product that tourists can enjoy; vast open spaces,
savannahs, virgin rainforests, mountains, huge rivers and waterfalls, the most famous of which is the Kaieteur Falls known
to be the highest single drop waterfall in the world. There is scope for investment in accommodation (particularly in the
hinterland); recreational facilities (could include rafting, boating, tennis, horseback riding and golf), transport (international
airlines, charter services, boat and car rental services), restaurants, craft shops, and integrated project (development of
the Kaieteur Park area as a major tourist destination.
INVESTMENT INCENTIVES
General incentives
Include tax holidays for pioneering activities; zero-rate on custom duty and
consumption tax on selected items of plant, machinery and equipment and on raw materials for registered companies; preferential
access to markets through CARICOM, Lome IV, Caribbean Basin Initiative and Caribcan; government's continued expenditure on
infrastructure, utility and research activities; double taxation treaties with the USA and Canada, unlimited loss carry-over
from previous years; accelerated depreciation on plant equipment; and export allowance for non-traditional exports to Ex-CARICOM
destinations. (see Go-Invest website)
Agri-business incentives
Include duty free importation of a wide range of machinery and equipment; waiver
on import duty and consumption tax on packaging materials for fruits and vegetable for export; allowances for expenditure
incurred development and cultivation purposes; and export allowances for non-traditional or agricultural products outside
CARICOM.
Manufacturing incentives
Include duty and consumption tax zero-rate on a wide range of machinery and
equipment, and on most raw materials for registered Companies.
Agriculture and manufacturing incentives for projects in Linden
and surrounding areas
Include exemptions of duty and consumption taxes on all plant, machinery and
equipment, spare parts and vehicles used exclusively for business.
Tourism incentives
Consist of a package for which Companies are eligible once in a period of 5
years and comprises mainly duty-free and consumption tax concessions for basic furnishing, plant equipment and building materials.
Fisheries incentives
Include exemption from duty and consumption tax on a wide range of equipment.
Forestry incentives
Comprise value added activities benefiting from the incentives generally granted
to the manufacturing sector, and exemption from duty and consumption tax on selected items.
FOR MORE INFORMATION PLEASE LOOK
AT THE FOLLOWING WEBSITES
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Ministry of Foreign Trade & International Cooperation
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Guyana Office for Investment (GO-INVEST)
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Ministry of Tourism, Industry & Commerce
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Guyana Geology and Mines Commission
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Guyana Sugar Corporation (GuySuCo)
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Ministry of Agriculture
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Guyana Rice Millers’ and Exporters’
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Guyana Forestry Commission
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New Guyana Marketing Corporation (Non-Traditional Exports)
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GUYANA'S MAIN EXPORT COMMODITIES
Gold
Sugar
Seafoods, shrimp/fish products
Rice
Forestry
(Timber/plywood etc)
Bauxite
Diamonds
Rum
Molasses
Pharmaceuticals
Gold Jewellery
Leather Products
Live Animals/Birds (Macaws & Parrots)
Non-Traditional Agricultural Exports
Heart of Palm
Coconut
Crude oil
Copria
Plantain
Cassava
Yams
Breadfruit
Mango
Pineapple
Watermelon
Lime
Pepper
Pumpkin
Crafts
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