Investors from all over the world are very interested in Guyana, a new oil producer. US Ambassador to Guyana Sara-Ann Lynch says now is the time for the country to transform itself from a commodity producer to an exporter of value-added goods as part of a major push to diversify the economy.

According to the Ambassador at the Guyana Virtual Oil and Gas Summit: “Guyana is on track to become the second or third largest oil producer in the western hemisphere over the next 20-40 years…. This truly is a unique situation: that a country of just 780,000 people discovers vast offshore deposits of high-quality oil, within five years begins extracting those deposits, and will – in short order – be mentioned in the same breath as Mexico and Brazil as the second or third largest oil and gas producer."

This means that the country is open for business.

“Guyana and the private sector must capitalize on this. If Guyana can advance from being a raw material producer to exporting more value-added goods, it will capitalize on a needed diversification of its economy,” she said.

To further encourage investors, the government needs to improve the country's production capacity, as well as increase energy costs, as these are usually barriers to industry, he said. The ambassador also pointed to what she called “many large infrastructure projects” that the Guyana government intends to tender in the coming weeks and months.

These include four-lane projects worth $150 million, a bridge over the Demerara harbor, the construction of four international hotels, the construction of new highways and road expansions, the installation of an onshore gas power plant, and a deep water port.

Source: thestkittsnevisobserver

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