Guyana’s economy has been projected to grow by 86 percent this year, according to the IMF. Guyana is on the verge of becoming the largest oil-producing country globally on a per capita basis. Exxon Mobil has projected to produce at least 750,000 barrels of oil per day by the year 2025. With oil revenue flowing from the end of 2019, the country is set for a period of rapid development.
To stimulate investment across Guyana, the government offers a wide range of tax and fiscal incentives to investors which Excel Guyana is fluent in. This includes a flat business tax rate, waivers of customs duties, export tax allowances, and unrestricted repatriation of profits and tax exemptions for hotels, resorts, lodges, tour operations, educational services, certain medical services, food items, and consumer products.
Already wealthy investors are flocking from the United States to invest in Guyana. “I can assure you that the number is staggering, we have over 100 inquiries pending right now for US companies, various sizes, across various sectors who say they want to get into Guyana,” Political and Economic Counsellor at the United States Embassy in Georgetown, Alexandra King-Pile, said.
As the area experiences a boom, infrastructure will rapidly need to be erected to support the growth. This kind of growth calls for the support of large utility contractors, developers, construction workers, and businesses alike. The fiscal opportunity is unprecedented in the wake of Guyana’s efforts to create a hospitable economy. Just who will seize the opportunity remains to be seen.