The Government of Guyana has aligned its infrastructure development agenda to complement its economic boom, especially in the gas, oil, mining, agriculture, and tourism sectors. With the country’s rich natural resources attracting more and more investors, the infrastructure sector must be improved to support the growing business economy.
At the helm of this undertaking is the Ministry of Public Works that oversees the construction of rail networks, roads, bridges, harbors, ports, defenses, housing, and structures for information systems. In 2022, the Guyanese government has allotted $96.1 billion to fund the country’s transformational infrastructure which includes $29.4 billion to fast-track the transition to cleaner and more sustainable energy sources and $62.6 billion for road and bridge construction and rehabilitation.
The focus on infrastructure will create substantial and positive ripple effects that would provide a conducive environment for trade among local and international businesses. In 2020, Guyana’s real GDP growth rate was 43% and is projected to increase over the next five to 10 years with the country’s economic development plan.
In 10 years, more roads, ports, and bridges are slated for construction which would help improve logistics resulting in reduced operation costs among investors. Better infrastructures also promise faster trade as more resources can be transported from one point to another. Expanded options for more stable communication channels are also slated to be available with the completion of soft infrastructures which include Internet services and telephone lines.
The country is leaning towards Public-Private Partnerships to help accelerate its transformative infrastructure development plan in the next five to ten years. This means that the business opportunities in the country also include involvement in these big-ticket infrastructure projects.
With all these prospects available, local and international investors must partner with a trusted company that would help grow their business in the country starting with the groundwork needed to help establish their business, to running an efficient operation, and to creating expansion opportunities.
Excel Guyana’s rich and vast experience in the local and international economy has helped many businesses across all sectors with services such as government relations, foreign investment, security management, local and international recruitment, organizational development, digital marketing, real estate, and many more. Contact Excel now and secure your Guyana business venture.