Seizing Opportunities in Guyana

SEIZING OPPORTUNITIES IN GUYANA

We're tapping into our expansive network to empower members to seize the lead and make the most of Guyana's booming economy, recognized as the world's fastest-growing market.

Fast Facts about Guyana:

• With recent oil discoveries, Guyana’s gross recoverable resources are now estimated at over 9 billion barrels, marking one of the most significant global finds in recent years. Guyana’s offshore oil development is expected to deliver over 500,000 barrels of oil per day (bpd) by the end of 2023, with projections of reaching 1.2 million bpd by 2027.
• Beyond oil, other sectors such as tourism, agriculture, construction, manufacturing, energy, transportation, mining, and services are set to expand significantly, offering a wider range of investment opportunities.
• In 2022, Guyana recorded a remarkable 62% GDP growth driven by oil and gas development. Non-oil GDP also grew by 7.7 percent that year. As of mid-2023, Guyana’s GDP grew by 59.1 percent, with the non-oil sector expanding by 12.3 percent and is forecasted to grow annually by 28.2 percent.
• A $2 billion Memorandum of Understanding (MoU) with EXIM Bank will facilitate greater investment in the country. This investment will span sectors including infrastructure (roads and bridges), energy, telecommunications, water treatment and sanitation, and agriculture.

Our efforts focus on enhancing Guyana's energy security, fostering sustainable development, and advancing decarbonization efforts, particularly in heavy industry and hard-to-abate sectors. US energy firms play a pivotal role in supporting Guyana's transition to a low-carbon future, offering proven technologies and expertise.

We actively support infrastructure development in Guyana, bringing together stakeholders to address immediate needs and accelerate growth. Projects include airport expansion feasibility studies, smart city initiatives, and facilitating the direct United Airlines flight between Houston and Georgetown in 2023.

Collaborating closely with the Private Sector Commission of Guyana, comprising various companies, we advocate for the local private sector and facilitate connections among US, international, and Guyanese businesses. Our initiatives prioritize economic development, with three completed trade missions initially focused on energy and expanding into agribusiness, healthcare, and ICT sectors. These efforts bridge foreign and local entities, providing crucial legal and business support to drive opportunities in Guyana.

Challenges such as high energy costs and the demand for sustainable packaging materials create opportunities for innovative solutions and partnerships with US companies. As Guyana progresses with its gas monetization strategy and moves towards low-carbon development, strategic partnerships and educational initiatives are crucial for its success on the global stage.

The Task Force on Guyana, comprising private and public sector leaders from government entities and diverse industries, promotes economic growth and facilitates business opportunities for our member network and partners. Their expertise guides companies and organizations through the evolving business landscape in this dynamic and expanding market.

‍