Businesses rush to new oil-rich land… BYE, T&T, HELLO GUYANA

SCORES of businesses in various sectors are fleeing Trinidad and Tobago’s shrinking economy for Guyana, the new oil-rich giant of the region. 

Downstream energy investors, building contractors, manufacturers, agro processors, gaming operators, entertainment businessmen and a slew of service providers are putting down stake in the nearby Caricom country. 

A wide number of prospective investors and their technical and financial advisors have been spending much time in Georgetown in recent months, taking advantage of an economy that is set to become one of the most prosperous, per capita, in the world. 

The International Monetary Fund has projected that Guyana’s economy would expand by 14.6 per cent this year, in sharp contrast to that of T&T. 

Local businessmen have suffered significantly as a result of Trinidad and Tobago’s business lockdown caused by the Covid-19 pandemic and by an economy that has contracted by 20 per cent in recent months. Guyana is considered to be less restrictive in the midst of the medical crisis. 

In addition, President Dr Irfaan Ali has introduced various incentives to lure investors to his land. 

Ali recently said: “We welcome investors to the Guyana Basin (for) the multiple opportunities it would spawn within our economy.” 

He noted that there were opportunities in forestry, mining, education, agriculture, healthcare and other sectors. 

“It is not only about oil and gas,” the president said. 

Guyana is “a sleeping giant in investment opportunities.” 

Several T&T businesses, including at least two billion-dollar corporations, have made various investments in Guyana and are actively prospecting on others. 

It is estimated that large local enterprises have more than $5 billion that they have declined to invest in the country because of the absence of business-friendly measures. 

“Most of that money could end up being invested in Guyana,” a prominent economist said who is advising local entrepreneurs. 

The Manufacturers Association and T&T Chamber of Industry and Commerce have repeatedly pleaded with the authorities for facilitative policies.   

Several Guyanese businessmen have been ploughing funds into the country over the past few months. 

They include Ramnaresh Sarwan, former Test cricket captain, who last week officially launched Amazonia Mall in Providence, which is host 22 franchises, a doctor’s office and several other services. 

Franchises include six screens of Caribbean Cinemas, whose operations in T&T have been adversely affected by the Covid-19 lockdown. 

At the opening of the mall, President Ali said his administration has development plans for all regions of the country and welcomed investments. 

He has said that “investments remain pivotal to shared prosperity; we need investment to drive our development.” 

MovieTowne, owned by Guyana-born T&T resident Derek Chin, has launched in Georgetown and employed a number of workers. 

Nine months ago, the cineplex closed its eight-year operations at Price Plaza, Chaguanas, over frustration related to the Covid-19 shutdown.