Ali: Guyana can be new destination for manufacturing companies seeking to expand

With the forthcoming Wales Gas-to-Energy project promising to slash energy costs in Guyana by half, President Dr. Irfaan Ali told regional investors that Guyana can be the new destination for manufacturing companies seeking to expand.

The President, speaking during the Jamaica Stock Exchange’s Regional Capital Market Conference on Thursday, talked up Guyana’s diversification plans.

According to him, the government is seeking to expand multiple sectors instead of focusing on oil and gas. And the manufacturing and industrial development sectors, he said, will be a prominent part of Guyana’s diversification plans, owed to the lower cost of energy.

Resultantly, he called on regional investors to capitalise on the opportunity and encouraged regional manufacturers to consider Guyana as a new place they can expand to.

“Cutting energy consumption by 50 per cent will place Guyana in a competitive pace for manufacturing and industrial development.

“Already, we are marketing Guyana as the premier destination for industrial and manufacturing expansion and development,” Dr. Ali said.

Some Jamaicans are already interested in exploring this.

Vice President of the Jamaica Manufacturers and Exporters Association, Richard Coe told the News Room this week that there is considerable interest in Guyana.

Coe is part of a visiting delegation seeking trade and investment opportunities here.

He is also the Managing Director of Manufacturing Company Fleetwood Jamaica Limited and in that capacity, he believes there is scope for the company to establish manufacturing operations in Guyana.