Guyana’s economic landscape is diversifying, incorporating a wider range of industries and opportunities, President Dr. Mohamed Irfaan Ali announced in a recent TV interview with Concordia co-founder Matthew Swift.

Highlighting the contributions of the United States and China to Guyana’s growth, President Ali noted that the country is now home to a more varied portfolio of companies. He explained that while China historically had a dominant influence in the region, particularly due to limited competition, this is changing.

“Today, Chinese financing is not as extensive as it once was. For our major infrastructure projects, we still have Chinese construction companies involved, but initiatives like the gas-to-shore project are being handled by an American consortium, and the first phase of the road to Brazil is being developed by a Brazilian firm,” he stated.

In addition to infrastructure, two new hospitals are under construction, with one project led by Austrian firm Vamed Engineering. This includes a US$161 million hospital in New Amsterdam and a child and maternal hospital in Goedverwagting, East Coast Demerara.

Earlier this year, the government also launched a US$300 million Georgetown Seafront Resort and Convention Centre, to be developed by Qatari company Assets Group Inc.

“This marks a significant shift in our investment landscape,” President Ali said. “Currently, we have over £2.5 billion available from the UKF and sovereign loan approvals from Canada.”

He pointed out a US$2 billion Memorandum of Understanding with the United States EXIM Bank and support from the Saudi Fund for Development. Additionally, India has recently approved a $100 million special loan program for Guyana, showcasing a diverse array of global opportunities.

Dr. Ali praised China’s substantial investments in Guyana, which have helped position the country as a major investment hub. He noted that there are now significant trade missions from various countries, including the UK and Canada, all eager to explore opportunities in Guyana.

“Increased competition will drive innovation, efficiency, and investment, leading to a more dynamic economy with greater prospects,” he asserted.

In related developments, Guyana and the U.S. are enhancing their energy cooperation. Foreign Secretary Robert Persaud met with Laura Lochman, the principal deputy assistant secretary of the Bureau of Energy Resources at the U.S. Department of State, during the Jolla Energy Conference on October 16, 2024.

The discussion focused on energy transition and the importance of building sustainable energy systems, reaffirming both governments’ commitment to bolstering bilateral energy cooperation and regional energy security.

Persaud acknowledged the U.S. role in the US-Caribbean Partnership to Address the Climate Crisis 2030 (PACC 2030), which aims to facilitate clean energy development and investment. As a keynote speaker at the La Jolla Energy Conference, he shared insights on Guyana’s ongoing energy transition and environmental sustainability efforts.