Page 92 - Caribbean-Central America Profile 2018

GUYANA

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

Official Name: Co-operative Republic of Guyana
Capital: Georgetown
Nationality: Guyanese (singular & plural)
Official Language: English
Population Total (millions): 0.77 (2016 est.)
Size: 83,000 square miles
GUYANA Currency: Guyanese Dollar (GYD)
Internet Domain: .gy
International Dialling Code: +592
Electricity: 110 volts/50 or 60 cycles

COUNTRY OVERVIEW INVESTMENT INCENTIVES
q The Republic of Guyana is located on Guyana is well endowed with natural resources, fertile agricultural lands, bauxite, gold and extensive
the northeast coast of South America tropical forests which cover more than 80 percent of the country. Agriculture and natural resources
between Venezuela and Suriname. are important sources of economic activity in Guyana. These sectors are also large source of jobs.
q A country of vast, often untapped, The Government is also keen to develop alternative energy sources such as wind and solar power.
natural resources. For example, the Guyana Energy Authority is currently facilitating a foreign investor to construct a
q Pristine environment, unspoiled wind farm at Good Hope, which is expected to have an installed capacity of 12 MW.
rainforest and exotic fauna.
Guyana has several specific areas that attract investment, and are organized into the investment
q The famous Kaieteur Falls, the sectors. The Government treats the sectors independently and stimulates growth and development
highest single drop waterfalls in the in each area by offering sector-specif investment incentives.
world. • Agriculture/Agroprocessing
q Known as “the Land of Many Waters”. • Forestry
q The capital is Georgetown. • Tourism
• Information & Communication Technology
Guyana is an emerging economy with
enormous untapped potential. The • Mining
country’s geographic position at the • Energy
gateway to the Caribbean and South • Manufacturing
America, combined with its natural
resources, access to key export markets, • Services
and affordable labour present investors Guyana provides many opportunities for investors within the energy sector, particularly with regards
with opportunities to do business in to petroleum, gas and hydropower generation. Oil and gas deposits in Guyana’s offshore reserves
Guyana. are estimated at 2.2 billion barrels and 6 trillion cu. ft. (28.3 billion meters approx.) respectively.

The Government of Guyana encourages These deposits occur in the Guyana Basin which covers the entire coastal region and extend 150 km
foreign direct investment in almost out into the Atlantic Ocean.
all sectors. As such in recent years
Guyana has experienced an upsurge in INVESTMENT ACT 2004
This is the principal legislation governing investment in Guyana. It is intended to play a reassuring role
investment, both foreign and domestic. for investors by providing legal protection, increasing the predictability, stability and transparency
With the worldwide growth in the eco-
adventure and cultural tourism segments of the legal regime for investment. In addition, to promote the development of international best
and narrow market niches, such as bird practices while streamlining the existing procedures for investment. Specifically, the Act provides
watching, a variety of opportunities exist assurances that:
for the industry to develop Guyana’s • There is no discrimination between foreign and domestic investors.
tourism product through investments in • Investors may invest in all fields of lawful economic activity.
tourism operations/services, facilities, • Investments may be made in existing enterprises — both joint ventures and wholly-owned by
hotels and lodges.
domestic or foreign investors.
• Private investments are guaranteed by the Government.
• Expropriation can only take place as permitted under the laws of Guyana, promulgated on a
non-discriminatory basis and providing for fair and prompt compensation.

B-56 Caribbean-Central American Action