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The 20 firms from the United Kingdom that are currently in Guyana on a Trade Mission on November 11 benefited from a sensitisation session on Guyana’s business landscape, which was led by Councillor and Executive Member of the Georgetown Chamber of Commerce and Industry (GCCI), Mr. Richard Rambarran.

Mr. Rambarran provided an overview of the GCCI, its functions, and how the Chamber supports businesses in the country. In speaking to the process of establishing a business in Guyana, he emphasised the importance of connecting with the local private sector. “It is imperative in my view, as an incoming company to the market or one that is even examining the landscape of the market to make that small investment.”

In providing an economic overview of Guyana, Mr. Rambarran underscored the crucial nature of understanding the country’s developmental journey—past and present. “It is critical for you to understand in a bit more detail from a private sector lens what is happening in Guyana and more importantly, what has happened in Guyana so that you understand some of the fundamental underpinnings of the development trajectory.”

This statement came on the heels of insights into the country’s economic performance, which he outlined as being one that is stable. “The magnitude of what is happening in Guyana is tremendous, the environment in which all of this is being built, the bedrock of economic growth is one that is pretty solid,” the Economist stated.

While highlighting the performance of the oil and gas, and peripheral industries, Mr. Rambarran iterated that Guyana had been on the pathway to strong economic growth even before the emergence of the oil and gas industry.

He also raised awareness on some of the challenges to businesses in the country, particularly the labour shortage and cost of electricity, as well as the need for reliable power. Mr. Rambarran, while acknowledging these challenges, also pointed to government’s initiatives such as the Gas-to-Energy project which seek to address same.