The first-ever trade mission from the European Union (EU) to Guyana was informed by President Dr. Irfaan Ali that the EU might assist in modernizing Guyana’s sugar industry and support the government’s attempts to revive the sector and diversify the economy.
The Guyanese Head of State stated during a recent gathering at the Marriott Hotel in Kingston, Georgetown, “On sugar, there is tremendous opportunity with our sugar estates for investment and modernization.”
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One of the main goods that Guyana sells to the EU is sugar. Gold, rice, bauxite, oil, and alcoholic drinks are among other high-value exports.
The government has concentrated on reviving the sugar sector since 2020. The Rose Hall sugar estate in Region Six (East Berbice-Corentyne) resumed sugar production in September. According to Sasenarine Singh, CEO of Guyana Sugar Corporation (GuySuCo), this estate should shortly undergo modernization.
Singh stated that using machinery for planting will be one of the modernization ideas.
President Ali also informed the businesspeople that there were good investment prospects in the tourist, dairy, livestock, and healthcare sectors of Guyana.
He stated that as Guyana promotes ecotourism and nature-based tourism, which is greatly sought after by EU travelers, tourism may prove very advantageous for EU investment.
The President explained his encouragement of investment in each of these industries, stating that Guyana is eager to diversify its economy so that it is not reliant on any one industry. Additionally, he informed the businesspeople that it would be in their best interests to invest now because the government has provided several advantages to the private sector. If not, he noted, investment in Guyana may become considerably more expensive in the future.
