A high-level team of United Kingdom businesses is scouting out investment opportunities here including government’s planned Silica City.
The team arrived in Guyana on Monday and has had a series of meetings with President Irfaan Ali and his Cabinet along with local businesses agencies to lay the groundwork for the advancement of their interests. The visit is expected to conclude today and would see the nine entities – Association of Chartered Certified Accountants (ACCA), Concrete Canvas, Dar Group, Grover Applied Intelligence, Nectar Group Ltd, One True Maverick (OTM) Vodka, Shakespeare Pharma, Signature Litigation, and Woollard & Henry Ltd – returning to the United Kingdom to build on the links they created.
At a press conference yesterday at the Marriott Hotel, the representatives of the businesses all expressed interest in making their presence known on the local market. They noted that while the talks are preliminary, there are prospects worth pursuing as Guyana is set for staggering economic growth.
Thus far, Woollard & Henry Ltd which provides services in several sectors including the basalt and fibre glass sector has expressed interest in pursuing the establishment of a plant in Guyana. Additionally, the Dar Group delegation expressed their desire to aid in the development of Silica City – the government’s smart city project while OTM is looking at collaboration on the rum front.
Silica City
Silica City is touted as a secondary city and is slated for the Linden-Soesdyke Highway with the aim of reducing the burden on Georgetown. It was conceptualized back in 2013 while President Ali served as Minister of Housing and Water.
During his 2022 budget presentation, current Housing Minister Collin Croal explained that 3,800 acres of land have been earmarked for the new city with designs for the first phase expecting to commence this year. He told the National Assembly that the city would be a smart one that is powered by renewable energy among other climate-conscious features.
Speaking to the press following the briefing yesterday, Managing Director of Dar Group Andrew Loudon said that he has had general discussions with the government about the Silica City project and ways in which they can get involved.
Based on his company’s portfolio, “Dar Group is a leading international multi-disciplinary network of professional service firms comprising of over 19,000 staff members assisting clients from over 100 countries around the world. We are dedicated to planning, designing, engineering and project managing facilities, installations and structures that contribute to the sustainable advancement of communities worldwide. We have the capability and experience to adapt this complete range of design, management and commercial services to a broad range of clients, sectors, climates and cultures.”
Loudon said that they are looking at particularly the planning aspect of the project as they have done in other parts of the world.
“So our expertise is trying to look at how you can really develop a truly smart project…some projects that get developed and very often they’re not established properly. So we’re looking to make sure you know, projects get set up well and can deliver what they want to achieve,” he said.
He added that the Silica City project is an ambitious one and would require the best expertise.
Basalt fibre plant
Basalt fibre is said to be similarly composed to fibreglass and is much sturdier. Woollard & Henry Ltd’s Sales Director Stuart Robinson told the press that they are now looking at how to go about setting up a plant in Guyana. He reported that during his meetings with the government he has been selling the idea that basalt fibres woven into a reinforcing bar could easily reduce dependence on steel in the construction industry.
“You can also use it in various mats but other types of concrete laying and when the fibres can also be woven into a sort of very tight weaves it can be used for insulation and things for like the aerospace industry and other areas. So (there are) quite a number of applications for basalt fibre, but for here in Guyana, we see that the massive infrastructure growth (and) it’s going to be able to replace steel or using basalt as a counterpart to steel with its non-corrosive properties,” he said.
He further stated that the fibres are lightweight and easy to handle. He added that the market demand seems enticing.
“…we think it is a desire to have something like this in the country and so far, this week and very earlier on this week, we kind of felt very positive on that. So yes, we do think there is a need to have something like this in the country and we think it has a desire to have it installed as well. So our next task really is to see how we can make this happen,” Robertson said.
The career salesman added that he has sold the idea to the government and other businesses who all seem eager for such a product to be offered on the market.
Open for business
British High Commissioner to Guyana, Jane Miller said that it is clear that Guyana is open for business by the level of engagement the team has been afforded. She added that the UK businesses bring a different degree of quality and sustainability to the local market and that collaboration with the local private sector would only seek to enhance the delivery of goods and services locally.
“The UK is really keen to see opportunities where we can partner with to really see economic growth happen and really make a difference in the lives of all Guyanese. So it’s a really exciting time,” High Commissioner Miller said.
With more UK businesses coming to invest in Guyana, Miller also said that she would be keeping an eye on the procurement process noting that it is an area that has been growing with the government building its capacity. When questioned about whether there were any concerns about the procurement process in Guyana, Miller said that thus far she has been informed that it is an area where skills are to be developed.
She did say that she is confident that UK businesses would be given a fair shot during the procurement process.
“This country is growing incredibly fast. The resources are gigantic and as you say, transparency is so important. So it’s an area that I’m thinking of building on,” she said.
Meanwhile, Managing Director of the Caribbean Council Chris Bennett said that the businesses have been listening to the needs of both the government and private sector and are willing to collaborate. He added that they have also been paying keen attention to the ongoing consideration of the 2022 budget and looking at areas for investment.
“What we’re hearing is what Guyana wants for its next stage of development is products and services that are driven by quality, by efficiency and by durability and these are all values which I think is synonymous with British goods and services and the UK pride itself on those values for many years.
“We’ve been listening as well very close to the budget debates as the exciting plans for investments in all sorts of different areas of the Guyanese economy. Some of the companies around this table, I think, can potentially play a really helpful part in driving those plans, in helping to deliver them more quickly, more efficiently, in a more cost-effective way and potentially in a way that reduces carbon impact as well,” Bennett said.
He added that they have been looking at investment opportunities in a digital economy, hydropower and human capital among others. Additionally, he said that a high-level team from Guyana would be visiting the UK in the coming months to further collaboration as well as to look at areas where they can invest.
President of the Georgetown Chamber of Commerce and Industry Timothy Tucker was also present at the briefing where he signed a Memorandum of Understanding (MoU) with the Caribbean Council for further collaboration on the facilitation of investment between Guyana and the UK.
During an engagement with the high-level team, President Ali did indicate that Guyana is looking at diverse interests in its economy and welcomes investment from everyone.
