Home' Trinidad and Tobago Guardian : April 20th 2017 Contents APRIL 20 • 2017 guardian.co.tt BUSINESS GUARDIAN
COMMENTARY | BG17
Top 5 reasons to invest
At a time where T&T is experiencing extreme
fiscal pressures as a result of the downturn in
energy prices, businesspersons are increas-
ingly looking outwards to new opportunities
that would sustain their business operations.
In 2016 and 2017, there was significant buzz
surrounding the next emerging economy in the Caribbean-
Guyana. Without a clear-cut resolution to the foreign exchange
crisis in the immediate future,, Guyana has emerged as the
perfect opportunity for companies wanting to explore new
avenues in generating their own foreign exchange.
In a recent survey conducted by the T&T Chamber of In-
dustry and Commerce (T&T Chamber), it was revealed that
Guyana was the top market of interest amongst products and
Guyana is already a familiar market to many T&T business-
people as some domestic companies have had long-standing
commercial relationships with Guyanese enterprises. However,
there are still some enterprises that are yet to take advantage
of the vast array of opportunities that exist within the Guya-
nese market. These opportunities are particularly important
for small and medium enterprises desiring to explore export
opportunities for the first time.
As the T&T Chamber prepares for its upcoming trade mission
to Guyana on June 12 and 13, 2017, we take this opportunity
to highlight just five reasons why Guyana could be the best
market for your business in 2017 and beyond:
Recent oil discoveries have caused investors to flock
to Guyana to seek opportunities that have emerged
within the sector. As recent as March 2017, Exxon Mo-
bil announced positive results in their drilling of the Snoek
well which can provide long-term, sustainable benefits to the
people of Guyana.
This follows on the success in June 2016, at Liza 2, which
they project could hold more than 1.4 billion recoverable bar-
rels of high-quality oil. The opportunities for value-added
production are significant and have many spin-off effects for
the wider economy.
Opportunities beyond energy: Guyana has vast
mineral wealth and natural resources in the form of
gold, bauxite, sandstone and diamonds, agricultural
lands for crops and livestock; healthy rainforests with diverse
species of timber.
In 2017, it is expected that due to the emerging petroleum
sector and significant focus on developing the agricultural
sector, there would be significant demand for services providers
to support these sectors including construction, telecommu-
nications, transportation and safety. Demand for renewable
energy services also appears to be increasing with obvious
business potential for T&T companies.
Free movement of goods and services: As a fellow
member of Caricom, there is free trade between T&T
and Guyana- duty free, quota free access for goods
going both ways.
Through the Free Movement of Skilled Nationals provisions
in the Caricom Single Market, there exists major opportunities
for T&T businesses as both countries are members of Caricom
and of the CSME, which provides businesses with Duty-free,
Quota Free access along with the other benefits.
Perfect market for
new exporters: Tak-
ing the leap into for-
eign markets can seem to be a
daunting feat for Small and Medium Enterprises to embark
upon. Luckily, with a 2016-2017 forecasted growth rate of four
per cent (World Bank), our neighbouring Guyanese market pro-
vides much scope for wholesale and retail trade opportunities.
Guyana not only provides a thriving domestic market from
which any SME can gain from, it has so little barriers to trade
so that even the most risk averse entrepreneur would find ease
in taking operations to Guyana.
Nestled between Venezuela, Brazil and Suriname Guyana
is a superb trade location to give your brand the exposure it
needs for growth and longevity. Guyana, being just merely
692km, is as close to trading at home as it gets.
Increase in consumers for goods and services: Guyana
market is growing as there has been a double digit
increase in tourist arrivals. Increased demands for
goods and services to support the growth.
With 75 per cent of the land mass being covered by dense
unbroken rainforest, Guyana is making significant strides to
develop and market its eco and wildlife tourism. The double
digit increase in tourist arrivals is a clear indicator of just how
far-reaching the ripple effect of the economic boom has ben-
efitted the nation.
As a result, Guyana is calling on all interested SMEs within
the tourism sector to capitalise on this forgotten wealth that
has a wide scope of exponential growth. Other industries are
benefitting from the boom.
When considering the avenues and the idea that one must
export to support their business operations, in the Caribbe-
an, only one market comes immediately to mind- Guyana. In
essence, the Guyanese market provides an ideal opportunity
for small business and emerging entrepreneurs, as well as es-
tablished manufacturing firms and service providers. In the
past three years, several developments have ushered Guyana
into a new era of progress in commerce.
The T&T Chamber seeks to ensure that all enterprises, re-
gardless of their size are well positioned to take advantage of
it. We encourage you to take advantage of this opportunity and
join us on the upcoming trade mission.
Guyana Trade Mission:
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