Fast Facts
- Official Name: Cooperative Republic of Guyana
- Capital City: Georgetown
- Population: 769,095
- Official Language: English
- Main religion: Christian (57%), Hindu (33%), Muslim (9%), Other (1%)
-
Ethnicities:
East Indian (49%), African/Black (32%), Amerindian (9%),
White and Chinese (1%), Mixed (12%) - Currency: Guyanese dollar (GYD)
- Airport: Cheddi Jagan International Airport
- Main Port: Georgetown
- Climate: Tropical
The Country
Guyana, the third smallest country on the Continent of South America has a land mass of 214,970 square kilometers (83,000 square miles). Guyana is located in Northern South America, bordered to the east by Suriname, to the south and southeast by Brazil, to the west by Venezuela and the north by the Atlantic Ocean America. The country has four geographical areas (natural regions) and ten administrative regions.
Economy Highlights (2007)
GDP: USD$847.9 million
GDP Real Growth: 5.4%
Per Capita GDP: USD$1111.0
Per Capita GNP: USD$1064.1
Exchange Rate: USD$1 = GYD$200
Inflation: 14.0%
GDP Composition by Sector:
- Agriculture, Forestry & Fishing Sector
30.1%;
- Manufacturing Sector (excluding sugar processing
& rice milling) 6.2%;
- Mining & Quarrying Sector 6.7%;
- Engineering & Construction Sector 10.4%
and
- Services Sector 46.6%
Working Age Estimate: 484,042
Labor Force Estimate: 271,728
Unemployment Rate: 9.7%
Trade Highlights (2007)
Major Imports: chemicals, fuel & lubricants, manufactured goods, consumer goods, textiles& clothing, agricultural machinery, building materials, transport machinery, industrial machinery, mining machinery, diary products, birds eggs; animal feed, electrical machinery & equipment, grains
Total imports (c.i.f): USD$1,062.5 million
Guyana Imports from the U.S.: USD$187.9 million
U.S. Imports Market Share in Guyana: 17.7%
Major Exports: gold, bauxite/alumina, sugar, molasses, timber & value added wood products, rum, rice, fish & shrimp, diamond, clothing/garments, fresh fruits and vegetables, processed food
Total exports (f.o.b.): USD$680.9 million
Guyana Exports to the U.S.: $123.6 million
Guyana Export Market Share to the U.S.: 18.2%
Investments Highlights (2007)
Total Value of Actual Investment: USD$434.0 million
Public Investment (Government): USD$211.5 million
Private Investment (Local& Foreign): USD$222.5 million
Domestic Investment: USD$307.6 million
Foreign Direct Investment: USD$126.4 million
Foreign Direct Investment from the U.S.: USD$24.5 million
U.S. Share of Foreign Direct Investment: 19.4%
Why Invest in Guyana?
- Incentives: Guyana applies a number of incentive schemes; some are applied across-the-board and are contingent on an investor meeting specific criteria or making certain investments. The incentives include benefits for industrial estates, accelerated depreciation, flat business tax rate, export allowances, loss carry-forward, construction allowance, and research and development allowances. Guyana also offers several sector-specific programs. In this respect, tax and tariff incentive program are available to promote trade and investment in tourism, fisheries, mining, forestry, energy, IT-enable Services, manufacturing, and agriculture and agro-processing. Locals and foreigners are treated alike with respect to these incentives.
- Acceptance of U.S. products: Many Guyanese view U.S. goods as superior and more reliable than their Chinese or Indian competitors. The relative strength of the Euro and proximity to the U.S. make U.S. goods highly competitive in Guyana.
- Affordable Labor:Guyana has one of the most competitive wage rates in Latin America and the Caribbean. The labor force is well educated, with literacy estimated at 96.5 percent, and is regarded as trainable and hard working.
- Openness to Investment:Both public and private sector leaders have declared Guyana “open for business.” Foreign investors receive the same treatment as domestic investors. Guyana provides an array of across-the-board investment incentives, including a flat business tax rate, tax holidays, waivers of customs duties, export tax allowances, and unrestricted repatriation of profits, as well as additional incentives in priority export sectors. Furthermore, Guyana’s investment promotion agency, GO-Invest, provides effective support to investors before, during and after the investment process.
- Natural Resources:Guyana is a country of vast, often untapped, natural resources. Endowed with extensive savannahs, productive land and forests, mineral deposits such as gold, bauxite and diamonds, abundant water resources and Atlantic coastline, the country presents dynamic business opportunities across multiple sectors of the economy. While recognized globally as a sugar and rice producer, much of its agricultural potential is yet to be developed, especially with regard to fresh and processed fruits and vegetables. Its forestry potential is just beginning to be realized, particularly in the realm of value-added wood products. Its extensive network of rivers and Atlantic coastline provide ideal conditions for both seafood and aquaculture. Finally, unspoiled rainforest, exotic fauna and natural attractions such as Kaieteur Falls (the highest single drop waterfall in the world), make Guyana a highly attractive location for eco- and adventure-tourism.
Best Prospect
Sectors with good prospects for growth include:
- Agriculture and Agro-Processing
- Seafood & Aquaculture
- Light Manufacturing
- Forest Products
- Tourism
- Information & Communication Technology (IT-Enabling Services)
- Mining
- Energy
Market Opportunities
Guyana offers potential investors a broad spectrum of investment choices, ranging from more traditional industries (such as mining, sugar, rice and timber), to non-traditional export sectors (such as aquaculture, agro-processing, fresh fruits and vegetables, light manufacturing, value added forest products, and seafood), to services exports (such as tourism and information technology enabled services). Many products receive duty-free or reduced tax treatment in the U.S. market.