HGP Nightly News – President Irfaan Ali has warned international companies that Guyana will no longer be content serving solely as a destination for imported goods, declaring that foreign brands must invest in local production if they expect to benefit from the country’s expanding market.
Speaking at the commissioning of BK Air/Jags Aviation’s new HAL Dornier 228 aircraft on Saturday, Ali said Guyana’s development strategy is increasingly focused on manufacturing, agro-processing and value creation rather than consumption alone.
“We don’t want to be a market that is only consuming and buying,” the President told attendees.
Ali argued that companies seeking long-term access to Guyana’s economy should also contribute to its productive capacity through direct investment.
“If we are not good enough for you to manufacture and produce your goods by investing in our economy, then we are not good enough to consume your goods too,” he said.
The President’s remarks come as Guyana continues to experience rapid economic expansion fueled by growth in the oil and gas sector, creating new opportunities for consumer spending and industrial development.
Ali said the government has already created what he described as some of the most aggressive fiscal incentives in the Caribbean for manufacturing and agro-processing, removing many of the barriers that previously discouraged companies from establishing local operations.
According to the Head of State, the country’s objective is to transform itself from a primarily import-driven economy into a regional centre for production and value-added industries.
He pointed to a recently announced collaboration involving local company Banks DIH and partners from the Dominican Republic as an example of the type of investment the government hopes to attract.
The initiative is expected to support the establishment of an agro-processing and manufacturing hub in Guyana focused on food production and snack manufacturing.
Ali said the project reflects a broader vision shared by Guyana and Dominican Republic President Luis Abinader to deepen regional economic integration through production and investment.
While noting that Guyana remains open to imported goods that are competitively priced and of high quality, the President stressed that the country’s long-term development depends on expanding local manufacturing.
“We cannot go forward without value creation and manufacturing in this country,” Ali stated.
