The inaugural International Business Conference (IBC) commenced at the Guyana Marriott Hotel in Georgetown, signalling another pivotal moment for Guyana, Suriname relations, and the wider Caribbean region.
Running from the 15th to 17th of October 2024, the conference has attracted hundreds of business leaders, investors, and government officials from across the globe, all eager to explore the vast economic opportunities offered by Guyana’s rapidly expanding economy.
In his opening remarks, Dr. Vishnu Doerga, Chairman of the Suriname-Guyana Chamber of Commerce, hailed the event as an early success, noting that more than 100 business-to-business (B2B) meetings had already been conducted, with expectations to surpass 1,000 before the conclusion of the conference. He emphasised that the idea for the IBC stemmed from the growing collaboration between Guyana and Suriname, which had led to joint ventures and enhanced networks between businesses across both nations.
President of the Guyana Manufacturing and Services Association (GMSA), Ramsay Ali, also spoke to the opportunities in manufacturing, while highlighting energy costs as a challenge. He expressed optimism about the upcoming Gas to Energy project, which is expected to lower energy costs by 50 percent, making Guyana’s manufacturing sector more competitive.
The highlight of the opening ceremony however, was the keynote address delivered by Head of State, President Irfaan Ali, who in emphasised the importance of regional collaboration in fostering long-term, sustainable growth.
“We really have a simple objective, and that is to build long-term and sustainable growth through physical and human investment, and to strategically position Guyana as a competitive partner in this region. We cannot go alone; we have to go together as a region.”
President Ali also used the opportunity addressing the confab stakeholders to highlight the shift in Guyana’s market dynamics, noting that the private sector is now playing a key role in organising major events like the IBC. With this in mind, he lauded the private sector for its innovation and strategic thinking, stating that the government’s role is to create an enabling policy environment for growth and investment, while the private sector must drive the economy forward.
In a unique twist to the usual format, President Ali invited the audience to ask him 10 of their hardest questions. a brief Question and Answer session led by the President, saw participants from French Guiana, Colombia, and Suriname, among others, posing queries on topics ranging from regional cooperation to energy strategy.
One notable question came from a representative from French Guiana, who asked whether their country would be part of Guyana’s future growth plans. In response, President Ali affirmed that French Guiana was an integral partner in the regional development plan, explaining that Guyana, Suriname, French Guiana, and Brazil are working on an energy infrastructure that would not only ensure energy resilience but also position the region as a hub for food processing and value-added industries.
Another key question from a Colombian attendee focused on how Guyana plans to manage its energy projects and whether there would be opportunities for exporting gas to neighbouring countries. President Ali responded by outlining the government’s strategic focus on renewable energy projects and highlighted the potential for gas exports, emphasising that challenges present opportunities for regional cooperation.
to this end, President Ali underscored his vision for Guyana to become a global player by leveraging its geographic position, abundant natural resources, and strategic partnerships. “What we are building in Guyana is tomorrow’s economy today,” he said, citing the country’s ongoing investments in energy, infrastructure, and digital technology. He also stressed that Guyana’s young population—40 percent under the age of 35—was a key asset in driving the country’s growth trajectory.
As the IBC continues, it promises to be a transformative event for Guyana and the wider Caribbean region, with its emphasis on regional cooperation, innovation, and investment, positioning Guyana as a leading destination for international business and a model for sustainable economic growth in the Caribbean.
