Six local companies namely, Guyana Stock Feed Ltd, Royal Chicken, Edun Farms, SBM Wood, Dubulay Ranch, and Bounty Farm Ltd, have partnered with Brazilian-owned N F Agriculture to produce soya bean and corn for both the local and the regional markets.
According to the Ministry of Agriculture, the massive project is expected to get underway in the next few months.
Following a tour of their Timehri operations on Tuesday, Assistant Managing Director of Bounty Farm Limited, David Fernands explained the group’s vision for the project.
“With the onset of Covid-19, we have realized our vulnerability to global prices, supply, and freight variability. This underscored the importance of self-reliance in the area of food security. As a group, we want to be able to help transform Guyana’s food and agricultural systems, shorten the value chains nationally and regionally, become self-sufficient in commodities needed for the poultry industry, create employment, and boost rural development among other things,” Mr. Fernands said.
The Managing Director also said that such a massive project would result in a substantial reduction in the cost of raw materials for livestock production while improving Guyana’s competitive advantage in the global marketplace.
With Guyana expending close to US$25 million annually on proteins for the poultry sector, the government since taking office has promoted the domestic cultivation of grains like corn and soya bean. As a tangible show of support, the government in its 2020 Emergency Budget removed Value Added Tax (VAT) on agriculture machinery, fertilizers, agrochemicals, and pesticides, thereby making it more feasible for such investments.
In this year’s budget too, an additional $500 million was allocated to develop the corn and soya bean industry. Guyana Standard understands that these sums will be invested to ensure the necessary infrastructure is in place to support private investment.
Following the announcement by the seven-member group of its multimillion-dollar plans, Agriculture Minister, Zulfikar Mustapha was keen to remind that government intends to reduce spending, especially on commodities that can be produced locally. The subject Minister also said that government is ready to work with investors and provide the necessary support to ensure projects of this nature get off the ground.
“We already have an investor from Brazil who is doing corn cultivation in the Ebini, located in upper Berbice River and I am looking forward to seeing more companies coming on board…If we can produce the amount of corn and soya bean required to become self-sufficient in proteins for our poultry industry, those funds can be used to further develop the sector…,” Minister Mustapha said.
The official also said that the government will be making the necessary resources available so that this latest corn and soya bean project can commence as soon as possible.
