By 2027, the ExxonMobil led consortium in the prolific Stabroek Block is forecast to have operational, six floating, production, storage and offloading (FPSO) vessels producing at minimum, one million barrels of oil per day. No doubt, the massive scale of these operations will result in a construction boom, more shore bases here along with other supporting services, and expectedly, influx of expatriates and investors eager to serve the sector.
One common fuel that will be needed to keep this economic boom alive and well is food. As such, Guyana’s fate for explosive development in the agriculture sector is far from being a mere ideal. It is essentially sealed.
It is with this understanding in mind that Agriculture Minister, Zulfikar Mustapha last week Tuesday urged potential investors to act swiftly by taking advantage of the opportunities that lie ahead in his sector.
He made this appeal while delivering remarks at the Couva/Point Lisas Chamber of Commerce in Trinidad and Tobago regarding opportunities for doing business here.
During his address, Minister Mustapha told those in attendance that the growth of Guyana’s economy provides a plethora of opportunities for trade. He also said that the government was aggressively working on creating an environment conducive to the growth and development of the country.
“We therefore invite you to explore the opportunities for doing business in Guyana and invest in not just transforming Guyana’s agri-food system but the CARICOM Region’s Agri-food system as Guyana plays a major role in providing food to the Region,” Minister Mustapha said.
While discussing some possible areas for investment in the agriculture sector, minister disclosed that the agriculture, forestry, and fishing sectors are expected to expand by some 8.9 percent this year.
Minister Mustapha also noted that Guyana has seen heightened consumer preferences as a direct result of the influx of expatriates to serve oil and gas and auxiliary sectors. This, he added, has led to an increased demand for processed foods with greater domestic value-added.
“In light of the increasing demand for food, there is a high potential for future growth in the downstream components of the food value chain particularly processing, wholesaling, retailing and logistics. The Government of Guyana recognizes the importance of partnering with the private sector to improve and develop our food systems. As a result, the Government of Guyana has facilitated and created an environment that supports investments across all sectors,” the minister said.
Furthermore, Minister Mustapha said there were opportunities that would guarantee favourable returns in both the traditional and non-traditional agriculture sectors. In the rice sector for example, Mustapha pointed out that opportunities exist for rice production in Region Nine where vast Savannah lands are available. He disclosed to stakeholders as well that there are also areas for investment for the downstream processing of rice into different kinds of pasta, noodles, cereals, snack foods, etc.
For corn and soya beans, Mustapha shared that the soil in Guyana’s Immediate Savannah has adequate soil and climatological conditions for the implementation of large-scale grain farming for these crops to about 85,000 acres. He further noted that there are also areas for investment in the poultry, beef, swine, and small ruminant production sector while adding that agro-processing and aquaculture are also two subsectors with great promise.
In light of the foregoing, the Agriculture Minister assured potential investors that Guyana is a sure bet for tremendous returns on their investment.
