During a recent interview at the Caribbean’s Leading Investments & Capital Markets Conference, Asgar Ally, former Guyanese finance minister and former Deputy Governor of the Bank of Jamaica, revealed that he is the Chairman of the Wales Development Authority.
In his capacity as a Special Advisor representing Guyana, Ally joined Neilson Rose at the CBX Interview Booth at the Jamaica Stock Exchange’s
Conference held back in January. He outlined Guyana’s ambitious plans to establish a cutting-edge industrial sector akin to the successes seen in Trinidad and Tobago through projects like the Wales Gas-to-Energy project. The government’s GTE project is expected to cut citizens’ electricity bills by half as early as 2025.
Ally was keen to highlight Guyana’s commitment to fostering a robust industrial landscape. Drawing parallels with the historic industrialization efforts of Trinidad and Tobago under former Prime Minister Eric Williams, he affirmed Guyana’s determination to establish a “state of the world industrial sector,” positioning the nation at the forefront of global competitiveness.
The former minister explained, “Now I am the Chairman of the Wales Development Authority, which was a sugar estate which was abandoned by the last government. So we are setting up that area for the industrial estate and that’s what we are working on now.”
According to reports, in December 2020 President Irfaan Ali had announced the establishment of the Wales Development Authority to work on investments. The head-of-state had explained that the Wales Development Authority will be tasked with the development of not only agriculture but agro-industries, processing facilities, manufacturing, industrial development and this facility would see special incentives. These include tax and fiscal incentives aimed at attracting investment. President Ali had noted that as the oil and gas sector expand, it will create opportunities for the manufacturing and services sector.
Moreover, during the interview Ally, underscored the pivotal role Guyana aims to play in advancing the economic landscape of the Caribbean. “We have to make sure that whatever happen in Guyana…the transformation in Guyana then facilitate transformation of the CARICOM economy,” he stated.
When queried about Guyana’s potential to serve as a catalyst for regional prosperity, Ally conveyed cautious optimism, acknowledging the gradual nature of such advancements. He highlighted the influx of expertise from neighboring Trinidad, particularly in the oil sector, and underscored the burgeoning opportunities for employment and investment in Guyana.
