Guyana will need at least US$10 billion in investments to fully capitalize on the opportunities that come with its burgeoning oil and gas industry. This is according to Chairman of the Wales Development Authority, Asgar Ally.
During an interview at the Jamaica Stock Exchange Conference back in January, Ally underscored the pivotal role of capital influx in propelling the country’s economic growth and facilitating regional development.
“You see, capital (is the) engine of growth…Guyana now needs about $10 billion in capital funds, to establish new companies and so forth, to take advantage of the opportunities that arise. The projects are there, all you need is the financing and expertise,” he said.
Ally a former finance minister is now head of the Wales Development Authority which was established by the current government to work on investments. The authority is tasked with the development of not only agriculture but agro-industries, processing facilities, manufacturing, and industrial development.
During the interview, Ally stressed the pivotal role of the Caribbean in supporting Guyana’s transformation. He highlighted the potential for Guyana’s economic advancement to catalyze growth across the wider Caribbean Community (CARICOM) economy.
Ally also pointed to the influx of expertise from neighboring Trinidad and Tobago, particularly within the oil sector, as indicative of the region’s growing involvement in Guyana’s economic landscape. To this end he underscored the importance of leveraging Jamaica’s expertise to further bolster collaborative initiatives and maximize developmental outcomes.
“We are part of the Caribbean. We have to make sure that whatever happens in Guyana is part of the Caribbean,” he affirmed. Added to this, he expressed cautious optimism regarding Guyana’s role as a transformative force within the Caribbean region. “It will take time,” he conceded, noting that gradual progress is already underway.
