In a move that symbolizes a deepened commitment to Guyana’s economic landscape, the United States (US) has established a US Department of Commerce office within its embassy.
The recently- appointed Ambassador, Nichole Theriot, during her address at the Guyana Manufacturing Services Association’s (GMSA) annual Presentation and Awards Dinner event, underscored the profound impact of this initiative. “Our foreign commercial service team focuses on helping US companies find the right partner in Guyana, bringing new quality solutions to the marketplace,” Ambassador Theriot remarked.
This bold initiative aligns with a broader vision of economic diversification beyond Guyana’s booming energy sector. Ambassador Theriot emphasized the energy sector as the catalyst for Guyana’s remarkable growth, highlighting the importance of investing and fostering other sectors simultaneously. “Economic growth does not always result in economic diversification. It’s something that you have to make a concerted effort to do,” she noted.
The ambassador also stressed the need for lower-cost, reliable electricity to shift the economy toward a wide range of sectors and markets. Reliable, high-quality infrastructure, including ports, bridges, and roads, are crucial for economic diversification, according to Theriot. She also emphasized that economic diversification is achieved through policies enabling private sector growth, welcoming private investment, and deepening commercial linkages. This approach fosters joint ventures, ensuring prosperity is more widely and equitably shared.
“The United States greatly values being Guyana’s preferred partner in its development. We are increasing our engagements on all the areas I just mentioned,” Ambassador Theriot proudly announced. The political-economic team at the Embassy is actively promoting policies to propel growth, advocating for land permitting processes for agricultural investors, and creating legal and regulatory frameworks to attract additional financial institutions to the market.
She maintained that this move by the US government underscores a commitment to collaborate on policies that facilitate private sector growth, encourage private investment, and deepen commercial linkages. Her words aimed to resonate as a call for a new era in Guyana’s economic development, one characterized by robust collaboration and diversified opportunities.
