Minister of Natural Resources, Vickram Bharrat has called for increased local investment from the Guyanese business community as the country continues to reap the benefits of its oil wealth.
Addressing the audience during the launch of the Guyana Energy Conference and Supply Chain Expo 2025, Bharrat emphasized the importance of local participation in the country’s expanding oil and gas sector as it continues to expand and attract international attention.
“We want more, more investment from our local private sector,” Bharrat urged. He outlined how the government has fostered an environment conducive to local business growth through local content legislation and strategic partnerships. “We have created an enabling environment through the Local Content legislation, through government policies, through our partnership with ExxonMobil and the tier one, tier two contractors, so that opportunities are extended to local businesses,” he said.
Bharrat commended local entrepreneurs who have engaged with the sector and called for others to follow suit. “I must say that we’re pleased to see that many companies coming to invest in Guyana today, whether the service is part of the Schedule One in the local content legislation or not, they are engaging local partners,” he noted. He also highlighted the benefits of the legislation noting that they ensure Guyanese firms are well integrated into the industry and receive broader economic benefits.
One of the legislation’s major successes he said, is the fact that it has led to greater engagement between international companies and local firms. He pointed out that many of these international entities are now partnering with Guyanese businesses, creating new opportunities and fostering economic growth within the country. This collaboration, he noted, aligns with the government’s objectives to build a more inclusive economy where the benefits of the oil and gas sector are shared widely.
In his address, Bharrat also touched on the broader economic strategy that complements the oil and gas sector. He stressed that while the sector is a significant driver of growth, it is essential for local businesses to diversify and invest across various sectors to ensure sustained economic development. “One of those traditional sectors, and I mentioned earlier, agriculture has been the bedrock of our economy, and continues to be so,” he outlined.
Also present at the launch was Chief Executive Officer of GO-Invest, Dr. Peter Ramsaroop who noted the importance of local investment. Dr. Ramsroop highlighted several new projects funded by local investors, such as the construction of hotels and other infrastructure developments. “The good part about our investments over the last five years is that our local investors going from VESHI to Nick Boyer, to the Aiden Hotel by the Alphonsos, these are all locally funded investments,” he remarked.
VESHI (Vreed-en-Hoop Shorebase Inc) is a majority Guyanese owned logistics and shore base services provider located on an artificial island on the West Bank of Demerara. The Aiden hotel, also locally owned, is a boutique-style hotel that recently opened in the heart of Georgetown to further boost Guyana’s hospitality industry.
Regarding ethical investment, he emphasized that while making a profit is encouraged, investors must also adhere to ethical standards. According to Dr. Ramsroop, “We don’t care if you make money, you make your money. Treat our people right; you pay your taxes; we’re all happy.”
