–strategic initiatives being pursued as a necessity to catalyse development across the country, President says
THE President, His Excellency Dr Irfaan Ali, has stressed the importance of the country’s current developmental trajectory, positioning Guyana to effectively address future challenges and contribute to leadership within the Caribbean and Latin American regions.
During a recent engagement, the Head of State spoke of the urgency in building out needed infrastructure in the country as Guyana continues its transformation.
He said that the developments that the country should focus on are those that create sustainability; that generate economic expansion; produce new jobs and that stimulate wealth, in which “investment and growth go hand in hand.”
“We have to understand what are the requirements of this country moving forward. I see people asking questions about the investment in infrastructure. It’s an infrastructure budget. Well, if you don’t have infrastructure, you have to build it, because development follows infrastructure.”
He added that if both the government and private sector fail to capitalise on building the needed infrastructure and making the necessary investments, the consequences will be dire.
“We need to work on a project that’s beyond the scale of Guyana, a project that is a scale of the Region. That is what is going to create new energy and economy. That is what is going to create new wealth. That is what is going to create new excitement. Unless we understand that the future we are building has to be on a scale that we have never seen before, -our playground cannot be the market that exists here alone.”
He noted that, according to history, countries that achieved wealth soaked up every opportunity in sectors in their geographical locations. Those businesses, he said, moved from solo investments to consortium approaches. Likewise, he renewed his call for the same approach in Guyana, where investors can pool together their resources to facilitate substantial ventures.
“There is a concept in business called early movers, and you have the early-movers’ advantage. If we remain static in our development and the way in which we structure our development, we will be late movers and we’ll pay the price.”
He posited that not only will the current investments and infrastructural development change the current trajectory of the country, but also the future.
In focusing on the energy sector, he said that Guyana must work with the private sector and international partners to strategically “secure and cement” its position as a “major mover and shaker in the energy market”.
Investments such as the US$300m Vreed-en-Hoop Shore base, he asserted, is not just a celebration of a physical infrastructure, but rather, one in which there are jobs and economic benefits. Approximately 400 persons were employed during the construction phase of the project and some 250 persons will be permanently employed.
“That is what is going to create a new energy economy. That is what is going to create wealth. That is what is going to create new excitement,” he underscored.
The new facility, the President posited, constructed on a 44-acre artificial island, “is one additional asset that allows us to build one of the best marine industries and marine sectors in the Region.”
He added that projects such as the second gas-to-shore plant and the Berbice Deep-Water Harbour “must happen” to enable Guyana to reach its potential as a logistics and transportation hub. It is envisioned that this project will be a reality within the next five years.
“These are key investments for a structural transformation of our country. These are key investments for the value creation that is necessary to generate, build, and keep sustainable jobs.”
