3 Business Opportunities in Guyana

Since the start of the century, Guyana has undergone substantial growth and has recently emerged as a key player in oil production. This development has piqued the interest of investors, who are now eyeing the array of business opportunities in Guyana. With the discovery of vast offshore oil reserves, Guyana is increasingly becoming an attractive destination for investors seeking avenues for growth. Moreover, the ongoing development of infrastructure and the expansion of sectors such as tourism and agriculture present a fertile ground for exploring business opportunities in Guyana across various segments of the economy.

Guyana’s economy has seen significant growth in recent years. The Gross Domestic Product (GDP) of Guyana for 2022 was $15.36 billion, a significant increase from the $5.17 billion in 2019. This represents a nearly 200% increase in just three years. The real GDP growth is expected to continue at a fast pace, reaching 37.2% in 2023 and 45.3% in 2024. In terms of Foreign Direct Investment (FDI), Guyana also saw substantial growth. The FDI for 2021 was $2.24 billion, a considerable increase from the $1.695 billion in 2019. This growth has been driven largely by the hydrocarbons sector.

These figures highlight the rapid economic development in Guyana, making it an attractive destination for international investors. Please note that these figures are the most recent available and are subject to change as new data becomes available.

Guyana is considered a Caribbean nation and, along with Belize and Suriname, is one of only three mainland members of the Caribbean Community (Caricom) — an economic association that also includes thirteen island nations as full members and five British Overseas Territories as associate members. Caricom’s headquarters is located in Georgetown, the capital of Guyana.

Caricom has free trade agreements established with the Dominican Republic and Costa Rica, while the Caribbean Basin Trade Partnership Act (CBTPA) — an extension of the 1983 Caribbean Basin Initiative (CBI) — gives Guyana-based companies preferential access to the US market.

Below, three of the biggest business opportunities in Guyana are considered. 

3 business opportunities in Guyana ready for investment

1) Oil investment in Guyana

A series of major oil discoveries off the coast of Guyana has seen the country recognized as an emerging oil power, with the most recent discovery pushing total reserves past 9 billion barrels. 

While much of that oil is currently overseen by a consortium led by ExxonMobil, oil represents one of several business opportunities in Guyana, as highlighted by the recent announcement that the Guyanese government is seeking a partner to market its share of the oil produced offshore.

2) Tourism in Guyana

While tourism contributes an estimated 7.8% of GDP, it has significant scope for further development, and as such represents one of the most notable business opportunities in Guyana.

Boasting stunning beaches, pristine rainforests, and enviable natural features, including the Kaieteur Waterfall — the world’s largest single drop waterfall by the volume of water flowing over it — Guyana has great potential to develop its luxury and ecotourism offerings, and the government is keen to generate more investment in the sector.

3) Mining Invesment

Known as “El Dorado” for its gold deposits, Guyana is also a significant exporter of diamonds and bauxite, while also having notable reserves of other semi-precious metals and stones, including kaolin, soapstone, copper, molybdenum, tungsten, iron, and nickel.

Guyana’s gold royalty rate sits at 8%, while gold mining companies are taxed on discoveries at a rate of 25%. Overall, mining and quarrying contributes approximately 15% of GDP, and the government is keen to promote further investment in the sector.

Biz Latin Hub can assist you in Guyana

At Biz Latin Hub, our multilingual team of corporate support specialists is ready to help you take advantage of business opportunities in Guyana. With our expertise in the likes of company formation, legal and accounting support, or hiring and PEO services, we can guarantee the provision of all of the back-office support you may need in order to help you achieve your business goals. 

We have teams in place in 18 jurisdictions around Latin America and the Caribbean, and trusted partners in many others.

Contact us now to discuss your expansion options. Or learn more about our team and expert authors.