Geoffrey DaSilva, chief executive officer of the Guyana Office for Investment(Go-Invest) predicts that 2003 will have seen 189 projects valued at $17 billion being created, adding 2,200 new jobs.
"To say there is no investment, is not a serious thing," DaSilva remarked at a press luncheon held yesterday at Cara Inn, in part to present the agency's new web site.
Unfortunately no projections were given for 2004 and the web site demonstration developed a technical glitch.
The Go-Invest web site, which is at www.goinvest.gov.gy was designed to make specific information more accessible. It was created by Red Spider, a local company.
DaSilva cautioned that the 2003 figures are only projections and the actual data will be released next month.
Of the 189 projects, he said 123 were by local investors, 59 by foreign investors, 17 of these being overseas Guyanese and seven joint ventures.
For example, there were 52 processed-food projects with 40 being local and 12 foreign investments - in the areas of sea food, poultry, beef and dairy, feed and aquaculture. In minerals and energy, there were eight projects, garment/textiles, 12; services, 19; light-manufacturing, 22.
Also included were 16 fresh-food projects and 28 wood projects as well as 12 in the information and communications technology sector.
Fresh-food produce rose by 30 per cent this year and there are promising results in Trinidad and Barbados for wood products, DaSilva said.
But more investment is needed in light-manufacturing, services, information technology, tourism, fresh food and in minerals and energy. He said more investment in the mining sector was crucial since Omai had announced that there would be a shortfall in their production.
DaSilva said lobbying efforts were ongoing with China, Suriname and with Middle Eastern countries to develop more links for investment opportunities.
Several investments dubbed by Go-Invest as "matchmaking ventures" that include a foreign buyer being paired with local exporting companies have proven to be fruitful.
DaSilva said 55 serious ventures of this type were made in 2003 in the areas of seafood, garments and confectionery. "It's a diversified strategy we have... There must be a spread, a range of businesses."
He added that there must be the same level of opportunities for investment in Berbice or Demerara. He also remarked that negativity and dependence on the government were two major challenges.
Tom Whitney, project director of Guyana Economic Opportunities Project, which works along with Go-Invest, said the agency was doing its best with the resources available.
He said GEO was co-ordinating market studies in Canada and Caricom countries to determine the level of consumption for certain local products and to organise the exporters and local manufacturers.
He added that in 1999 it took seven months to get a duty-free concession and now it took a little over two months. Processing of a land application is now down to seven months from 19 months in 1999, he also noted.