Guyanese entrepreneurs are increasingly looking beyond local suppliers and turning to international markets to source goods and materials, as the country’s rapid economic growth creates new opportunities across multiple sectors.
President of the Georgetown Chamber of Commerce and Industry (GCCI) Kathy Smith made the remarks during the recent GuySuCo Training Centre graduation ceremony in Berbice.
Smith, who also serves as Chairperson of the Board of Industrial Training, said Guyanese must recognise their role in the country’s economic transformation as industries continue to expand.
“In the private sector, as the chair of the Board of Industrial Training, you are living in a country that might be the fastest-growing economy in the world per capita. I know when a lot of you hear this, you would say, ‘Where do I fit into this?'” she said.
She pointed to the construction sector as one area where opportunities continue to grow, noting that businesses are struggling to find skilled workers.
“Construction, I am in construction and I cannot get workers. I am now hiring. I am hiring clerk of works to do skilled labour work in construction. I am hiring people with degrees at my office to do administrative work,” she said.
Smith said Guyana’s construction sector grew by 31 per cent, while trade expanded by 71 per cent in the previous year, driven in part by increased demand for imported goods such as electrical appliances and construction materials.
She noted that purchasing patterns have changed, with more Guyanese entrepreneurs now bypassing traditional suppliers and directly sourcing products from overseas markets.
“There was a time where we bought them only from the hardware stores in our communities. Now Guyanese themselves have the ability to go to places like China, they are going to Turkey, and they are buying their materials and bringing it here,” she said.
Smith encouraged citizens, especially young Guyanese, to see themselves as participants in the country’s economic growth and to explore opportunities through entrepreneurship and international partnerships.
“Why can’t you be part of that? Why can’t you do that for yourself? Young Guyanese are partnering with international companies,” she said.
She also highlighted the scale of Guyana’s economic transformation, pointing to the country’s growing population, oil production and increased investment in non-oil sectors. Smith noted Guyana has more than 11 billion barrels of oil equivalent discovered, with daily production having increased substantially compared to previous years, while revenues from the oil sector are being used to support development in areas including agriculture, infrastructure and business expansion.
Referencing Guyana’s national budget presented by Finance Minister Ashni Singh, Smith pointed out that billions of US dollars are being invested into the economy, with a portion of funding coming from oil revenues.
She said Guyana is also making strides toward reducing its dependence on imported agricultural products by investing in technology and local production.
Smith said crops such as onions and garlic are expanding, with the agricultural sector positioned to supply domestic needs while creating opportunities for exports to regional and international markets.
The BIT Chairperson said Guyana’s economic future will depend on citizens recognising opportunities within the country’s growth and actively participating in its development.
