The United States (US) stands the risk of losing critical ground to Chinese business in Guyana which is currently seeing unprecedented oil-driven growth. This is according to a report from Newsweek, an American weekly news magazine.
The report noted that last year, Guyana achieved a staggering 62.3 percent Gross Domestic Product (GDP) growth, a fact endorsed by the International Monetary Fund (IMF), positioning it as the world’s “fastest-growing economy.” This extraordinary progress has attracted global attention, with major international interests converging on this nation.
However, the absence of prominent American corporations in Guyana, aside from the energy sector led by ExxonMobil, raises questions about the United States’ role in this emerging economic powerhouse. While Guyana’s economy burgeons, Chinese-backed businesses have been quick to seize the opportunity. This potential influx of foreign investment from China has the potential to disrupt U.S. geopolitical interests in the region.
Dr. Tenpao Lee, an economics expert, has emphasized the need for the U.S. to educate and motivate American companies to engage in Guyana’s burgeoning economic landscape. “The U.S. should be the natural business partner for Guyana, given the shared language and geographic proximity,” Dr. Lee asserted. However, he underscored the importance of American businesses recognizing the opportunities and acting swiftly to secure a strong position in this rapidly evolving market.
It was also stressed that as the world turns its attention to Guyana’s booming economy, American businesses have a unique opportunity to play a significant role in shaping its future. This evolving economic journey could hold the key to not only Guyana’s prosperity but also to strengthening U.S. influence in the region.
Since the discovery of substantial offshore oil reserves in 2015, Guyana has become a magnet for global investors. Multinational giants have been flocking to Guyana to tap into the immense wealth offered by its oil reserves, positioning the country as a key player on the world’s energy stage. This newfound economic prominence, coupled with its strategic geographic location near Venezuela and Brazil, has made Guyana a focal point for private sector interests, with Chinese-backed businesses in particular seeking a strong foothold in this burgeoning market.