The next People’s Progressive Party/Civic (PPP/C) government will increase focus on the agriculture, services, and technology sectors to drive Guyana’s post-oil economy. This is according to the party’s General Secretary, Dr. Bharrat Jagdeo.
While offshore oil production has become a major revenue source, and with government also looking to gas production, Jagdeo had said the PPP’s next term will be geared toward building out a post-oil and gas economy. At his press conference on Thursday, Jagdeo was asked to elaborate on this vision.
Explaining the key components, he highlighted the services sector, which he said will become a major growth pole for the economy.
He pointed to the construction of 12 international hotels and noted that the government is moving to incentivize large eco-lodges in the interior.
“In terms of assets for ecotourism, we have some of the best assets in the world. We have more bird species than the whole United States of America. We have, like, huge biodiversity hotspots. We have like 86% of virgin [forest],” he said.
Jagdeo also grouped tourism and environmental services together, noting they will be a significant driver of Guyana’s post-oil growth.
Second on his list was the agriculture sector. He outlined plans for an export industry supported by food processing hubs and airport infrastructure to create a system that enables food exports.
Jagdeo noted that from both an export and an import substitution perspective, food exports would be a major growth pole for the agriculture industry.
He underscored that agriculture is a key area. Beyond traditional crops, he noted that the PPP plans to expand rice and soya cultivation, opening up 100,000 acres of land. He also spoke about the aquaculture sub-sector, which he said could generate up to US$1 billion in annual revenues.
“All of our cooking oil could be done right here in Guyana, by pressing the soya, a whole range of these things that the focus is there,” Jagdeo said.
He also highlighted dairy and meat production. He explained that despite the increase in production of meats such as chicken, pork, and beef, demand remains high, leading to price increases for some products.
He noted, “But when people earn more, they eat more meat. That’s a global trend.” As such, he stressed that Guyana will need to scale up to match changing consumption patterns.
Thirdly, Jagdeo pointed to the country’s connection with Brazil. He explained that with the completion of the deep water port in Guyana, northern Brazil will be able to use the facility for exports and imports. Jagdeo said, “The logistics, the warehousing, all of these things, the trucking services, major new growth pool for our, our companies, and Guyanese people.”
Moreover, Jagdeo also named information technology as a “big one.” He explained that with a cheaper cost of energy, Guyana will be able to establish data centers and related infrastructure.
The PPP General Secretary noted, “So there are new growth polls, several of those that we are working on at this stage now, and big investments will go flow into these areas to make sure that they are, that they grow rapidly. So that’s the, that’s the, those are some of the areas for the new growth pool.”
