Natural Resources Minister Vickram Bharrat on Tuesday encouraged local and international investors to capitalise on the opportunities being created by Guyana’s expanding economy, declaring that “now is the time to invest in Guyana.”
Bharrat was at the time delivering remarks at the opening of the fourth annual Local Content Summit 2026, held at the Four Points by Sheraton under the theme, “From Policy to Prosperity: Unlocking Opportunities through Collaboration.”
The event brought together government officials, private sector representatives, investors and other stakeholders to discuss the impact of local content policies on Guyana’s development.
“We say to investors, both local and foreign, now is the time to invest in Guyana. If you don’t invest now, you’ll probably miss the opportunity,” Bharrat said.
He described the current period as one of the most significant in the country’s history, noting that Guyanese are witnessing the transformation of the nation through major development projects and economic growth.
According to the minister, Guyana’s rapid rise is not solely due to oil production but is the result of sound policies, effective management and decisive leadership.
Pointing to neighbouring Venezuela, Bharrat argued that natural resources alone do not guarantee prosperity.
“So it shows you clearly; it is not oil and gas that have propelled Guyana to be the fastest-growing economy in the world. Because if it was oil and gas, then Venezuela would have been the best economy in the world if it was only oil and gas,” he said.
Bharrat highlighted measures introduced since 2020, including the establishment of the Natural Resource Fund (NRF), the implementation of local content legislation and updates to petroleum laws.
He noted that more than 7,000 Guyanese are now directly employed in the oil and gas sector and pointed to the training facility at Port Mourant as a key investment in workforce development.
The minister said the Local Content Act has also helped create opportunities in agriculture, transportation, housing and other sectors, allowing businesses and farmers to expand their operations as demand grows.
He cited the example of a local businessman whose vehicle fleet grew from four vehicles in 2021 to 120 by 2025, creating additional employment opportunities.
Bharrat also said Guyana continues to balance oil production with environmental protection.
“Not many countries in this world can boast of producing almost a million barrels of oil while at the same time saying that they’re the second most forested country in the world, with the lowest deforestation rate,” he said.
The minister further stressed the importance of partnerships in developing the country’s petroleum resources, acknowledging the role of international oil companies in the sector’s growth.
He also disclosed that government is still examining amendments to Schedule One of the Local Content Act to better reflect the growing capacity of Guyanese businesses.
