Private Sector Commission (PSC) Chairman Captain Gerald Gouveia Jr. says the private sector is taking the lead in expanding Guyana’s economy beyond oil and gas, with major opportunities emerging across tourism, agriculture, manufacturing, and ICT.
Speaking on the Starting Point podcast, Gouveia said the Local Content Act has created fertile ground for local companies to thrive, especially in supporting industries linked to oil and gas.
“With the local content legislation, it really gives us the opportunity to partake in oil and gas without being in oil and gas. You’re in the periphery industries of oil and gas, whether that is logistics or accommodation,” he noted.
He said the private sector is preparing for the economic boom driven by oil and gas, and that many PSC members have seen their family businesses and entrepreneurial ideas gain new life as disposable income circulates more widely.
This, he added, has opened doors for restaurants, small and medium-sized enterprises (SMEs), and youth-led innovation.
Gouveia highlighted that Guyana’s economic strategy was recently acknowledged at a regional forum.
“Guyana stood out as one of the most economically diverse countries, despite having oil and gas. A lot of people think that Guyana is an oil and gas country — no. We are a country with oil and gas,” he stressed.
According to him, this approach demonstrates that the government is using oil revenues to develop a broad range of industries.
“It really speaks to the fact that Guyana is diversifying from oil and gas, using the revenues from oil and gas to develop our tourism and agriculture industries, and eventually our manufacturing and information and communication technology (ICT) industries.”
He added that today’s market “allows young people to innovate,” noting: “The market is there, and I think Guyanese people are good at taking advantage of opportunities when presented, and we have a plethora of opportunities available.”
Gouveia also underscored that the PSC encourages creativity and bold thinking as it meets the government’s development pace.
“The government is laying down some challenges for the private sector, and it is exciting for me to motivate my members and their members to answer that call. It really engages the creative side of your brain because it is not business as usual.”
