Sherwin Damdar

3/22/2015

Guyana is the only English-speaking country in South America.

GEOGRAPHYThe size of Idaho except half the population.

Facts about the country

• Population:751,000• Capital: Georgetown• Religion: Christian, Hindu,

Muslim• Life Expectancy: 63• GDP per Capita: USD $3,800• Literacy Percent: 99• Currency: Guyanese dollar

(202GUY to 1USD)

History• Pre-Colonial -  Inhabited by Indigenous people• 1627 – Dutch Settlements established • 1796 - Colonial British Rule & Sugar Plantations

History• 1834 - Abolition of slavery/importation of workers from

India• 1966 - Independence & State Socialism • 1985 onward - Gradually moving to industry privatisation

and unrestricted freedom of the press and assembly. 

Ethnic Composition

Indo-Guyanese 43.5%

Afro-Guyanese 30.2%

Mixed Heritage 16.7%

Amerindians 9.2%

Leave the Barrel at home

Guyana is home to the tallest single-drop waterfall in the world — Kaieteur Falls. This waterfall has a single drop of 741 feet. In comparison, Niagara Falls is 167 feet.

No Smoking Allowed

St Gorges Cathedral Anglican in Georgetown, Guyana is among the world’s tallest wooden structures. The cathedral soars to a height of 143 feet! 

The country gained fame in the world in the wrong way when Jim Jones, the religious cult leader, and his 900 supporters committed suicide in Guyana in 1978.

Don’t be a Kool Aid Drinker.

Sometimes “the bling” really does matter

The Omai Gold Mine in Guyana is one of the largest open-pit gold mines in South America.

Business Climate at a Glance

• 1989 - Import restrictions & price controls removed

• 1991 - Adopted a floating exchange• 1996 - Major debt relief (67% write-off) • 2000 - Guyana-Suriname Basin is identified

as having the 2nd highest resource potential among unexplored oil basins in the world. 

• Today - Program of divestment/privatization of state-owned entities, including telephone, timber, rice, fishing, engineering and ship-building.

Market DriversGuyana's economy relies largely on the exportation of six commodities. They represent nearly 60% of its GDP.

•Gold, •Sugar•Rice•Bauxite •Shrimp•Timber

Relationship vs. Schedule

Guyanese place more emphasis on people and relationships than to the strict adherence of set schedules in social situations.

Hospitality

Hospitality is important to the Guyanese and it is quite common for the visitor to be invited to their homes. Informal wear is widely acceptable, but men should avoid wearing shorts.

Communication Style

The Guyanese are known to be very direct and to the point. Honesty is appreciated and expected. Body language is very important in communication.

Meeting & Greeting

At a first meeting, a man/woman generally shake hands with another man/woman. Friends and close acquaintances may share a light hug with a kiss on the cheek.

Dress CodeDress is casual in Guyana. The occasions are few where suits would be worn. Although short trousers may be worn by men doing field work, shorts should not be worn by women at work.

Industries being Privatized

The Government is seeking to encourage investment, by both local and foreign investors, in the following areas:

•Agriculture, Fishing and Shrimping •Tourism and Hotel Development •Textiles and Garments•Mining and Minerals •Forestry, Wood-based Products;•Financial services•Energy/electricity generation

Types of Business that will Excel

• Differentiated Industrial Products• Highly Technical Service Providers

Examples1. The British firm of Booker Tate was brought in

to manage the sugar company, GUYSUCO

2. Australian mining firm MINPROC, was hired to manage the bauxite company, the Linden Mining Enterprise (LINMINE).

Market Channel

Since it is still fairly hard to do business in Guyana because of the lack of infrastructure, corruption and access to key relationship the quick path to success is through:

•Joint Ventures•Local Distribution/Agent•Government Sanctioned Investment Programs

Ease of Doing Business Ranking WorldwideRanked in the 115-152 category out of 189 countries.

Same as Brazil, India and East Africa.

Business TaxesThe Total tax rate on businesses in Guyana is 36.1 (% of commercial profits), being the #134 highest business tax rate in the world.

Why Invest in Guyana

• Untapped Natural Resources• Location• Duty Free Market Access• Language• Affordable Labor• Openness to Investment

Summary of Risks and Rewards

Opportunities/Rewards•Privatization of Commodity Industries•Eco-Tourism in Infancy•Oil Industry in infancy

Roadblocks/Risks•Lack of Infrastructure•Taxes•Political/Ethnic Instability•Bribery/Corruption

Resources for More Information

• National Geographic – Guyana• Doing Business – World Bank Group • Doing Business in Guyana - USAID• Economic Survey of Latin America and the Caribbean 2014• The Guyana Office for Investment