Georgetown : Investors were encouraged to capitalise on the economic opportunities available in Guyana’s young economy at the inaugural Guyana Petroleum Business Summit and Exhibition (GIPEX).
Minister of Natural Resources Raphael Trotman, in opening remarks today at the Marriot Hotel, Kingston, Georgetown, said Guyana must prepare for “unprecedented business activity”, as the oil and gas industry continues on its “fast and furious trajectory” for oil production, come 2020.
The Ministry of Natural Resources is hosting the event while the Guyana Office for Investment (GO-INVEST) is the lead organising agency. Chair of the Board of Directors of GO-INVEST, Patricia Bacchus, noted that the oil and gas industry is a significant step in efforts to diversify the country’s economy.
“I would urge all the participants to view the gaps in our economic activities not as shortcomings but instead as opportunities,” Bacchus said. She pointed out that GIPEX should explore “ripe investment” and determine economic activities along the value chain in Guyana’s oil and gas industry.
GIPEX has brought together some of the biggest service providers and operators in the oil and gas industry to partner and network with local businesses. ExxonMobil is the strategic partner in the event.
Over the next three days, local businesses will have the opportunity to have business to business meetings with international companies. They will also participate in panel discussions and workshops to learn about best practices, local content and doing business in the oil and gas industry among other agenda items.
Minister Trotman noted, GIPEX represents the attainment of an important milestone for Guyana. “It is a maturation point in our development as a new and emerging resource-rich nation,” he said.
The Minister added that GIPEX “is the government of Guyana’s official statement to its citizens and to the world that first oil in 2020 is no dream”. The Minister assured that international businesses will find willing partners and local entrepreneurs to build the “burgeoning petroleum industry and the supporting services”.
Meanwhile, Minister Trotman said Guyana must be seen as a country that used oil revenues “to fashion and carve a nation that is geographically and strategically positioned to produce the food” for the growing Caribbean region.
