Corentyne Farmers Drive Shrimp Production Boom with Government Support

Thanks to the government’s investment in aquaculture, shrimp production along Guyana’s Corentyne coast has surged. By creating new ponds and offering technical training, the Agriculture Ministry has enabled farmers to increase production from 548,900 kilograms in 2022 to 815,496 kilograms in 2023. The initiative is transforming shrimp farming into a lucrative business with products now reaching overseas markets. Farmers like Suedat Persaud and Wasim Bux credit government support for improved facilities and water quality, which have helped them scale production and create local jobs, making the shrimp industry a growing contributor to the local economy.

Demerara Bank’s Record-Breaking Growth Highlights Resilient Financial Health

Demerara Bank Limited has reached new heights in its lending portfolio, which has surged to $95.36 billion, now capturing 38% of the national lending market. This robust growth marks a $24 billion increase from last year, bolstered by a diversified loan portfolio spanning agriculture, real estate, and small businesses. Remarkably, the bank has reported zero non-performing loans for the third year in a row, attributing its success to disciplined credit management. In line with its expansion, Demerara Bank plans further tech investments to enhance customer experience while continuing to prioritize sustainable growth and community empowerment.

Business Opportunities Based On Today’s Developments

Opportunities for Small Enterprises

1. Product Compliance Consulting for Holiday Retailers

   • GNBS’s intensified focus on product safety offers a chance for small consulting firms to provide product compliance guidance for retailers. This service could help businesses avoid penalties and ensure their goods meet safety standards.

   • Notes: Focus on high-demand holiday items like toys and electronics, offering quality assurance checks and compliance certification guidance.

2. Shrimp Farm Supplies and Maintenance Services

   • The booming shrimp industry along the Corentyne coast opens doors for small enterprises to supply essential shrimp farming materials, like nets, feed, and basic equipment maintenance.

   • Notes: Partner with local suppliers to keep prices competitive and consider offering package deals for new or expanding farmers.

3. Cybersecurity Solutions for Small Businesses

   • Brava Guyana’s cybersecurity emphasis highlights the need for entry-level security packages for small businesses, including basic virus protection, data backups, and employee training.

   • Notes: Collaborate with Brava for referrals, focusing on easy-to-implement solutions that address the main digital vulnerabilities of small businesses.

Opportunities for Medium Enterprises

1. Aquaculture Training and Support Programs

   • As shrimp farming becomes more popular, a training business focused on eco-friendly farming techniques and operational efficiency would be highly valuable to the region.

   • Notes: Tailor programs to include not only shrimp farming but also broader aquaculture practices, potentially partnering with agricultural authorities for accreditation.

2. Logistics and Export Services for Shrimp Farmers

   • Medium-sized logistics companies can capitalize on the shrimp sector's export demands by offering specialized packaging, cold storage, and shipping services tailored to aquaculture exports.

   • Notes: Work closely with shrimp farmers to create a streamlined export process, including quality control measures to meet international standards.

3. Safety-Compliant Toy and Appliance Manufacturing

   • GNBS’s enhanced inspection protocols indicate a need for quality-certified local manufacturers of toys and small appliances, presenting an opportunity to fill the demand for safe, compliant products.

   • Notes: Emphasize the safety and local production of goods, with a focus on eco-friendly materials for toys and energy-efficient features for appliances.

Opportunities for Large Enterprises

1. Large-scale Aquaculture Investment and Processing Facilities

   • With the rapid growth of shrimp farming, large enterprises can invest in state-of-the-art aquaculture farms and processing facilities to produce, process, and export high-quality shrimp products.

   • Notes: Position facilities near major shrimp farms to streamline operations, and establish export connections to high-demand international markets.

2. Advanced Cybersecurity Infrastructure for National Projects

   • Brava’s focus on cybersecurity points to a significant need for sophisticated cybersecurity solutions tailored to essential national infrastructure like finance, energy, and healthcare.

   • Notes: Work on long-term contracts with government entities and large corporations to implement secure network architecture, threat monitoring, and disaster recovery systems.

3. Local Content Compliance and Workforce Development for Oil & Gas

   • With tightening regulations on work permits, large firms have an opportunity to develop workforce training and recruitment programs tailored to meet local hiring quotas in oil and gas.

   • Notes: Partner with the Local Content Secretariat and training institutions to develop compliance-ready programs, ensuring a steady supply of skilled local talent.

Side Hustle Ideas Based On Today’s Developments

1. Product Compliance & Quality Check Service for Retailers

• Opportunity: With GNBS’s heightened focus on product quality and safety, there’s a strong demand for businesses to verify the compliance of imported and sold goods. A side hustle offering quality checks and compliance verification can serve small retailers and local vendors who want to meet GNBS standards, especially for high-demand holiday items like toys and electronics.

• How It Works: Offer a mobile service where you visit local stores, assess products based on GNBS guidelines, and provide basic compliance reports or recommendations. For holiday products, this could include safety checks, labeling accuracy, and visual inspections.

• Potential Earnings: Charge per store visit or per product assessment, allowing for flexibility in pricing. This service is essential, affordable, and adds immediate value to retailers.

2. Aquaculture Supply Reseller (Specialized for Shrimp Farming)

• Opportunity: As shrimp farming surges in popularity, farmers need consistent access to materials like nets, feed, and water quality testing kits. Setting up a small side business that sources and resells these items directly to local shrimp farmers fills a significant gap.

• How It Works: Partner with local or regional suppliers to source aquaculture essentials, then sell directly to shrimp farmers on weekends or via online orders. Start with essential supplies and gradually expand based on demand.

• Potential Earnings: Small markup on bulk products, especially items like feed and maintenance equipment. The shrimp industry is expanding quickly, so this side hustle has substantial growth potential as demand rises.

3. Cybersecurity Awareness & Basic Setup for Small Businesses

• Opportunity: With businesses increasingly going digital, cybersecurity is a growing concern. A side hustle that offers basic cybersecurity setup and training for small businesses could address this need at a fraction of the cost of major IT services.

• How It Works: Create simple, low-cost packages that include basic cybersecurity training for staff, antivirus installation, and guidance on safe online practices. Market to small businesses, retail stores, and local entrepreneurs who are new to online operations.

• Potential Earnings: Charge a flat fee per setup and training session. The tech demand is high, and businesses will appreciate affordable, straightforward solutions, especially with rising cybersecurity awareness in Guyana.