Junior Stock Exchange to be Developed in Guyana 

The Georgetown Chamber of Commerce and Industry (GCCI) has announced plans to collaborate with the Jamaica Stock Exchange to establish a Junior Stock Exchange in Guyana. This move aims to provide small and medium-sized enterprises (SMEs) with greater access to capital, boosting economic growth. Kester Hutson, President of the GCCI, emphasized the need for local businesses to engage with these new opportunities to ensure sustainable wealth creation. This development comes amid broader efforts to enhance trade and investment through strategic programs and partnerships.

Private Sector Weighs Matching Government’s $100,000 Minimum Wage

Following President Dr. Irfaan Ali's announcement of a $100,000 minimum salary for all public sector workers by 2025, private sector leaders are considering a similar move. Komal Singh, Chairman of the Private Sector Commission (PSC), noted that the increased public sector wages would likely push private employers to adjust salaries as well, particularly in the face of Guyana’s labor shortages. While the current private sector minimum wage is $60,000, discussions are underway on how the private sector could match this increase with the right incentives.

Business Opportunities Based On Today’s Developments

1. Small Enterprises (SE)

Opportunities here typically require lower capital investment, can be operated by a handful of people, and leverage niche market demands.

A. Tourism and Travel-Related Services

• Context: The introduction of direct flights by Avianca Airlines from Guyana to Colombia creates a stronger link between the two countries.

• Opportunity: Small travel agencies or tourism operators could offer niche travel packages targeting Colombians visiting Guyana or Guyanese traveling to Colombia. Packages could include eco-tourism, heritage tours, or adventure travel in the rainforest.

• Additional Thoughts: Language services (Spanish-English) and tour guides fluent in Spanish will be in higher demand.

B. Sports Development and Merchandising

• Context: The Republic Bank/One Guyana Volleyball Tournament is set to involve 66 teams from various regions.

• Opportunity: Small enterprises can capitalize on this by creating merchandise such as team uniforms, sports gear, and event memorabilia. Further, businesses that provide event services—such as food vendors, portable seating, or entertainment—could cater to tournament audiences.

• Additional Thoughts: Collaboration with sports brands to supply affordable yet high-quality volleyball equipment for participants.

C. Educational Tools & Tutoring Services

• Context: The rollout of free university education in 2025, combined with the government's focus on digital learning, creates a ripe opportunity for education-related services.

• Opportunity: Small enterprises could offer tutoring services, especially in online formats, to support students preparing for university or technical exams. There is also potential for developing supplemental educational tools like learning apps, focusing on specific academic subjects.

• Additional Thoughts: A business could build digital learning platforms that align with the curriculum and AI-based assessments, tapping into the government’s digital school initiative.

2. Medium Enterprises (ME)

Medium enterprises typically require higher investments, operational capacity, and skilled labor. They benefit from scaling more sophisticated services.

A. Tourism and Hospitality Expansion

• Context: The increasing connectivity between Guyana and Colombia due to Avianca's flights means a potential rise in business and leisure travel.

• Opportunity: Medium-sized enterprises can consider opening boutique hotels, guesthouses, or bed-and-breakfast services, particularly in urban or tourism-heavy areas. Hospitality services such as Spanish-speaking staff training, culturally specific food services, and tour packages could also thrive.

• Additional Thoughts: Collaborating with the tourism board to offer eco-friendly travel experiences that can also tap into corporate clients from Colombia’s oil sector.

B. Mental Health Services

• Context: Mental health awareness is growing, with the Ministry of Health focusing on improving mental health services across Guyana, particularly in the workplace.

• Opportunity: Medium enterprises can establish mental health clinics or offer mental wellness services to companies. These businesses could also provide workplace workshops focusing on stress management, emotional intelligence, and counseling services.

• Additional Thoughts: Online counseling and telehealth platforms can be developed to reach remote areas, providing much-needed support to both businesses and individuals.

C. Sports & Event Management

• Context: The launch of the Republic Bank/One Guyana Volleyball Tournament reflects a growing interest in organized sports.

• Opportunity: Medium-sized enterprises can enter sports management by offering event planning services for regional tournaments or facilitating sports sponsorships and endorsements. Additionally, companies can create training facilities or sports academies focused on volleyball and other sports.

• Additional Thoughts: There’s a long-term opportunity to train athletes for international representation, which can garner support from both public and private sector stakeholders.

3. Large Enterprises (LE)

These are capital-intensive, scalable opportunities that require significant investment but promise larger rewards.

A. Logistics and Trade Between Guyana and Colombia

• Context: With Avianca's flights making travel between Guyana and Colombia more convenient, businesses may see an increase in trade opportunities.

• Opportunity: Large enterprises could establish trade logistics, shipping, and warehousing services that facilitate the movement of goods between the two nations. There’s potential for distribution hubs that handle Colombian goods being exported to the Caribbean and South America, and vice versa for Guyanese goods entering the Colombian market.

• Additional Thoughts: With direct routes opening, perishable items such as fresh produce, seafood, or even medical supplies could be handled, and large enterprises could benefit from developing infrastructure around this new flow of goods.

B. Oil & Gas Sector and Local Content Expansion

• Context: ExxonMobil’s continued focus on local content opens numerous opportunities for large-scale local businesses, particularly in support services for the oil and gas sector.

• Opportunity: Large enterprises can invest in building local content supply chains, ranging from construction and development of shore bases (like Vreed-en-Hoop) to engineering and consulting services. There’s also potential for large-scale manufacturing or service providers to offer infrastructure, housing, and maintenance support to international contractors.

• Additional Thoughts: Forming strategic partnerships with international firms could fast-track access to contracts under the local content mandate. Additionally, Guyana’s private sector should push into high-value services like IT solutions, logistics, and human resources for the oil sector.

C. Higher Education and Corporate Training

• Context: Guyana’s shift towards free higher education and digital learning platforms opens opportunities for creating infrastructure around education.

• Opportunity: Large enterprises can develop e-learning platforms, software, and hardware solutions for the University of Guyana and other tertiary institutions. Additionally, corporate training services using AI and digital learning platforms could be expanded to include professional certifications, especially in oil and gas, engineering, and business management.

• Additional Thoughts: Partnering with international universities or software companies to create advanced AI tools or digital classrooms would give local businesses an edge. There’s potential to cater to both local students and CARICOM members through online platforms.

D. Infrastructure and Real Estate Development

• Context: The rapid development in Guyana’s oil-rich economy and urban growth, particularly with the emphasis on free education and mental health.

• Opportunity: Large enterprises could venture into real estate development, focusing on building student housing, commercial properties, and facilities for health and wellness centers. There’s also an opportunity to construct sports complexes or upgrade existing infrastructure for large-scale events like sports tournaments or international conferences.

• Additional Thoughts: Real estate companies could align with government initiatives by offering eco-friendly and sustainable housing projects, which might attract CSR funding from major players like ExxonMobil.

Conclusion and Strategic Thoughts

Guyana's expanding economy, boosted by oil wealth and significant foreign investment, is presenting unique opportunities for businesses across scales. The direct airline link with Colombia and ExxonMobil's local content push are particularly promising for those ready to scale. The government’s investment in mental health, education, and infrastructure adds further depth to the potential opportunities, especially in technology, health, and tourism. Small, medium, and large enterprises can all find significant openings to contribute to and benefit from this rapidly growing economy.

For any business to succeed in these sectors, it's critical to form partnerships with local and international stakeholders, keep an eye on government policies, and ensure compliance with local content regulations while addressing the country’s needs for professional services, education, and technology.

Side Hustle Ideas Based On Today’s Developments

1. Specialized Tourism and Travel Concierge Service

With Avianca Airlines launching direct flights between Guyana and Colombia, international travel into the country will increase, creating a unique opportunity for a specialized travel concierge service. This side hustle would cater to international tourists and business visitors by offering personalized services such as tailored travel itineraries, local accommodation recommendations, transport arrangements, and exclusive tours to hidden gems in Guyana, such as eco-tourism sites and cultural experiences.

Why it's high-value:

• Leveraging the influx of international travelers, especially with the rise in business and leisure visitors.

• The service can be offered remotely and scaled over time, starting with a small investment in marketing and partnerships with local tour operators.

• Guyana is emerging as a unique eco-tourism destination, and specialized services can cater to higher-income travelers.

2. Premium Local Content Production for Corporate Social Responsibility (CSR)

With ExxonMobil and other large oil companies focusing on local content and community engagement, there is an opportunity to produce high-quality digital content (videos, photography, and social media campaigns) showcasing CSR efforts, environmental protection projects, and community development initiatives. This side hustle could involve documenting the positive impact of the oil industry and other sectors on local communities and wildlife, tapping into the need for businesses to improve their public image.

Why it's high-value:

• Companies like ExxonMobil need to showcase their local content efforts, which are growing. Producing content for their CSR programs, community involvement, and sustainability initiatives can be highly lucrative.

• You can collaborate with corporate entities and government agencies, providing consistent work with room to scale by hiring additional freelancers for bigger projects.

3. Small-Scale Eco-Friendly Packaging Solutions

With the rise of local content and business opportunities in oil, agriculture, and tourism, there is a growing demand for sustainable practices. A side hustle could focus on producing eco-friendly, biodegradable packaging for local small and medium businesses, especially those in food production, agriculture, and retail. With increasing awareness of environmental sustainability, this side hustle could provide high-quality packaging made from organic or recycled materials.

Why it's high-value:

• As more companies align with sustainable practices, demand for eco-friendly packaging will rise. Small enterprises could target local producers of coconut products, dehydrated fruit, and small retail businesses.

• The business can start small with custom orders and scale up based on demand, offering flexibility to someone with a full-time job.

• Access to raw materials like coconuts and other organic waste is abundant in Guyana, creating a cost-effective production pipeline.

Each of these ideas taps into key economic drivers in Guyana’s rapidly growing sectors while offering scalability and flexibility for individuals looking to supplement their income.