Guyana’s Soaring Tourism Industry: Over 800,000 Visitors in Nine Months

Guyana’s tourism sector is flourishing, with over 801,000 visitors recorded in the first nine months of 2024, a staggering 18% increase year-over-year. This surge in arrivals is largely driven by the government’s proactive efforts to market the country internationally and enhance airline connectivity. With Guyana on track to surpass one million passengers by November, the booming tourism industry reflects the country's growing appeal for both business and leisure travel. Events like the Caribbean Premier League (CPL) and Cricket Carnival, coupled with increased flight routes, are fuelling this unprecedented growth.

Chinese Businesses Must Comply with Guyanese Laws, Says VP Jagdeo

Vice President Bharrat Jagdeo has emphasized that Chinese businesses operating in Guyana must comply with local laws and regulations. Addressing concerns about foreign companies bypassing regulations, Jagdeo reiterated the government's stance on ensuring a level playing field for all businesses. While Guyana has no restrictions on foreign businesses setting up operations, regulatory bodies have been instructed to enforce compliance uniformly. Jagdeo’s comments come amid rising concerns over the activities of Chinese companies, particularly in construction and retail, underscoring the government’s commitment to fair competition and lawful business practices.

Business Opportunities Based On Today’s Developments

Small Enterprises (SMEs)

1. Tourism Services and Experiences

   • Opportunity: With Guyana’s tourism sector on the rise and projected to surpass one million passengers by November 2024, there’s a growing demand for local, authentic experiences.

   • Idea: Small tour operators can capitalize on this growth by offering unique, niche tours focused on eco-tourism, cultural experiences, or adventure tourism. Opportunities exist in curating experiences around Guyana’s natural beauty, wildlife, and indigenous culture.

   • Thoughts: SMEs should consider partnering with local hotels, such as The Pegasus Hotel, and airlines to offer exclusive packages for tourists. They could also explore digital platforms like Airbnb Experiences for wider reach.

2. Event Security and Management Services

   • Opportunity: The heightened security measures for large events, such as the Mavado concert, signal a demand for reliable security services.

   • Idea: Small enterprises could offer specialized security solutions, including event security, crowd control, and risk management services. These services could be tailored for concerts, festivals, and other public events, especially given concerns around public safety.

   • Thoughts: SMEs can collaborate with law enforcement to offer private security solutions that complement public measures, positioning themselves as experts in event management and security protocols.

3. Catering and Food Services for Tourism and Events

   • Opportunity: The influx of tourists combined with events like concerts and CPL finals presents opportunities for small catering businesses.

   • Idea: Local SMEs can provide gourmet street food, traditional Guyanese dishes, or pop-up food stands at these large gatherings. Catering to health-conscious or eco-friendly tourists by offering organic or locally sourced options could also be a niche market.

   • Thoughts: Building relationships with event organizers, hotels, and the airport (especially with businesses like Savannah Cafe) can help ensure a steady flow of customers.

4. Digital Marketing and Social Media Management

   • Opportunity: As tourism increases and businesses seek to attract these visitors, there’s a growing need for professional social media management and digital marketing services.

   • Idea: Small digital agencies can offer social media marketing, SEO, and content creation services to local tourism businesses, hotels, event organizers, and even government initiatives like the tourism board.

   • Thoughts: SMEs can specialize in targeting tourists using platforms like Instagram, TikTok, and YouTube, leveraging the growing interest in eco-tourism, adventure travel, and unique cultural experiences.

Medium Enterprises (MEs)

1. Construction and Infrastructure Development for Tourism

   • Opportunity: With the increase in passenger traffic and events like CPL 2025 finals in Guyana, there will be a need for infrastructure upgrades, including accommodations, recreational facilities, and event venues.

   • Idea: Medium-sized construction firms can position themselves to build boutique hotels, eco-lodges, or guesthouses. Additionally, they can focus on upgrading venues or creating new entertainment hubs for events.

   • Thoughts: The government’s push for improved tourism infrastructure provides opportunities for partnerships in public-private ventures, especially in regions like Lethem and Linden.

2. Banking and Financial Services Expansion

   • Opportunity: The disruption of banking services in Lethem highlights a need for robust, resilient financial infrastructure, particularly in remote regions.

   • Idea: Medium enterprises in the fintech or banking sector could offer mobile banking solutions or partner with telecom companies to provide digital banking and mobile payment services in underserved regions.

   • Thoughts: Collaborating with existing banks, such as GBTI, or even offering micro-loans or savings products aimed at small businesses in these regions could cater to the unique needs of remote areas.

3. Green Energy Solutions and Water Management

   • Opportunity: With ongoing challenges in water supply in regions like Wakenaam and broader goals for sustainability, there’s potential in green energy and water management solutions.

   • Idea: Medium enterprises could develop or supply solar energy systems and water filtration or treatment solutions to homes and small businesses. Providing eco-friendly, self-sustaining energy and water solutions would align with government objectives for regional development.

   • Thoughts: These businesses can also pitch government contracts to install water treatment plants or green energy solutions in rural areas like Wakenaam, where infrastructure improvements are needed.

4. Waste Management and Environmental Services

   • Opportunity: The rise in tourism, large public events, and construction means more waste generation and environmental impacts.

   • Idea: Medium enterprises can offer waste management services, recycling programs, and environmental consulting to the hospitality, tourism, and event industries. Developing eco-friendly waste solutions for large events like concerts or the CPL finals could position the business as a leader in sustainability.

   • Thoughts: MEs can partner with government agencies to implement environmental sustainability programs tied to tourism development, enhancing their business profile while contributing to social responsibility efforts.

Large Enterprises

1. Tourism Infrastructure and Airline Partnerships

   • Opportunity: With Guyana set to surpass one million passengers by November 2024 and hosting the CPL finals in 2025, the demand for infrastructure development, including hotels, entertainment venues, and airlines, is growing.

   • Idea: Large enterprises could invest in building luxury hotels, entertainment complexes, or large-scale resorts, especially near major hubs like Cheddi Jagan International Airport. Expanding airline routes or partnering with global airlines for exclusive packages could also be lucrative.

   • Thoughts: A strategic partnership with the government on public infrastructure projects could secure large contracts and provide long-term benefits from the tourism boom.

2. Logistics and Event Management for International Events

   • Opportunity: Large-scale events like CPL finals and concerts featuring international artists require high-level logistics, event management, and security operations.

   • Idea: Large enterprises can provide comprehensive event management solutions, including venue logistics, security coordination, ticketing, and transportation services for both international and local audiences.

   • Thoughts: This opportunity extends beyond the CPL to international conferences, summits, and other events, positioning the company as a key player in Guyana’s growing entertainment and events sector.

3. Healthcare and Wellness Ventures

   • Opportunity: With rising cancer rates and the government’s efforts to improve healthcare infrastructure, there’s an increasing demand for high-quality healthcare facilities and cancer treatment centers.

   • Idea: Large enterprises could invest in private healthcare facilities or specialized treatment centers focusing on cancer care. These could include advanced diagnostic centers, treatment facilities, or partnerships with international healthcare organizations.

   • Thoughts: There’s also potential to expand into medical tourism, particularly if Guyana can position itself as a hub for affordable, high-quality healthcare services, attracting visitors from across the region.

4. Energy and Sustainable Development Initiatives

   • Opportunity: Guyana's development plans emphasize sustainability, particularly in areas like energy and water treatment, in line with government goals.

   • Idea: Large enterprises can take on significant projects like building renewable energy plants, large-scale water treatment facilities, or solar farms. These projects would support both local communities and the burgeoning tourism sector.

   • Thoughts: This would align well with corporate social responsibility (CSR) goals for oil companies and other large entities looking to invest in Guyana’s sustainable future, particularly in the energy sector.

Overall Strategic Notes:

• Public-Private Partnerships: Opportunities in construction, tourism, and sustainability all align with government development initiatives, making public-private partnerships attractive for medium and large enterprises.

• Event and Hospitality Growth: The increasing focus on tourism and entertainment events in Guyana presents a cross-sector opportunity from small catering services to large-scale hospitality investments.

• Sustainability and CSR: With the focus on infrastructure, healthcare, and sustainability, businesses that align with Corporate Social Responsibility (CSR) objectives—such as environmental impact, local development, and healthcare—will likely find strong governmental and international support.

Side Hustle Ideas Based On Today’s Developments

1. Event Security and Management Services

• Opportunity: With high-profile events such as concerts (like the Mavado concert) and large-scale sports events (CPL finals), there’s a growing need for well-organized event security and management services.

• Idea: Start a part-time event security or management service where you coordinate security, crowd control, and safety measures for local events. This could include managing entry points, securing event venues, and ensuring compliance with safety protocols.

• Why It Works: Guyana’s rising tourism and event scene creates a constant demand for safety measures. With limited investment, individuals can either get security certifications or partner with established security providers and event organizers to offer part-time services.

• Value Potential: As events increase, you can scale this up by hiring more people for larger events, growing from a side hustle to a small-scale business in event management and security logistics.

2. Tourist Experience Host/Guide

• Opportunity: With the surge in tourism and the forecasted one million visitors by November 2024, tourists will increasingly seek authentic experiences that explore Guyana’s rich cultural and natural attractions.

• Idea: Offer guided tours or unique local experiences during weekends or holidays. This could include eco-tours, wildlife excursions, or cultural heritage tours to historical sites and indigenous villages. Alternatively, organize weekend culinary experiences featuring traditional Guyanese food or local arts and crafts workshops.

• Why It Works: You can start small by using your knowledge of the local area and build experiences that appeal to adventure-seeking tourists. Platforms like Airbnb Experiences or other travel booking sites make it easy to market these services. It requires minimal initial investment, primarily in marketing and transportation.

• Value Potential: As tourism grows, this side hustle can scale into a boutique tour company offering personalized and premium tourist experiences, especially for high-spending visitors coming from the booming oil sector.

3. Mobile Digital Marketing Services for SMEs

• Opportunity: With businesses in Guyana, especially small and medium enterprises (SMEs), needing to capitalize on the booming economy, there’s a rising demand for professional digital marketing to reach new customers, both locally and internationally.

• Idea: Offer part-time social media marketing, SEO services, or content creation services for local businesses, focusing on helping them attract customers through platforms like Instagram, Facebook, and Google. You can also offer online advertising management to help businesses capture the attention of tourists and expatriates moving into the region.

• Why It Works: The barrier to entry is low—most of the work can be done from home using your laptop and internet connection. Small businesses in Guyana are increasingly looking for ways to stand out in the competitive market, making this a highly scalable and lucrative side hustle.

• Value Potential: As businesses in Guyana grow and new players enter the market, you could expand into a full-scale digital marketing consultancy, providing services to companies in oil, tourism, and hospitality sectors.

Each of these ideas leverages Guyana's rapidly growing economy, focusing on high-demand, low-entry-cost side hustles that could be scaled into larger ventures over time.