Government Backs Fulcrum LNG to Develop Gas Resources

The Government of Guyana has selected Fulcrum LNG Inc., led by former ExxonMobil executive Jesus Bronchalo, to develop the country's gas resources. This selection follows a competitive bidding process with 17 proposals evaluated. Fulcrum, a newcomer but top-ranked in the process, is set to collaborate with ExxonMobil to enhance the gas-to-shore project and further exploit non-associated gas reserves. This strategic move aims to slash electricity costs by at least 50% and boost economic activity, particularly in the industrial and manufacturing sectors.

Guyana's Agriculture Sector Sees Growth in Non-Traditional Crop Exports

Agriculture Minister Zulfikar Mustapha announced a 12.7% increase in earnings from the export of non-traditional crops in the first half of 2024, totaling over $919M. This growth is attributed to government investments in climate-resilient farming and a strong focus on converting raw materials into high-value products. The sector now supports approximately 2000 jobs, enhancing local food security and elevating Guyanese products to the global market.

Open Tender and Single Sourcing Tackles High Stone Prices and Shortage

In response to a spike in aggregate prices and supply shortages, the Guyana Government has employed open tender and single sourcing strategies to stabilize the construction materials market. These measures have significantly reduced prices and helped meet the escalating demand driven by nationwide infrastructure projects. With continued management and auditing of aggregate contracts, the Ministry of Public Works is committed to maintaining transparency and accountability in procurement processes.

President Ali Supports Agro-Processors with New Facilities and Hubs

President Irfaan Ali pledged substantial resources towards building agri-business incubators and regional hubs to support the expansion of agro-processors in Guyana. These initiatives are part of a larger government strategy to boost the agriculture sector's contribution to the economy, focusing on increased processing and packaging of local produce. This plan is expected to reduce the food import bill and foster substantial market growth for local products.

Business Opportunities Based On Today’s Developments

Small Enterprises:

1. Agro-Processing Initiatives: With the government's emphasis on transforming raw agricultural products into high-value items, small enterprises can venture into small-scale agro-processing. This could involve creating packaged spices, dried fruits, or organic jams from local produce. Small enterprises could capitalize on government support for equipment and training, which could reduce startup costs and barriers to entry.

2. Eco-Tourism Services: The focus on eco-tourism and agriculture in areas like Santa Mission suggests room for small enterprises to offer local guided tours, eco-lodges, or cultural experiences. Small businesses could also provide rental services for outdoor equipment or set up small cafes and souvenir shops that cater to tourists.

3. Honey Production: The initiative to set up a large-scale honey production project presents an opportunity for small enterprises to engage in beekeeping and honey processing. They could benefit from government training and start-up resources, eventually branding and marketing their products to both locals and tourists.

Medium Enterprises:

1. Construction and Infrastructure: Medium-sized enterprises in the construction sector could benefit from government contracts as infrastructure development continues. These could involve supplying materials, participating in the construction of agro-processing hubs, or engaging in urban development projects.

2. Renewable Energy Solutions: Given the push towards sustainable development, medium enterprises could explore opportunities in providing renewable energy solutions such as solar panel installations and maintenance services, especially for agricultural and eco-tourism facilities aiming to reduce their carbon footprint.

3. Technology and Software Development: With the government's focus on modernizing sectors like agriculture and tourism, there's potential for medium enterprises to develop software solutions that manage agricultural processes, eco-tourism bookings, or even community-based resource planning.

Large Enterprises:

1. Infrastructure Development Projects: Large enterprises could engage in large-scale construction projects, such as the development of industrial parks or large agro-processing facilities. These projects would typically require significant capital investment and expertise in managing large-scale operations.

2. Investment in Gas and Energy Sector: The selection of Fulcrum LNG to develop the gas resources presents significant opportunities for large enterprises to invest or partner in the energy sector. This could range from infrastructure development to providing technical expertise and services related to gas exploration and processing.

3. Supply Chain and Logistics: As agricultural exports increase and new agro-processing facilities are established, there will be a need for robust logistics and supply chain solutions to manage the transportation, storage, and distribution of goods both domestically and for export.

Notes and Thoughts:

• Sustainability Focus: All business opportunities should consider incorporating sustainable practices to align with global trends and local government initiatives aimed at environmental conservation.

• Collaboration with Government: Engaging in partnerships with the government can provide access to incentives, subsidies, and support in navigating regulatory requirements.

• Community Engagement: Particularly for businesses operating in eco-tourism and agriculture, engaging with and benefiting local communities will be crucial for sustainable and accepted operations.

These opportunities not only align with current economic and government priorities but also offer potential for significant returns on investment while contributing positively to Guyana's economic and social development.

Side Hustle Ideas Based On Today’s Developments

1. Local Produce Subscription Boxes

• Concept: Create a subscription service that delivers boxes of fresh, local produce, specialty items, and perhaps ready-to-cook traditional Guyanese meals to urban customers. This service can capitalize on the rising interest in healthy, locally-sourced food and the convenience of home delivery.

• Execution: Partner with local farmers and agro-processors to source produce and products. Develop a user-friendly website or mobile app for subscription management. Utilize social media for marketing and community engagement.

• Value Proposition: Offers a steady market to local farmers and a convenient solution to consumers looking to support local businesses and eat healthily. It aligns with global trends towards sustainability and localism, potentially tapping into both local and expatriate Guyanese markets.

2. Eco-Tourism Experience Planner

• Concept: Develop a side business that curates personalized eco-tourism experiences in Guyana. These could range from day trips to bird watching, visits to local indigenous communities, or weekend eco-retreats, offering a genuine taste of Guyana's natural beauty and cultural heritage.

• Execution: Establish partnerships with eco-lodges, local guides, and transportation providers. Create customizable packages that cater to different interests and budgets. Market the service online through a professional website and targeted social media advertising.

• Value Proposition: As Guyana's natural landscape is a major asset, capitalizing on the global trend towards eco-tourism can provide a lucrative side income. This business also promotes sustainable tourism, contributing to conservation efforts and the local economy.

3. Specialty Craft and Cultural Products E-commerce Platform

• Concept: Set up an online platform that sells Guyanese crafts, art, and cultural products to both a local and international audience. This could include items like handmade jewelry, indigenous crafts, or artworks that reflect Guyanese heritage.

• Execution: Collaborate with local artisans and craft makers to source products. Develop an e-commerce website that features high-quality product photography and detailed artisan stories to add value. Use digital marketing strategies to reach potential customers globally.

• Value Proposition: Supports local artisans by providing them with a broader market for their goods while meeting the demand for unique, culturally-rich products from consumers worldwide, particularly those from the Guyanese diaspora looking to maintain a connection with their heritage.

Each of these side hustles not only offers a potential additional income stream but also leverages Guyana's unique resources and cultural assets, aligning them with broader market trends and consumer preferences in both local and global contexts.