Massive Overhaul Needed for Guyana’s Insurance Industry

Vice President Bharrat Jagdeo has called for significant upgrades to Guyana’s insurance sector to meet the needs of a rapidly growing economy. Highlighting outdated practices and insufficient compensation structures, Jagdeo suggested legislative reforms to modernize the sector. The government is also considering adjustments to improve financial services, such as increasing access to credit through movable property as collateral. These reforms align with broader efforts to create a more enabling environment for businesses and individuals in the expanding economy.

Demand for Fabrication Services Soars in Guyana's Oil & Gas Sector

ExxonMobil Guyana has ramped up efforts to engage local companies for fabrication and machining services, reflecting the surge in demand driven by the oil and gas industry. President of ExxonMobil Guyana, Alistair Routledge, emphasized the company’s commitment to strengthening in-country capabilities through partnerships with local shore bases. This initiative aims to stimulate long-term investment in fabrication infrastructure, presenting opportunities for local businesses to secure contracts and contribute to the sector's growth. The strategy aligns with ExxonMobil's focus on enhancing efficiency by reducing reliance on overseas services.

Business Opportunities Based On Today’s Developments

Small Enterprises

1. Electric Bus Charging Stations and Maintenance

   • Opportunity: Small enterprises can focus on establishing small-scale electric vehicle (EV) charging stations or offering maintenance services for electric buses as Guyana transitions toward modernized public transport.

   • Notes: Begin with partnerships or subsidies from the government or private sector under the proposed Public-Private Partnership (PPP) model. Leveraging renewable energy, such as solar-powered charging stations, could make operations more sustainable and cost-effective.

2. Local Road Repair Services in Bartica

   • Opportunity: Small contractors can target niche road maintenance and repair services as part of the $122 million Bartica road rehabilitation project.

   • Notes: Collaboration with other contractors to pool resources or subcontracting from larger firms could ensure consistent workload and revenue streams.

3. Fabrication of Basic Steel Components

   • Opportunity: Small enterprises can provide secondary steel fabrication services (e.g., pipe supports, small brackets) to meet ExxonMobil’s in-country fabrication demands.

   • Notes: Acquiring basic welding and machining equipment could allow small businesses to enter the supply chain, especially for less complex projects requiring fewer certifications.

Medium Enterprises

1. Training and Skill Development Centers for the Police and Transportation Sectors

   • Opportunity: Medium enterprises could establish training centers that offer courses in technical skills for police recruits (aligned with the new GPF Academy) or in electric bus maintenance and operations.

   • Notes: Partnering with the government or international donors for funding can provide a solid base, and incorporating digital learning tools can widen the reach.

2. Support Services for Corentyne Bridge Development

   • Opportunity: Provide logistical support such as transportation, workforce housing, or catering services to support the construction of the Corentyne Bridge.

   • Notes: Medium enterprises should align their offerings with the preferred contractor’s needs, focusing on value-added services like high-quality, scalable solutions.

3. Urban Farming for Local Farmers’ Markets

   • Opportunity: Urban farming initiatives can supply fresh produce to the government-supported farmers’ markets designed to combat price gouging.

   • Notes: By growing niche or high-demand crops (like exotic vegetables or herbs), enterprises can carve out a premium market. These markets are also an excellent channel for branding and scaling over time.

Large Enterprises

1. Fabrication and Machining for Oil & Gas

   • Opportunity: Large enterprises can scale up to meet ExxonMobil’s demand for complex fabrication services, including tertiary steel fabrication, control valve repairs, and compressor refurbishment.

   • Notes: Investing in state-of-the-art machinery and certifications could enable long-term contracts, especially with the increasing number of FPSOs (Floating Production Storage and Offloading units).

2. Construction of Commercial Zones Near the Corentyne Bridge

   • Opportunity: Invest in the commercial hub and tourist destination planned for Long Island near the bridge. This includes building hotels, malls, and recreational spaces.

   • Notes: Partnering with the government to align with the free zone’s development goals could provide tax benefits and long-term returns. Focus on sustainability and luxury offerings to cater to both local and international visitors.

3. Insurance Products for Evolving Risks

   • Opportunity: Develop comprehensive insurance products tailored for Guyana’s growing economy, such as enhanced vehicle accident coverage, construction insurance, and oil & gas-related risk coverage.

   • Notes: Collaborate with the government and international reinsurers to develop scalable products. Leverage digital tools for efficient underwriting and claim processing, targeting underserved markets with innovative packages.

General Notes

• Partnerships: Across all levels, collaboration with government initiatives and alignment with policy goals (e.g., modern transportation, fabrication for oil & gas) will be crucial.

• Sustainability: Emphasizing renewable energy and environmentally friendly practices will enhance business viability and attract public and private support.

• Scalability: Many opportunities, especially in fabrication and training, offer scalability into regional or international markets, particularly in the oil & gas supply chain.

These opportunities highlight the dynamic potential across sectors, capitalizing on today’s developments and aligning with Guyana’s rapid economic transformation.

Side Hustle Ideas Based On Today’s Developments

1. Mobile Charging Stations for Electric Bikes and Small Vehicles

• Idea: With the growing push for modern transportation, including electric buses and bikes, portable or small-scale electric vehicle (EV) charging stations can be a lucrative side hustle. These can target urban and rural areas where infrastructure may be limited.

• How It Works:

  • Purchase or assemble portable charging units powered by solar panels or other renewable sources.

  • Offer charging services at farmers’ markets, busy commuter hubs, or near public events.

• Why It Works:

  • Expanding transportation electrification in Guyana will increase demand for charging access.

  • Requires a relatively low initial investment and can be scaled over time.

  • Addresses a niche market with high growth potential.

2. Ready-to-Eat Local Snacks and Catering for Construction Sites

• Idea: The surge in infrastructure projects like the Corentyne Bridge and urban road rehabilitation in Bartica presents an opportunity to supply fresh, ready-to-eat local snacks and simple meal packages to construction crews.

• How It Works:

  • Partner with vendors or cook at home to prepare items like cassava bread, empanadas, or fresh fruit juices.

  • Deliver meals or set up a mobile food cart near construction sites.

• Why It Works:

  • Construction workers often need quick, affordable, and high-energy meals.

  • Low entry barrier with existing local food knowledge and ingredients.

  • This hustle is highly flexible and fits around a primary job schedule.

3. Fabrication and Customization of Home Solar Kits

• Idea: With rising interest in renewable energy for homes and small businesses, offering affordable, pre-assembled solar kits for lighting or small appliances can be a rewarding side business.

• How It Works:

  • Source components (e.g., small solar panels, inverters, and batteries) from wholesalers or online marketplaces.

  • Customize kits for specific needs (e.g., powering fans, charging phones, or small fridges).

  • Market via social media, WhatsApp, and farmers’ markets.

• Why It Works:

  • Guyana's expanding economy and rural areas present a growing need for independent energy solutions.

  • Addresses the gap in affordable renewable energy access, aligning with global sustainability trends.

  • The business can scale up with increased demand or extend to larger systems.

Why These Work in Guyana:

• All these ideas align with the country’s rapid economic growth and infrastructure development.

• They require minimal initial capital, making them accessible for individuals with full-time jobs.

• Each side hustle taps into emerging trends—transport electrification, food for labor markets, and renewable energy—ensuring growth potential in the coming years.

These side hustles allow individuals to leverage current opportunities and carve out meaningful income streams in a growing economy.