Economic Boom in Guyana Spurs Demand Across All Sectors

Guyana’s oil boom has triggered unprecedented demand in all economic sectors, presenting immense opportunities for investors. Finance Minister Dr. Ashni Singh emphasized the ripple effects of oil production, with industries from construction to food services witnessing soaring demand. Global companies like SLB Schlumberger and SBM Offshore have set up regional bases in Guyana, leveraging its strategic position. Key developments include eight new internationally branded hotels and significant public infrastructure projects. As local and foreign businesses flock to meet this demand, Guyana’s economy is poised for sustained, diversified growth.

Cassava Production Targets Skyrocket to 50 Million Tonnes

Guyana is ramping up cassava production, aiming to hit 50 million tonnes by year-end, more than doubling last year’s output. President Dr. Irfaan Ali highlighted the shift towards value-added agriculture, emphasizing the role of cassava in export markets and industrial applications like flour production. The agriculture sector, resilient despite a prolonged drought, has seen surges in vegetable and shrimp production. These efforts align with the government’s broader strategy to diversify and enhance the agricultural value chain, supporting both local and regional food security.

Business Opportunities Based On Today’s Developments

Opportunities for Small Enterprises (SEs)

1. Agri-Processing and Value-Added Cassava Products
   With the surge in cassava production to 50 million tonnes, there is immense potential for small enterprises to create value-added products such as cassava flour, chips, or frozen cassava-based meals. This aligns with the government’s push for value addition and access to international markets.
   Notes:

   • Focus on niche markets like gluten-free and organic products.

   • Partner with government initiatives or co-ops to access raw materials at lower costs.

2. Vegetable Packaging and Export Services
   The increase in vegetable production (projected at 380,000 tonnes) presents an opportunity for small enterprises to provide packaging, processing, and export services for fresh or frozen vegetables. With demand from markets like Barbados, small enterprises can fill this supply chain gap.
   Notes:

   • Invest in low-cost packaging technology and cold storage solutions.

   • Target Caribbean nations with high import dependencies.

3. Skilled Trades Training for Oil and Gas Industry
   With workers migrating to oil and gas, small training centers can specialize in offering fast-track courses for trades like welding, machinery operation, or hospitality services tailored to industry needs.
   Notes:

   • Partner with technical colleges or large employers for certifications.

   • Focus on high-demand skills with potential for upward mobility.

Opportunities for Medium Enterprises (MEs)

1. Construction and Prefabrication Services
   With $7 billion in road upgrades in Linden and large-scale projects like hotels, hospitals, and office complexes, medium enterprises can enter the construction supply chain by providing prefabricated steel structures, construction materials, or subcontracting services.
   Notes:

   • Develop partnerships with large contractors.

   • Explore financing options to scale up capacity for larger orders.

2. Logistics and Transport Solutions for Agriculture
   The expansion of cassava, rice, and vegetable production requires efficient logistics for both domestic distribution and exports. Medium enterprises can offer cold chain transport, warehousing, and delivery services to ensure produce reaches markets fresh.
   Notes:

   • Leverage digital platforms for supply chain optimization.

   • Partner with farmer co-ops to secure recurring contracts.

3. Food Processing for Domestic and Export Markets
   As Guyana ramps up cassava, vegetable, and shrimp production, medium-sized businesses can establish processing facilities to create packaged, ready-to-eat meals or frozen products for export.
   Notes:

   • Collaborate with branding experts to target Caribbean and diaspora markets.

   • Invest in certifications (e.g., HACCP, organic) to attract premium buyers.

Opportunities for Large Enterprises (LEs)

1. Agri-Industrial Parks and Cassava Flour Mill Development
   Large enterprises can capitalize on the government’s push for cassava production by developing industrial parks focused on processing and exporting cassava flour, starch, and derivatives like ethanol.
   Notes:

   • Partner with international buyers to secure long-term contracts.

   • Access government incentives for infrastructure development.

2. Large-Scale Housing and Infrastructure Projects
   The demand for housing in Linden and road infrastructure upgrades offers opportunities for large enterprises to lead turnkey construction projects. Companies can also establish long-term contracts for public works, such as building industrial estates.
   Notes:

   • Utilize prefabricated construction methods to save time and costs.

   • Bid for government tenders or form consortiums with local contractors.

3. Training Institutes for Oil and Gas Workforce
   With over 6,500 locals employed in the oil sector and demand for skilled labor growing, large enterprises can establish training academies offering certifications in oil field services, engineering, and offshore operations.
   Notes:

   • Partner with global leaders like Schlumberger or SBM Offshore for curriculum development.

   • Offer government-subsidized training programs to boost enrollment.

General Recommendations

• All business sizes should explore partnerships with the government and large companies to align with national development strategies.

• Tap into export incentives and subsidies to lower barriers to international trade.

• Monitor GuyExpo developments and attend industry events for networking and funding opportunities.

Side Hustle Ideas Based On Today’s Developments

1. Customized Cassava and Vegetable-Based Products for Local and Regional Markets

Idea: Create a side business offering premium cassava or vegetable-based products like cassava bread, chips, or dehydrated vegetable snacks tailored to health-conscious consumers or Caribbean export markets.

• Why it Works: Guyana’s increased cassava and vegetable production offers affordable raw materials. Regional interest in niche, health-focused products like gluten-free, organic, or locally-sourced snacks is growing.

• How to Start:

  • Invest in a small dehydrator or baking equipment (cost-effective for batch production).

  • Use social media to market products as "handcrafted Guyanese snacks" for local and regional buyers.

  • Partner with small distributors or attend markets/events to build clientele.

• Potential: High-margin products with repeat customers, especially if branded well.

2. Cold Chain Delivery for Perishables

Idea: Start a weekend or evening cold chain delivery service for fresh produce, seafood, or frozen items to small restaurants, markets, and individual households.

• Why it Works: As Guyana scales agricultural and seafood production, demand for reliable, affordable cold storage and delivery solutions is increasing, especially among small businesses.

• How to Start:

  • Retrofit a vehicle with a small cooling unit or rent a cold storage box.

  • Focus on key urban areas with high restaurant and market density (e.g., Georgetown).

  • Use WhatsApp or a simple website for order coordination.

• Potential: Minimal upfront investment compared to traditional logistics businesses, with steady demand from local restaurants and individuals looking for convenience.

3. Luxury Airbnb Management for Business Travelers

Idea: Convert a spare room or invest in a small apartment to target high-income expatriates, oil and gas professionals, or tourists looking for a boutique experience in Guyana.

• Why it Works: The surge in international companies setting up operations in Guyana has created a demand for upscale accommodations, especially those offering personalized, home-like experiences.

• How to Start:

  • Decorate the space with a mix of modern and local aesthetics to appeal to expats.

  • Provide value-added services like airport pickup, local tour recommendations, or meal prep.

  • Use platforms like Airbnb and Booking.com to attract bookings and automate scheduling.

• Potential: High-income clientele means premium pricing and fewer, more lucrative bookings.

General Tips for Side Hustlers:

1. Leverage social media to market products or services effectively—Guyana’s digital audience is growing rapidly.

2. Stay flexible: as the economy evolves, shift offerings based on demand.

3. Build a reputation for reliability—trust is a major currency in a growing economy.