Expatriate Entrepreneurs Fuel Growth in Guyana 

As Guyana's economy surges thanks to the newfound oil wealth, many expatriates are returning home, bringing with them capital, skills, and fresh business ideas. Richard Singh and Jason Singh, after careers in New York, have successfully launched Mezze, a Mediterranean restaurant chain, benefitting from the booming economic conditions. Another entrepreneur, Dwayne Cummings, has brought international food brands to the market, significantly boosting his sales and planning for consistent growth over the next few years. This influx of returning expatriates is seen as a vital component in diversifying the economy, away from its reliance on oil. While this growth is promising, challenges such as inflation and labor shortages persist, with private-sector wages having to increase substantially to keep pace.

Anguilla Eases Visa Requirements for Guyanese and Colombian Nationals

Anguilla's government has eliminated visa requirements for Guyanese and Colombian nationals, effective immediately. This policy shift aims to enhance bilateral relations, boost tourism, and facilitate business interactions. The decision mirrors earlier actions by the United Kingdom and aligns with broader regional efforts to simplify travel. Ongoing talks between Guyana and other regions, including the EU and Canada, reflect a growing trend towards visa liberalization in response to geopolitical shifts and economic strategies .

Guyana Cup Racing Event Set to Boost Local Economy

The Guyana Cup, scheduled for August 11, promises significant economic benefits with a record purse of over G$40 million. This event not only offers a substantial prize for the feature race but also features a variety of attractions, including the first-ever fun park and a major DJ competition. With increasing participation from international stables, the event is poised to enhance local tourism and stimulate economic activity in the region .

World Bank Expands Role in Guyana to Boost Development

Diletta Doretti has been appointed as the new World Bank Group Resident Representative for Guyana, aiming to strengthen the institution’s influence and streamline its operations across the country. This role will act as a central point for accessing World Bank Group services, improving the efficiency and impact of its projects. The focus areas under Doretti’s leadership will include agribusiness, tourism, and infrastructure, crucial sectors that promise to advance Guyana’s development significantly.

Business Opportunities Based On Today’s Developments

1. Small Enterprises:

• Craft and Local Product Sales at Airports: The strategic initiative to position Guyanese products in international airports presents a significant opportunity for small enterprises. Local artisans, producers of unique food items, and craft-makers can leverage this new market to export their goods. Small businesses could focus on creating distinct, culturally rich products that appeal to international travelers, such as handcrafted jewelry, organic spices, or eco-friendly souvenirs. This initiative not only boosts sales but also promotes Guyanese culture globally.

• Eco-tourism and Local Guiding Services: With the increasing global visibility of Guyana through various international engagements and developments, small enterprises can tap into the eco-tourism sector. They can offer guided tours, wildlife experiences, and cultural immersion programs, capitalizing on Guyana’s rich biodiversity and indigenous heritage.

2. Medium Enterprises:

• Infrastructure Development: The ongoing and upcoming construction projects due to the oil boom and general economic expansion provide numerous opportunities for medium-sized enterprises. These companies could engage in building new facilities or upgrading existing infrastructure, providing services in construction, project management, and engineering consultancy.

• Educational Services and Training: With the emphasis on enhancing human capital in Guyana, medium enterprises in the education sector can develop training programs or partnerships with educational platforms like GOAL to offer specialized courses tailored to the emerging needs of the oil, agriculture, and tourism sectors. This could include technical training, environmental management courses, and hospitality training.

• Agribusiness Ventures: The focus on strengthening sectors like agribusiness by the World Bank presents opportunities for medium enterprises to innovate in agriculture technology, supply chain management, and sustainable farming practices. They can also explore agro-processing and export, benefiting from enhanced infrastructure and market access.

3. Large Enterprises:

• Energy and Infrastructure: Large enterprises could invest in or partner with local firms for energy-related projects, particularly in renewable energy to balance the oil sector's environmental impact. They could also look into large-scale infrastructure projects, such as hospital, road, and bridge construction, funded by oil revenue.

• Banking and Financial Services: With the economy booming, there's a need for sophisticated financial services, venture capital, and insurance products tailored to new businesses and large projects. Large financial institutions could offer these services, helping to facilitate the economic growth and diversification.

• Technology and Telecommunications: There is room for significant investment in technology infrastructure to support the growing economy and the government's digital initiatives. Large enterprises could develop robust telecommunications networks, data centers, and cybersecurity services to support the increasing digitalization of business and government services in Guyana.

Additional Thoughts:

• Partnerships and Collaborations: All levels of enterprises should look into forming strategic partnerships and collaborations, both locally and internationally, to leverage collective strengths and capitalize on government and World Bank initiatives.

• Sustainability and CSR: Enterprises should integrate sustainable practices and corporate social responsibility into their business models to align with global standards and appeal to environmentally conscious investors and consumers.

• Local Workforce Development: Enterprises should focus on developing the local workforce to reduce reliance on expatriate skills, aligning with national goals to improve education and employment opportunities in Guyana.

These opportunities, if leveraged correctly, could not only contribute to the individual success of businesses but also play a crucial role in the broader economic and social development of Guyana.

Side Hustle Ideas Based On Today’s Developments

1. Local Specialty Food Production and Export:

• Opportunity Description: With Guyana’s economy expanding and its increasing visibility on the global stage, there's a unique opportunity to produce and export local specialty foods that represent Guyanese culture. Products like pepper sauces, spices, rum cakes, and other local delicacies could be marketed to diaspora populations and international consumers interested in exotic and authentic tastes.

• Implementation Strategy: Individuals can start small by using local ingredients to create high-quality, packaged products. Building an online presence through platforms like Instagram and leveraging e-commerce to reach a global market can enhance sales. Partnerships with local markets and international distributors can be pursued as the business scales.

2. Eco-Tourism and Cultural Experiences Host:

• Opportunity Description: With the spotlight on Guyana due to the oil boom, there is growing interest in its natural and cultural heritage. Residents can create side businesses hosting eco-tourism experiences, such as bird watching tours, river expeditions, or cultural immersion experiences with local communities.

• Implementation Strategy: Utilize platforms like Airbnb Experiences to offer personalized tours or workshops. These could include cooking classes for traditional Guyanese dishes, craft-making sessions, or guided nature walks emphasizing sustainability and conservation. This not only creates a side income but also promotes Guyanese culture and biodiversity.

3. Freelance Digital Services Provider:

• Opportunity Description: As Guyana’s infrastructure develops and digital penetration increases, there will be a burgeoning demand for digital services like website development, graphic design, and digital marketing. Offering these services as a freelancer can cater to the growing number of businesses needing to establish an online presence.

• Implementation Strategy: Individuals with skills in IT and digital marketing can start by offering services to local businesses transitioning online. Creating a portfolio online, leveraging social media for marketing, and using freelance platforms like Upwork or Fiverr to reach global clients can rapidly scale this side hustle. Training courses can be offered to other locals interested in entering the digital services space, further expanding the business model.

Additional Considerations:

• Market Research: Before launching these side hustles, conducting detailed market research is crucial to understand customer needs, competitive landscape, and potential pricing strategies.

• Sustainability Focus: With global awareness of environmental issues, integrating sustainable practices into these side hustles can enhance appeal and marketability.

• Skill Development: Continuous learning and skill development will be essential, especially for the digital services provider, to keep up with technological advancements and market demands.

These side hustle ideas are designed to be accessible for individuals with existing jobs, requiring minimal initial investment but offering significant growth potential as Guyana’s economy expands.