Guyana Country Profile

1. Sherwin Damdar
3/22/2015

2. Guyana is the only English-speaking
country in South America.

3. GEOGRAPHYThe size of Idaho except half the
population.

4. Facts about the country
• Population:751,000
• Capital: Georgetown
• Religion: Christian, Hindu,
Muslim
• Life Expectancy: 63
• GDP per Capita: USD $3,800
• Literacy Percent: 99
• Currency: Guyanese dollar
(202GUY to 1USD)

5. History
• Pre-Colonial - Inhabited by Indigenous people
• 1627 – Dutch Settlements established
• 1796 - Colonial British Rule & Sugar Plantations

6. History
• 1834 - Abolition of slavery/importation of workers from
India
• 1966 - Independence & State Socialism
• 1985 onward - Gradually moving to industry privatisation
and unrestricted freedom of the press and assembly.

7. Ethnic Composition
Indo-Guyanese 43.5%
Afro-Guyanese 30.2%
Mixed Heritage 16.7%
Amerindians 9.2%

8. Leave the Barrel at home
Guyana is home to the tallest single-drop waterfall in the
world — Kaieteur Falls. This waterfall has a single drop of
741 feet. In comparison, Niagara Falls is 167 feet.

9. No Smoking Allowed
St Gorges Cathedral Anglican in Georgetown, Guyana is
among the world’s tallest wooden structures. The cathedral
soars to a height of 143 feet!

10. The country gained fame in the world in the wrong way when
Jim Jones, the religious cult leader, and his 900 supporters
committed suicide in Guyana in 1978.
Don’t be a Kool Aid Drinker.

11. Sometimes “the bling” really does matter
The Omai Gold Mine in Guyana is one of the largest open-
pit gold mines in South America.

12. Business Climate at a Glance
• 1989 - Import restrictions & price controls
removed
• 1991 - Adopted a floating exchange
• 1996 - Major debt relief (67% write-off)
• 2000 - Guyana-Suriname Basin is identified
as having the 2nd
highest resource potential
among unexplored oil basins in the world.
• Today - Program of divestment/privatization
of state-owned entities, including telephone,
timber, rice, fishing, engineering and ship-
building.

13. Market Drivers
Guyana's economy relies largely on the exportation of six
commodities. They represent nearly 60% of its GDP.
•Gold,
•Sugar
•Rice
•Bauxite
•Shrimp
•Timber

14. Relationship vs. Schedule
Guyanese place more emphasis on people and
relationships than to the strict adherence of set
schedules in social situations.

15. Hospitality
Hospitality is important to the Guyanese and it is
quite common for the visitor to be invited to their
homes. Informal wear is widely acceptable, but
men should avoid wearing shorts.

16. Communication Style
The Guyanese are known to be very direct and to
the point. Honesty is appreciated and expected.
Body language is very important in communication.

17. Meeting & Greeting
At a first meeting, a man/woman generally shake
hands with another man/woman. Friends and
close acquaintances may share a light hug with a
kiss on the cheek.

18. Dress Code
Dress is casual in Guyana. The occasions are few
where suits would be worn. Although short
trousers may be worn by men doing field work,
shorts should not be worn by women at work.

19. Industries being Privatized
The Government is seeking to encourage investment, by
both local and foreign investors, in the following areas:
•Agriculture, Fishing and Shrimping
•Tourism and Hotel Development
•Textiles and Garments
•Mining and Minerals
•Forestry, Wood-based Products;
•Financial services
•Energy/electricity generation

20. Types of Business that will Excel
• Differentiated Industrial Products
• Highly Technical Service Providers
Examples
1. The British firm of Booker Tate was brought in
to manage the sugar company, GUYSUCO
2. Australian mining firm MINPROC, was hired to
manage the bauxite company, the Linden
Mining Enterprise (LINMINE).

21. Market Channel
Since it is still fairly hard to do business in Guyana because
of the lack of infrastructure, corruption and access to key
relationship the quick path to success is through:
•Joint Ventures
•Local Distribution/Agent
•Government Sanctioned Investment Programs

22. Ease of Doing Business Ranking Worldwide
Ranked in the 115-152 category out of 189 countries.
Same as Brazil, India and East Africa.

23. Business Taxes
The Total tax rate on businesses in Guyana is 36.1
(% of commercial profits), being the #134 highest
business tax rate in the world.

24. Why Invest in Guyana
• Untapped Natural Resources
• Location
• Duty Free Market Access
• Language
• Affordable Labor
• Openness to Investment

25. Summary of Risks and Rewards
Opportunities/Rewards
•Privatization of Commodity Industries
•Eco-Tourism in Infancy
•Oil Industry in infancy
Roadblocks/Risks
•Lack of Infrastructure
•Taxes
•Political/Ethnic Instability
•Bribery/Corruption

26. Resources for More Information
• National Geographic – Guyana
• Doing Business – World Bank Group
• Doing Business in Guyana - USAID
• Economic Survey of Latin America and the Caribbean 2014
• The Guyana Office for Investment