Guyana

(a)
Capital of country
: Georgetown

(b) Population: 751,223 (2002 census) 763,437 (est. World Bank, World Development Indicator)

(c) Official Language: English (other – Amerindian dialects, Creole, Hindi, Urdu)

(d) GDP growth (%): 5.9% (Bank of Guyana Half Year Report – Jan-Jun, 2011)

(e) GDP per capita: Purchasing Power Parity US$2,501.20 (2010 est.)

(f) Inflation: 3.0 – (December 2010 – June 2011)

(g) Unemployment: 12% (Bureau of Statistics 2001 Census)

(h) Labour force: 472,219

- Skilled: N/A

- Unskilled: N/A

(i) Major Exports: Sugar, Rice, Bauxite, Gold, Diamond, Timber, Seafood, Fruits & Vegetables, Rum,

Processed Foods

(j) Major Imports: Petroleum, Machinery, Consumer Goods, Capital Goods, Animal Feed

(k) Key Productive sectors: Agriculture & Agro-Processing, Seafood & Aquaculture, Light Manufacturing, Forest Products,
Tourism, IT-Enabled Services, Mining & Energy

(l) Major trading partners: Canada, Europe, USA, China, India and the Caribbean

(m) Government (type): Guyana became independent from Britain in 1966 and a “Cooperative Republic” in 1970, when a non-executive
President replaced the Governor -General. A new constitution in 1980 gave the President wide executive powers. The Cabinet is headed by the
President and there is a 65-member National Assembly elected by proportional representation.

(n) Governor-General: N/A

(0) Prime Minister/President: Hon. Samuel Hinds (Prime Minister) H.E. Donald Ramotar (President)

(p) Opposition leader: Mr. David Granger (APNU – A Party for National Unity)


Section 2 – About the country (This section provides further details on your country. 2-3 sentences in the form of a commentary are required
for each, from points a-d)

(a) Economy: Guyana’s Economy consists largely of industries dependent on the utilization of natural resources (e.g. agriculture
- predominantly rice, sugar, fishing and forestry – contributed 27.7% to real GDP in 2009 while mining and quarrying made up an additional 6.8%.
Most of these products are exported, such that the economic performance relies heavily upon international market conditions and weather, which can
impact agriculture and access to mining and timber resources.

(b) Culture: The Ministry of Culture, Youth & Sports seeks to ensure that every individual with specific focus on youth, has
equal access to culture and sporting experiences which cater for his or her development and equip him/her with the knowledge, skills and attitudes
necessary to make a meaningful contribution to national development.

(c) Education: Guyana was one of the first seven countries selected as an Education for All Fast Track Initiative pilot. The aim
of the initiative is to help low-income countries achieve the Millennium Development Goal of universal primary education by 2015.

There are ten years of compulsory education starting at age six. The net enrolment ratio is 99% for primary. The pupil-teacher ratio for primary is
28:1 (2005) and for secondary 18:1 (2006). The school year starts in September. The government provides specific study programmes for children and
adults with special needs. Some of these children are also taught job-related skills and helped to find suitable employment.

(d) Labour Standards: Guyana has one of the most competitive wage rates when compared to Latin America and the Caribbean. The
labour force is well educated, with a high literacy rate and is regarded as trainable and hard-working.

(e) Media: (list key media houses for news on your country – newspaper, radio, with website information if possible):

Media House Tel. No Fax No. E-mail Address
Chronicle Newspapers 592 225 6508 or 

592 225 3107

592 227 5208 gcletters@yahoo.com
Stabroek News 592 227 4080 or 

592 227 8537

592 225 4637 editor@stabroeknews.com
NCN 592 227 71566 Ext. 229 or 293 592 227 6795 ncnradioroom@yahoo.com
Evening News 592 226 2102 gwtvnews@gmail.com
Capitol News 592 227 8289 592 227 8296 wrhmnews@yahoo.com
Prime News* 592 223 7225 - prime_news@hotmail.com
MTV 65 592 226 9491 592 226 3593 newsupdate65@yahoo.com
CNS 6 592 226 1834 592 227 3050 sharma@cns6.tv
Kaiteur News 592 225 8473
GWTV CH2* 592 225 0883 btv@gol.net.gy
GUYANA TIMES 592 225 8697or 

592 227 0709

592 227 0685 news@guyanatimesgy.com
Mirror Newspapers 592 226 2472 ngmirror@guyana.net.gy

(f) Targeted Sectors for Investment: Agriculture & Agro-Processing, Seafood & Aquaculture, Light Manufacturing, Forest
Products, Tourism, IT-Enabled Services, Mining & Energy

(g) Targeted sectors for Export: Sugar, Rice, Bauxite, Gold, Timber, Seafood, Fruits & Vegetables, Processed Foods

(h) Bilateral Investment Agreements /International Investment Agreements signed:

- People’s Republic of China

- Cuba

- Germany

- United Kingdom of Great Britain

- Northern Ireland

- Kuwait

(i) Double Taxation Agreements signed:

- Canada

- CARICOM Countries

- United Kingdom of Great Britain

- Northern Ireland

- Kuwait

(j) Other regional agreements signed: (Preferential Trade Agreements:

- EU Cariforum – EU Economic Partnership Agreement

- USA Caribbean Trade Partnership (CTP, previously Caribbean Basin Initiative CBI)

- CARIBCAN (Canada)

Section 3 – Specific Information for Investors

(a) 2 Success Stories:

- (1) Denmor Garment Manufacturers: Competing in the Global Garment Industry

While Guyana is not known for having an apparel industry, its premier garment manufacturer has shown that companies can succeed amid global
competition from leading manufacturers in locations such as China or Latin America. Since it began production in 1997, Denmor Garment Manufacturer
has enjoyed dynamic growth, expanding from 300 employees to 1,000 (97% of whom are women). Denmor has the capacity to respond to orders of up to
50,000 dozens of garments per month and can produce up to 15 different styles at the same time. Approximately 75% of Denmor’s activities involve
full production (where the manufacturer manages all aspects, except design), demonstrating an ability to carry out value-added manufacturing
activities and supply-chain management. 100% of its products are exported, with its customers including some of the world’s leading brands and
department stores, including Russell Athletics, Victoria’s Secret, Paris Accessories, Van Heusen, JC Penny and Wal-Mart.

How has Denmor been able to grow at a time when many countries are seeing apparel business lost to low cost producers in Asia? The answer is linked
to both Denmor’s management style and the advantage of doing business in Guyana. First, Guyana benefits from duty-free access to the USA under the
U.S. Caribbean Trade Partnership Agreement. More importantly, Denmor has developed a reputation as a top quality provider. It has received awards
from its buyers for achieving a 0.6 Acceptable Quality Level (AQL), which means that only 0.6% of its products are considered defective. Denmor’s
quality is due, in part, to 100% trained workforce able to shift rapidly between production forms and materials. Denmor spends over US$250,000
annually on training. The workforce is also highly motivated, benefiting from a pleasant working environment, productivity incentives and generous
fringe benefits, which include two-paid weeks of vacation during Christmas and daily bus transportation to and from work. Denmor’s high labour
standards not only contribute to the productive workforce, but also have helped the company meet the demands of global clients who are placing an
increased emphasis on human resource management practices.

Denmor also benefits from its close proximity to the U.S. market. Coupled with efficient production systems, this proximity allows Denmor to
provide clients with a 6-8 week turn-around time. With Guyana’s sea freight service, it takes about 10 days for Denmor’s products to reach U.S.
markets. This allows Denmor to respond to small or rushed orders without sacrificing quality, something manufacturers in Asia are less able to
handle.

Guyana’s incentive regime also provides a number of advantages. This includes a tax rebate on profits from exports, no duties on imported inputs
and no complex duty-drawbacks schemes.

(2) Qualfon Guyana
- A Foreign Investor’s Success Story

Qualfon Guyana was the second major Call Centre to be established in Guyana and the parent company’s third centre outside of Mexico. Commercial
operations started in November 2005 with fifty (50) agents at the current Beterverwagting location on the East Coast Demerara.

Today, the company employs over 1,700 persons and the Guyanese subsidiary is the second largest in the entire Qualfon group. The Guyana operation
also represents the parent company’s largest working pool with English as the first language.

The success of Qualfon is in part due to the commitment of the company to invest in training for its employees and the response and adaptability of
the employees, many whom are youth in the late teens and early twenties, to the training. Qualfon Guyana has time and time again expressed its
extreme satisfaction at the high quality performance of its local staff.

Presently, Qualfon Guyana employs a small Portuguese-speaking staff and because of the success of the Guyanese subsidiary, the parent company has
plans to further expand operations at the local Call Centre.

(b) Competitive advantages (with information validating this if possible)/Key Competitiveness

Indicators:

- Natural Resources

- Location

- Duty-Free Market Access

- Language

- Affordable Labour

- Openness to Investment

(c) Cost of Doing Business in your country

(I) Corporate Income tax rate

- Commercial Companies – 40% on chargeable profits

- Non-Commercial Companies – 30% on chargeable profits

(II) Personal income tax rate – 33.3% (Any excess over G$480,000)

(III) Average wage earnings (monthly)

- Manager – G$62,000 – G$350,000

- Supervisor – G$50,000 – G$75,000

- Accountant – G$68,000 – G$230,000

- Clerk – G$32,000 – G$45,000

- Skilled Machine Operator – G$55,000 – G$65,000

- Labourer – G$29,000 – G$38,000

(iv) Average cost of electricity (per kWh for businesses) – G$69.82 per kWh

(v) Average cost of water for businesses:

- Minimum Quarterly Rate (Un-metered – G$4,100, Metered – G$4,360, Sewerage – G$6,600

- Maximum Quarterly Rate (Un-metered – G$54,850, Metered – Based on Consumption, Sewerage – G$9,450 Note. G$1,000 Service Connection Fee

(vi) Average cost of Transportation Fuel – G$928.00 per litre

(vii) Average cost per sq.ft, for office space in the central business district – US$1.74

(viii) Average cost per sq.ft, for industrial space in the central business district – US$ 2.00

(ix) Average cost per sq.ft for land (zoned for commercial use) in/nearby central business district – G$1.00 per sq ft (LEASE)

(d) Soft copy of Doing Business Guide (Will email a copy)

 

(e) Incentives Summary

(f) Major Internationally Renowned Brands within your country:

- Eldorado Rum

- Demerara Gold (sugar)

Section 4 – Key Contact information

(a) IPA Contact Info:

- Name of IPA – Guyana Office for Investment

- Address - 190 Camp & Church Streets, Georgetown, Guyana

- Telephone Number – 592 225 0653 or 592 225 0658 or 592 227 0653

- Fax Number – 592 225 0655

- Email Address: – goinvest@goinvest.gov.gy

- Key contact name: Mr. Desmond Mohamed – Chief Executive Officer

- Website - www.goinvest.gov.gy

(b) Other official/relevant government links for investors (e.g. to register a business, acquire a building

permit etc):- www.goinvest.gov.gy click on Investment, then Forms for ALL applications (land, business name
registration, etc.)