Oil and Gas Sector to Fuel Economic Diversification

• President Irfaan Ali noted that Guyana now has the resources to build a diversified economy from its energy, oil and gas sectors. The oil and gas industry has put Guyana in a unique position to transform its economy, benefit citizens, and make a valuable contribution to the rest of the world. 
• One of the key areas in which the proceeds from oil and gas can contribute to bolster the diversification of other industries, is through investment in energy-generating initiatives. These can be used to drastically reduce the cost of energy in Guyana and the wider region. The agriculture, manufacturing and tourism sectors would stand to gain from reduced cost of energy. 
• Guyana is strategically positioned to create regional energy security, with a number of energy projects in the works, including an energy corridor with Brazil and Suriname. However, the president noted that the country will remain uncompetitive and the private sector will not grow if the cost of energy is not addressed.

(Source: Guyana Chronicle)