Guyana Raked In US$4.453Bn In Direct Foreign Investment Last Year
- A recent report by the United Nations (UN) Economic Commission for Latin America and the Caribbean (ECLAC) disclosed that the majority of the Foreign Direct Investment (FDI) that came into the Caribbean in 2021 went to Guyana.
- In the annual report titled ‘Foreign Direct Investment in Latin America and the Caribbean 2022’ it was stated that in the Caribbean, Guyana exhibited the greatest growth in investments last year and even surpassed the Dominican Republic, which in prior years had been the leading recipient of investments in that sub-region.
- The foreign investment in the Caribbean for last year totalled US$8.957Bn – this represents a 19.4% increase from 2020 – and is accounted for mainly by capital inflows in Guyana’s hydrocarbon sector and increased FDI in the Dominican Republic.
- Guyana’s natural resources sector was listed as the ‘most dynamic’ racking up 63% of the total FDI the country received for the prior year. In fact, Guyana’s FDI for 2021, was an inflow of US$4.453Bn which is 116% more than in 2020. “Guyana has positioned itself for the first time as the leading FDI destination in the sub-region, accounting for 50% of inflows, followed by the Dominican Republic (35%),” the report stated.
- ECLAC revealed that while the FDI in the Region received in 2021 is an increase from what was recorded in 2020, it was highlighted that the growth was not enough to achieve the levels seen before the pandemic. As such, the ECLAC called on countries in the Region to use FDI strategically, owing to the weak economic recovery recorded last year.
(Source: Kaieteur News)