The Guyana Government is eyeing the construction of a deepwater port, a project which President Irfaan Ali has said will significantly enhance the country’s role as a major trans-shipment point in the region.

Addressing local and international delegates at the International Business Conference which is currently underway, the President explained that the proposed deepwater port is not just a stand alone project but will be a key component of Guyana’s broader vision to integrate with northern Brazil.

He explained that by developing a port that can handle large vessels, Guyana aims to become a central player in regional trade, facilitating the movement of goods between South America and global markets like the Panama Canal.

“So, understanding this we have committed ourselves in Guyana to the building of a modern deep-water port facility and we have strategic partners working to bringing together investors because this will be at least more than a bullion US dollars investment,” the President has said.

President Ali noted that the deepwater port is expected to significantly reduce the cost of shipping for Guyanese exports, making them more competitive on the global market. It will also lower the cost for imported goods, benefitting consumers and businesses alike.

According to the President, given Guyana’s strategic geographical location on South America’s edge and with its strategic integration with Brazil, combined with the port’s capacity to handle significant cargo volumes, the port is expected to make Guyana a major growth hub, increasing its attractiveness as a destination for trade and investment.

“Guyana is the eye of the opportunity in this ecosystem. So, between Guyana and Suriname, if we build this ecosystem out properly, we can create a worldclass transport and logistics hub from Guyana servicing the entire region, because of accessibility, capability, competitiveness and cost, the President noted.

Further, the President said Guyana is investing and building for 2030 and beyond. He said his Government is aware of the enormous gap between where the country is and where it ought to be, but the focus has now shifted to where the world will be in 2030 and beyond.

“So, we are adjusting in real time the gap, the digital gap, the technological gap, the infrastructure gap, the human potential gap within the next five years getting to 2030 and 2030 is a very important stock taking point for world when it comes to climate, energy and renewable targets, food security and all of these things so there will be self and collective evaluation at that point,” the President said.

The International Business Conference has brought together delegates and companies from all across the world, looking at investment and other opportunities in Guyana.