In addition, expansion projects have been completed by Atlantic Tele Centre and Nand Persaud Tele Centre in Berbice, while expansion is also planned for the Medical Transcription Service.

A Canadian investor will also examine the expansion of the IT sector, DaSilva disclosed.

One sub-sector of the processed food sector geared to take off is the beef sector with the completion of a modern abattoir in Berbice, he noted, adding that with the enabling legislation the investor would be able export beef by the end of the year.

The poultry sector is moving into the marketing phase following the completion of two major poultry producing facilities by DIDCO and Buddy’s Farm, while it is likely that there would be an Israeli investor in the aquaculture sector, DaSilva reported.

Significantly too has been the realisation of a 5,000 acre soya bean project in the Intermediate savannahs and a dairy processing plant to be opened in Berbice shortly, while there has been increasing activity in the woods, mining and construction industry, DaSilva reported.

Tourism is another industry which would be boosted with the construction of a Five-Star Hotel which is expected to begin during the latter part of this year, while several small resorts have sprung up or grown, some for the local market, the GO-INVEST Head noted.

He observed that domestic tourism could make a significant contribution to the tourist industry point out that in the UK 80% of tourists are locals and 20% foreigners.

The significant number of new or expanded resorts and hotels around Guyana dispels the perception that there is not a tourism industry in Guyana, Da Silva observed, and emphasised that both foreign and local investment in the small, medium and large scale are essential for economic growth for economic growth.

The acquisition of equity in local companies has also attracted both local and foreign investors, with one Trinidadian firm purchasing in excess of US$1.5M in equities in two local companies, DaSilva observed.