By Samuel Sukhnandan | January 6, 2025
President Dr. Irfaan Ali outlined the government’s strategic investments in revitalizing the forestry and bauxite sectors, crucial components of Guyana’s economy.
Speaking during a live broadcast of Growth Agenda: Progress Under Review, he highlighted several key initiatives aimed at stimulating growth and job creation in these industries.
In the forestry sector, over 150 small concessions and five large concessions have been issued, accompanied by the removal of VAT on machinery and equipment.
These efforts have resulted in a production increase of $15.6 billion, with 550 small miners occupying 2.5 million hectares of land and 22 medium-scale foresters using 2.7 million hectares.
Additionally, a revolving fund has been introduced to assist small and medium-scale foresters in growing their operations.
Dr. Ali stressed that the government is focused on reducing costs, diversifying products, and increasing production to rebuild the sector, with an emphasis on retaining jobs that were previously lost.
Turning to the bauxite sector, Dr. Ali revealed that the government is supporting a $470 million aluminum plant project.
In 2024, the bauxite industry is expected to generate 500 new jobs, with another 500 jobs anticipated in 2025 as part of the sector’s planned expansion.
Both sectors are poised for continued growth, with the government’s policies and investments expected to contribute significantly to economic development and employment opportunities.