Fmr. High Commissioner encourages Indian businesses to set up shop in Guyana for gold, timber, etc.
Nov 20, 2024
Former Indian High Commissioner to Guyana Venkatachalam Mahalingam
Kaieteur News- Ahead of Indian Prime Minister Narendra Modi’s visit Guyana, former Indian High Commissioner to Guyana Venkatachalam Mahalingam urged Indian businesses to take advantage of the untapped opportunities in the South American country.
In an article published by The Print, Mahalingam highlighted Guyana’s abundant resources, saying, “Guyana is still a primary economy and is dominated by the so-called six sisters–rice, cane sugar, gold, bauxite, fish and timber.”
Mahalingam was the Indian High Commissioner to Guyana from 2014 to 2019. In his article, he underscored that Guyana, the only English-speaking nation in South America, is uniquely positioned as a bridge to North American markets and home to a large Indian diaspora.
Mahalingam emphasized that Indian companies could engage in value-added industries such as gold refining, jewellery manufacturing, and advanced timber processing to maximize returns.
Notably, he also pointed out the potential in agriculture, suggesting contract farming for oilseeds and pulses on Guyana’s fertile lands, and aquaculture, which could cater to the growing global demand for seafood.
Mahalingam said, “Indian companies also have the opportunity to employ large-scale contract farming for producing much-needed oil seeds, pulses, etc., as millions of acres of virgin lands are available in the interior savannah regions for cultivation… Guyana, known as the “Land of Many Waters”, is criss-crossed by innumerable drainage canals and rivers. These water bodies offer opportunities for Indian companies in both freshwater and saltwater aquaculture of desired species, which have immense export potential.”
With infrastructure improvements, including the Gas-to-Energy project, Guyana is well-poised to attract significant foreign investment.
He said, “Annually, an average of 15,500 kg of gold Dore bars are produced in Guyana and the entire production finds its way out of the country.” Mahalingam said that with the GTE project set to come onstream, “…easing the energy situation, Indian companies have the opportunity to not only set up gold refineries but also enhance the value manifold by setting up jewellery manufacturing units, for which there is a market in North America.”
He suggested that Indian companies can also look for opportunities in Guyana’s timber sector too, “Timber is another area which has vast potential for cooperation. Guyana exports a large quantity of logs without any value addition. Some Indian companies are already importing wood in this form…”
Moreover, Mahalingam further noted that Guyana’s rising crude oil production—expected to reach 1.3 million barrels per day by 2027—opens doors for Indian businesses in downstream industries like mini-refineries and other oil-based ventures.
Notably, it was stated that Mahalingam views are personal.
(Fmr. High Commissioner encourages Indian businesses to set up shop in Guyana for gold, timber, etc.)
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