DOING BUSINESS WITH GUYANA - CE Intelligence
DOING BUSINESS WITH GUYANA
DOING BUSINESS WITH
GUYANA
December 2007
Caribbean Export Development Agency (Caribbean Export)
P. O. Box 34B, Brittons Hill
St. Michael
Barbados
Tel: (246) 436-0578
Fax: (246) 436-9999
E-mail: info@carib-
Website: carib-
1
DOING BUSINESS WITH GUYANA
TABLE OF CONTENTS
1.
2.
GENERAL INFORMATION..................................................................................... 3
THE ECONOMY........................................................................................................ 4
2.1
Structure of the Economy ................................................................................... 4
2.2
Recent Economic Performance........................................................................... 4
2.3
Overview of Trade .............................................................................................. 5
2.4
Exports ................................................................................................................ 5
2.5
Imports ................................................................................................................ 5
2.6
Trade With CARICOM....................................................................................... 5
3. GENERAL MARKETING FACTORS...................................................................... 6
3.1
Distribution and Sales Channels ......................................................................... 6
3.2
Use of Agents/Distributors ................................................................................. 6
3.3
Franchising.......................................................................................................... 6
3.4
Advertising & Trade Promotion ......................................................................... 6
3.5
Transportation ..................................................................................................... 6
4. MARKET ACCESS CONDITIONS .......................................................................... 8
4.1
Customs Tariffs................................................................................................... 8
4.2
Other Taxes......................................................................................................... 8
4.3
Free Trade Agreements....................................................................................... 8
4.4
Non-Tariff Barriers ............................................................................................. 8
4.5
Import Documentation ..................................................................................... 10
4.6
Labelling and Marking Requirements .............................................................. 11
4.7
Sanitary and Phytosanitary (SPS) Measures..................................................... 11
4.8
Prohibited and Restricted Imports .................................................................... 11
4.9
Standards........................................................................................................... 12
4.10 Product Certification......................................................................................... 12
5. INVESTMENT PROFILE........................................................................................ 13
5.1
Investment Incentives Schemes ........................................................................ 13
5.2
Foreign Investment Regime .............................................................................. 14
5.3
Free Trade Zones .............................................................................................. 16
5.4
Investment Agreements .................................................................................... 16
6. ESTABLISHMENT OF BUSINESSES ................................................................... 18
6.1
Right to Private Ownership............................................................................... 18
6.2
Establishing an Office....................................................................................... 18
6.3
Work Permit Requirements............................................................................... 20
6.4
Intellectual Property Rights .............................................................................. 20
6.5
Conversion and Transfer Policies ..................................................................... 22
7. CULTURAL PRACTICES....................................................................................... 23
7.1
Business Customs ............................................................................................. 23
7.2
Entry/Exit Requirements:.................................................................................. 23
2
DOING BUSINESS WITH GUYANA
1. GENERAL INFORMATION
Official Name:
Cooperative
Republic of Guyana
Capital:
Georgetown
Area:
214,970 sq km
Population:
Ports:
Kaituma
769,095 (July 2007)
Population growth index:
percent (2007 est.)
0.234
Population density: 3.58 inhabitants
per sq kilometer
Official language: English,
Amerindian dialects, Creole, Caribbean
Hindustani (a dialect of Hindi), Urdu
Currency:
Guyanese dollar (GYD)
Exchange rate:
Georgetown,
Holidays:
New Year¡¯s Day
Mashramani-Republic Day
Phagwah
Eid-ul-Fitr
Youm Un Nabi
Good Friday
Easter Monday
Labour Day
Indian Arrival Day
Independence Day
CARICOM Day
Emancipation Day
Diwali
Christmas
Boxing Day
Port
Jan 01
Feb 23
May 01
May 05
May 26
Aug 01
Dec 25
Dec 26
US$1 = G$200
Climate:
Tropical; hot, humid,
moderated by northeast trade winds; two
rainy seasons (May to August,
November to January)
Principal Cities and Population:
(2005 est.)
Georgetown
229,600
Linden
44,500
New Amsterdam
32,900
Corriverton
12,500
Bartica
10,7001
Airports:
One international airport
(Cheddi Jagan International Airport,
Timehri); 1 regional international airport
1
(Ogle Airport); and about 90 airstrips, 9
of which have paved runways (2006
estimate).
Life Expectancy:
66.17 years
Total Population -
Literacy Rate:
96.5 percent
Total Population -
Local Time: UTC-4 (1 hour ahead of
Washington, DC during Standard Time)
Telephone Codes:
592
Health:
Medical care is available
for
minor
medical
conditions.
Emergency care and hospitalization for
major medical illnesses or surgery is
limited, due to a lack of trained
specialists.
cities-GY.htm
3
DOING BUSINESS WITH GUYANA
2.
THE ECONOMY
2.1
Structure of the Economy
The Guyanese economy exhibited
moderate economic growth in 2001-02,
based on expansion in the agricultural
and mining sectors, a more favorable
atmosphere for business initiatives, a
more realistic exchange rate, fairly low
inflation, and the continued support of
international organizations. Chronic
problems include a shortage of skilled
labor and a deficient infrastructure.
Export earnings from agriculture and
mining have fallen sharply, while the
import bill has risen, driven by higher
energy prices. Guyana¡¯s entrance into
the CARICOM Single Market and
Economy (CSME) in January 2006 will
broaden the country¡¯s export market,
primarily in the raw materials sector. 2
2.2
Recent Economic Performance
Agriculture, forestry, fishing and mining
are Guyana's most important economic
activities, with sugar, bauxite, rice,
timber, sea food, and gold accounting for
70%-75% of export earnings in 2006.
The rice and sugar industries performed
well in 2006. Rice export earnings, for
example, rose 20% from $46.2 million in
2005 to $54.6 million in 2006. Sugar,
too, saw a strong climb in earnings from
$118 million in 2005 to $145 million in
2006. A new European Union
arrangement signed in 2007 gradually
phases out long-standing preferential
2
treatment for Guyana sugar exports over
the next three years. Prices for sugar are
expected to drop significantly, reducing
income from the commodity by as much
as 30% in the coming years.
Over the past two years the forestry and
fisheries sector have recorded strong
performance, contributing 15%-20% to
export earnings. Forestry, in particular,
is viewed as a strong income opportunity
for the country. The government is
considering calls to ban the raw export
of certain types of logs in favor of valueadded export opportunities that will
bring in more foreign exchange.
The stagnant mining sector recorded
minimal growth in 2006. Bauxite export
earnings rose to U.S. $67 million in
2006, a slight increase over 2005. Gold
export earnings experienced a similar
increase, reaching $114.4 million in
2006 compared to U.S. $111 million in
2005.
The engineering and construction sectors
recorded 12% growth in 2006. Most of
this was driven by new hotel
construction in the buildup to Guyana's
hosting of the Cricket World Cup in
March 2007. New housing projects also
spurred the sector forward.
As with many developing countries,
Guyana is a heavily indebted poor
country (HIPC). Reduction of the debt
burden has been one of the
administration's top priorities. In 2006
the government continued to pursue
initiatives to bring the external debt
stock and debt service to a sustainable
level. At the end of 2006, these two
indicators stood at U.S. $920 million and
U.S. $22.6 million, respectively. In
March 2007, the Inter-American
4
DOING BUSINESS WITH GUYANA
Development Bank (IADB) provided
100% debt relief for Guyana's
outstanding loan balance and interest as
of December 31, 2004, amounting to
U.S.
$467
million.
Immediately
preceding the IADB write-off, both the
IMF and World Bank also granted $237
million in debt relief, bringing the total
to U.S. $701 million.
Exports - partners: US 18.2%, Canada
15.9%, UK 8.4%, Portugal 6.3%,
Jamaica 6%, Trinidad and Tobago 4.8%,
Netherlands 4.2%, Belgium 4.2% (2006)
5
2.5
Imports
Imports: US$706.9 million (2006 est.)
Also in 2006, through the Paris Club
debt relief process, the government
concluded an agreement with Japan,
which provided for 100% write-off of
principal
and
accrued
interest,
amounting to US$591,327. 3
GDP - real growth rate: 4.7% (2006 est.)
GDP - per capita (PPP): $US4,900
(2006)
GDP - composition by sector:
? agriculture: 35.5%
? industry: 19.3%
? services: 45.2% (2006 est.)
Unemployment rate: 9.1% (2000) 4
2.3
Overview of Trade
Current account balance:
-US$84.3 million (2006 est.)
2.4
Exports
Exports: US$621.6 million (2006 est.)
Exports - commodities: sugar, gold,
bauxite, alumina, rice, shrimp, molasses,
rum, timber
3
4
Imports - commodities: manufactures,
machinery, petroleum, food
Imports - partners: Trinidad and Tobago
23%, US 21.3%, China 9.7%, Cuba
6.4%, UK 4.5% (2006) 6
2.6
Trade With CARICOM
Guyana is also a member of the
Caribbean Community and Common
Market (CARICOM). Most goods can be
imported into Guyana under open
general license, but some goods require
specific licenses. Goods that are
produced in the Eastern Caribbean
receive additional protection; in May
1991, the CARICOM common external
tariff (CET) was implemented. The CET
aims to facilitate economic growth
through intra-regional trade by offering
duty-free trade among CARICOM
members and duties on goods imported
from outside CARICOM. 7
5
6
7
5
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