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As the world’s appetite for seafood grows, Guyana finds itself uniquely positioned to tap into the vast potential of aquaculture. With its bountiful water resources and strategic location, Guyana is primed to develop a commercial-scale aquaculture sector that not only caters to local demand but also supplies the international market. The establishment of key facilities and the support from the government are paving the way for a flourishing aquaculture industry in Guyana. Guyana’s commitment to equal access to opportunity for people of all races remains its only hurdle to the growth and development of this and other industries.
Following are some of the cornerstones of Guyana’s aquaculture ambitions, available for investors. The first is the establishment of one or more state-of-the-art Shrimp Hatchery Facilities. These facilities will play a pivotal role in the production of high-quality shrimp seed stock, ensuring a consistent supply for the industry. Additionally, the creation of a Fish and Shrimp Processing Facility will enable Guyana to process its seafood harvest efficiently. These facilities will not only add value to the products but also open doors to international markets by meeting stringent quality standards. Feed Production Facilities are another crucial aspect of a thriving aquaculture sector. The ability to produce locally sourced, nutritionally balanced feeds will significantly reduce costs and enhance the sustainability of the industry. According to GOINVEST, all of these areas are open for investors.
The global demand for seafood presents an incredible opportunity for Guyana to establish itself as a major player. The United States, Mexico, and the European Union are key potential markets. The USA alone imported over 550,827 metric tons of frozen shrimp and prawns valued at US$4.8 billion, highlighting the immense market potential. Guyana boasts a comparative advantage that is 2.15 times higher than any other South American country. This strategic advantage, coupled with the right infrastructure and support, positions Guyana as an attractive destination for aquaculture investments.
Recognizing the potential of the aquaculture sector, the Guyanese government has stepped in to provide crucial support. Measures such as the reversal of taxes on fishing equipment, provision of technical support to farmers, access to suitable lands, and exemption from import duties on essential equipment are designed to nurture the industry’s growth. In addition to sector-specific support, Guyana offers general incentives to benefit aquaculture businesses. These include no VAT on electricity and building materials, the reversal of the pollution tax and land lease charges, and the removal of 14% VAT on equipment and materials. Such incentives create a favorable environment for entrepreneurs and investors alike.
The government’s commitment to the aquaculture industry extends to creating an enabling environment for increased productivity. By investing in research and development into new strains of fish and improved pest control methods, Guyana aims to ensure a robust and sustainable industry. Adequate provision and maintenance of drainage and irrigation systems, as well as farm-to-market access roads, are integral to achieving this goal. Additionally, zoning initiatives are in place to minimize conflicts between different agricultural sectors, promoting harmonious coexistence. Proper breeding stock, training, and facilities are being provided to ensure high-quality products that meet international standards.
As Guyana ventures into the realm of aquaculture, it does so with a vision of not only bolstering its economy but also contributing to global food security. The nation’s commitment to sector development, combined with its natural advantages, sets the stage for an aquaculture industry that thrives on both domestic and international fronts. With government support, strategic facilities, and a focus on sustainability, Guyana is on the path to becoming a key player in the global aquaculture landscape.
