Guyana must look beyond its booming oil and gas industry and build a diversified, competitive economy capable of withstanding global shocks and creating lasting opportunities for its people, former Venezuelan Ambassador to the United Kingdom Vanessa Neumann has warned.
Delivering the keynote address at the World Trade Centre Georgetown (WTCG) International Trade and Investment Conference 2026, Neumann argued that the country’s success should not be measured by oil wealth alone, but by its ability to develop strong domestic businesses, protect its sovereignty and translate resource revenues into lasting economic capacity.
Her address examined the geopolitical and commercial risks facing Guyana, including the conflict involving Iran, Venezuela’s uncertain political and economic future, maritime security, local content, cybersecurity and tourism.
On the conflict involving Iran, Neumann cautioned businesses against basing long-term investment decisions on expectations of permanently high oil prices. She outlined three possible scenarios over the next six to 12 months, ranging from continued shipping disruptions to de-escalation or further escalation affecting critical infrastructure and global supply chains.
Rather than relying on predictions, she urged businesses to prepare for volatility by diversifying suppliers, verifying delivery capacity, maintaining operational buffers and reviewing freight, insurance and pricing arrangements.
Turning to Venezuela, Neumann said its potential economic reopening could create opportunities for Guyanese companies in food supplies, logistics, construction, maintenance and technical services.
However, she cautioned that commercial access should not be confused with political legitimacy or institutional certainty. Businesses, she said, must ensure transactions are lawful, buyers credible and payment arrangements dependable.
She also called for differences between Guyana and Venezuela to be resolved peacefully through international law, urging businesses to monitor developments affecting border conditions, maritime activity and insurance.
Neumann said Venezuela’s recovery could benefit both countries, observing that a neighbour’s economic recovery need not come at Guyana’s expense.
Maritime security and local capacity
The former ambassador identified maritime security as critical to protecting Guyana’s investment climate, particularly as offshore petroleum and commercial activities expand.
She called for stronger regional and international cooperation through shared reporting, joint training and coordinated responses to incidents at sea.
She also highlighted Quartermaster’s SmartMast platform, which uses vessel-mounted cameras, radio sensing, onboard artificial intelligence and satellite communications to improve maritime awareness. Neumann suggested a carefully structured pilot programme, subject to independent assessments, cybersecurity safeguards and clear data-access arrangements.
On local content, she argued that Guyana must move beyond basic participation in the petroleum sector and develop companies capable of securing higher-value contracts and competing internationally.
While acknowledging the importance of the Local Content framework, she said domestic businesses must acquire recognised technical expertise and develop the capacity to enter more sophisticated areas of the supply chain.
Technology, tourism and investor confidence
Neumann also identified cybersecurity and automation as strategic priorities, warning against adopting artificial intelligence simply because it is fashionable.
She pointed to ports and customs operations as areas where better-integrated documentation, inspection and cargo-tracking systems could improve efficiency and accountability.
Tourism, she said, also offers opportunities for diversification, but attracting long-term investment requires confidence in property ownership, contractual rights and predictable business arrangements.
She stressed that property protections must extend to Guyanese owners and foreign investors while respecting Indigenous and community rights, environmental safeguards and lawful public-interest acquisition procedures.
90-day follow-up proposed
In concluding, Neumann challenged conference participants to ensure that discussions and business introductions produce measurable commercial results.
She proposed a voluntary 90-day follow-up mechanism through WTCG to track business introductions, negotiations, export-readiness initiatives and obstacles affecting prospective partnerships.
She also urged international partners to bring investments that leave lasting capabilities behind, including technology that Guyanese can master and transparent commercial agreements that withstand scrutiny.
Her central message was that Guyana’s long-term strength will depend not simply on the resources it extracts, but on its ability to withstand external shocks, make independent decisions and ensure that economic opportunities reach its people.
The WTCG International Trade and Investment Conference 2026 brought together business leaders, investors, policymakers and trade promotion organisations from Guyana, the Caribbean, South America and beyond to examine trade, investment and economic cooperation.
