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According to Dr Singh, this blossoming sector will continue to significantly contribute to economic growth in Guyana, triggering rapid increases and expansion in demand for every category of goods and services.

“Irrespective of the sector in which you operate, there is no shortage of demand for what you can produce in Guyana today. And that will only grow over the near and medium term,” he said.

Dr Singh went on to emphasis, “But what is critical, is that we identify our respective niches, what it is that we, the individual entrepreneur, what it is that we are interested in and what it is that we are good at and will be able to do successfully.”

He further underscore that with Guyana’s growing economy, there is significant competitiveness both within the country and globally.

And so, Dr Singh stressed the vital importance of businesses being highly competitive to thrive in this newfound era of economic growth.

“In the long run, you will only survive and succeed if you are globally competitive. We consider this a national imperative, but it is also, that is to say, to ensure that we create an environment where we are competitive as a country…whatever you do… competitiveness is essential.”

Further, Dr Singh also underscored investments in human capital and skillsets, pointing out that a successful business cannot merely run on skilled labour but requires specialist skills to deliver a world-class product.

The government, he said is investing heavily in producing a skilled labour force with over 7,000 Guyana Online Academy of Learning (GOAL) scholarships recently awarded nationwide.

He also stressed the importance of forming strategic partnerships among Guyanese businesses.

The landmark Local Content Legislation has identified 40 categories in which oil and gas companies are required to do business with Guyanese companies.

And so, he advised, “As a small business owner, you may not be necessarily automatically or immediately be in a position to do business directly with an oil and gas major, but the 40 categories give you a good idea of who is doing business with the oil and gas majors, and therefore, who you could potentially be doing business with.

Shifting gears to financing, Dr Singh emphasised the importance for businesses to establish a credible business plan to access large-scale financing.

He also restated the need for financial institutions to be more aggressive, innovative, and willing to take risks.

The government, through the Small Business Bureau (SBB), is also actively providing micro-business grants to those interested in kick starting their business aspirations.

Saturday’s Business Brunch & Finance Seminar aims to aid small and medium businesses enhance their understanding of securing necessary financial resources. Topics centered around exploring various financing options, creating effective financial plans, and networking with key players in the finance industry

The event was themed “Leveraging your Assets for Sustainable Success.” (DPI)

“From oil fields to boardrooms, women are leading the charge in revolutionizing energy usage, distribution, and consumption,” Seegoolam said.

The forum, designed to drive transformative change, included engaging panel discussions on topics crucial to women’s advancement in the sector, such as financial inclusion, mentorship programs, entrepreneurial challenges, and career transition strategies.

Seegoolam highlighted the profound impact women have on their communities and the energy industry. She stressed the importance of creating pathways to the energy sector through education and addressing barriers to equip women with the necessary skills and knowledge.

“By harnessing the full potential of women, we can unlock new perspectives and solutions for the industry’s most pressing challenges,” she explained.

Partnerships and collaborations are essential to creating opportunities for women to contribute to the energy transition. “We must actively promote diversity and inclusion, providing opportunities for women to thrive and advance in their chosen fields,” Seegoolam urged.

Chair of Women in Energy Guyana, Abbigale Loncke-Watson, emphasized the sector’s pivotal role in Guyana’s economic development and the importance of ensuring equal opportunities for all.

“Together, we are paving the way for a more inclusive and empowered future for women in the energy sector,” Loncke-Watson declared.

British High Commissioner to Guyana, Jane Miller, encouraged women to seize opportunities and claim their seats in the sector.

“Guyana is on an incredible journey. Women need to seek opportunities and make the most out of everything. You are valid, you are important,” Miller affirmed.