Guyana’s population and economic activity are highly concentrated in the Georgetown area. The United States continues to be one of Guyana’s top trading partners. Many U.S. firms have been very successful in the market, and U.S. products have a strong reputation for quality and technological innovation. U.S. lifestyle and consumption habits are growing of interest in Guyana. Always have a local partner, such as your agent or distributor, review any materials before using them in Guyana. Keep in mind that each country has its own unique vernacular.
Price and financing terms have become increasingly important selling factors. Some practical tips to successfully approach Guyanese consumers are the following:
- Appoint a representative or distributor, and consult as appropriate with lawyers and accountants
- Be consistent in attention to service and delivery, and engage in frequent visits and follow-up
- Provide credit terms
- Protect your intellectual property
Trade Promotion and Advertising
Guyana frequently hosts trade and investment expos that are usually attended by CARICOM heads of state, international firms, as well as regional and local businesses. These expos currently focus on energy, manufacturing, construction, and agriculture development but the GoG and local business support organizations plan on adding other trade expos to garner investment in other sectors as well. The U.S. Embassy often coordinates with the GoG and private sector bodies to foster market linkages between U.S. and Guyanese firms. Advertising in Guyana is conducted almost exclusively through social media, newspapers, television, billboards, and radio.
Both the government and private sector utilize local newspapers to advertise. The following are sources which businesses may consider advertising. The embassy does not endorse any publications:
In Guyana, trade promotion is executed by the GO-INVEST. Furthermore, local business support organizations (BSOs) may field independent trade missions.
Pricing
Guyana’s market is small, and pricing is dependent on the product. Many Guyanese consumers are highly price sensitive. However, as income grows nationwide alongside development from the oil and gas sector, some consumers are opting for quality over lowest price. For companies bidding for government contracts, it is a norm for the lowest bidder to be awarded, with a few exceptions.
Sales Service/Customer Support
Sales services in Guyana have significant room for improvement. Potential U.S. investors are urged to budget for training of Guyanese staff and linking sales services with appropriate incentives.
Local Professional Services
Guyana has a number of professional service providers ranging from legal, accounting, consulting services, among others. Many are found in professional associations. These include the Consultative Association of Guyanese Industry, the Bar Association, and Institute of Chartered Accountants Guyana. The U.S. embassy does not endorse any of these organizations and due diligence should be performed before entering a business arrangement. Additionally, the U.S. Commercial Service prepares industry sector reports on an ongoing basis. Customized Market Research (CMR) is also available for companies that wish to have specific questions answered, such as: the overall marketability of a product or service, market trends and size, customary distribution and promotion practices, market entry requirements, regulations, product standards and registration, key competitors, and potential agents, distributors, or strategic partners.
Principal Business Associations
The American Chamber of Commerce in Guyana (AmCham Guyana) seeks to improve business in Guyana through the promotion of America-Guyana bilateral trade and commercial engagements. AmCham Guyana is a voluntary, non-profit, membership organization committed to promoting and enhancing commercial relations between the United States and Guyana. U.S. firms operating in Guyana should consider engaging AmCham Guyana.
The Private Sector Commission (PSC) of Guyana was established in 1992 by five private sector associations to bring together most of the business organizations under a single national body. PSC aims to be the leading advocate and liaison between the private sector and the GoG on issues related to economic growth and development. Representation ranges widely, with members coming from all sectors including energy, construction, transportation, agriculture, and others.
The Georgetown Chambers of Commerce and Industry (GCCI), established in 1890, is the oldest private sector representative organization. The GCCI is legislatively mandated under the Georgetown Chamber of Commerce and Industry Act. The GCCI is a voice of the local business community and advocates for policies to stimulate trade and investment alongside acting as a networking entity to connect businesses. The GCCI is the largest business support organization in Guyana by membership.
The Guyana Manufacturing and Services Association (GMSA) is one of the leading business organizations in Guyana, maintaining an effective relationship with other business support organizations, government agencies, and financing agencies. Originally founded in 1967 as the Guyana Manufacturers’ Association (GMA), GMSA added representation for the services sub-sector to its mandate in 2005. GMSA members are in a variety of industries, but predominantly concentrated in business ventures around agriculture and agro-processing; construction and engineering; fast food and other services; chemical and pharmaceutical services; and forestry, minerals, and related extractive industries.
The Guyana Oil and Gas and Energy Chamber (GOGEC), established in 2016, is one of the newer business organizations in Guyana. The association seeks to support and engage local businesses in Guyana’s burgeoning petroleum sector. More information may be found on GOGEC’s website. Additionally, most regions in Guyana have a chamber of commerce, or equivalent business association, though information on their services may be limited.
The Women’s Chamber of Commerce and Industry Guyana, formed in 2019, is dedicated to creating a collective voice for women and assisting women to achieve success and economic independence through business ownership and self-employment. The chambers advocate for equal and fair business opportunities. The chambers support business success for our members through network building, collaboration, sensitization, educational resources, and advocacy in various areas.
Limitations on Selling U.S. Products and Services
There are no limitations on selling U.S. products and Services in Guyana, except for the list of prohibited products to be imported.
Nevertheless, it is important for U.S. exporters to develop a close relationship with an agent, representative, distributor, or other business partner. The U.S. Commercial Service assists exporters in finding and evaluating partners in Guyana. It is strongly advised that all exporters work with a Guyanese customs broker or with a freight forwarder with an established relationship with a broker prior to shipping goods to Guyana.