With a large English-speaking population and very competitive labor costs, Guyana’s outsourcing industry is primed for strong growth, the latest E-Report by Nearshore Americas has discovered.
A former British colony with a population of under 1.5 million, Guyana has a close business relationship with the United States, with North America accounting for more than 60% of its exports, notes the paper, entitled, “Guyana: Well Positioned for Future Growth and Success.” Written by Tim Wilson, the paper states that the Caribbean nation “has a talented English-speaking workforce, a stable political and economic system, and a location that positions it well to leverage growth across the Americas.”
“During the period 2006 to 2012, Foreign Direct Investment trended upward, amounting to over US$1.3 billion, with Guyana being the only country in the region with a consistent annual growth rate in excess of 4%,” the paper notes. In order to maintain its viability for increased direct foreign investment, the government is prioritizing the development of education, ICT capability, and transport and hydroelectricity infrastructure.
The only drawback is that Guyana’s telecom sector has not yet been liberalized. But the paper says the Caribbean country is building a terrestrial fiber-optic network to support high-speed data, video and voice communication. Linked to this will be LTE wireless towers for last mile connectivity.
Local BPO provider Qualfon is Guyana’s biggest private sector employer, while Global Technology – one of the Caribbean’s largest private technology training centers – also has a headquarters in the capital city Georgetown.
The paper states that Georgetown in home to a number of first-rate educational institutions, including the University of Guyana, the School of Nations, the Royal Academy, the Business School of Georgetown, and the Guyana Technical Institute. There are two airports in the capital, with daily flights to Miami and New York, and the paper also notes that Guyana is positioned in a favorable timezone aligned with the eastern United States.
Click here to download the E-report.
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