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OVERVIEW
- World’s #1 Eco-Tourism – Guyana is recognized as the world’s #1 Eco-tourism destination, Best in Sustainable Tourism, and Top 10 Sustainable Destination (2019)
- 9 Sustainable Experiences in Latin America for 2021
- Wanderlust Magazine-Top 20 destinations to visit in 2021
- Condé Nast Traveler-Community-led and owned Tourism
- 3rd Largest Export Sector – Tourism is the 3rd largest export earner sector in Guyana after oil and natural resources
- GDP – The total contribution of travel and tourism to GDP is estimated to be 7.8% (2018)
- Earnings- Guyana has earned approximately $24 billion (Sept 2021) based on the average expenditure per visitor per type at US$1,060.
- Job Creation – Travel and Tourism contributes to 22,000 jobs in Guyana (2018)
- Travel and Tourism – Travel and Tourism injected approximately G$62.6B directly into Guyana’s economy (2018)-Travel and tourism investment in Guyana is projected to increase to GY$7.7B by 2028
- Visitors – Guyana visitor arrivals increased to 131,381 in 2021, a 52 percent increase over 2020.
- Expenditure – Based on the analysis of the VEMS survey of the BoS, GTA estimates that the average expenditure per international visit is GY$222,216
- Contribution – Tourism contributes to Guyana’s Green State Agenda and all 17 UN Sustainable Development Goals
OVERALL STRATEGY
- Establish several world class eco-retreats.
- Promote nature, adventure and ecotourism, both locally and internationally
- Removal of VAT on hinterland travel
- Increase in world class hotels; estimated needs of 2000 additional rooms
- Special incentives for new hotels and businesses
- Employment opportunities and income
- Strengthen and grow the workforce
- Establishment of Hospitality Training Institute
Budget 2022 Highlights
- 300 million for the Small Business Development Fund
- Industrial Estates to be established in Regions 2&10. 300 million for access road infrastructure to new Industrial Estate in Enmore
- New airlift to be added in 2022, bringing over 5,000 more seats per year.
- By the end of 2022, 8 new hotels would have commenced construction
- 12 new tourism products further diversifying our tourism experience
- Tourism and Business Facilitation Centre to be established in Lethem
- 3,000 persons in the tourism sector to be trained in 2022: Largest tourism training campaign
- Establishment of Guyana Online Tourism Training Academy
- $2 billion towards Rural Enterprise Development
- Modernisation of trade operations through the development of the Electronic Single Window initiative to enhance the ease of doing business
WHY INVEST?
- Guyana’s pristine forest, dozens of waterfalls, stunning sun kissed savannahs, majestic mountains, breathtaking bio-diversity and unique, authentic cultural, adventure and indigenous experiences, make it the PERFECT destination for a lodge.
- Open foreign investment regime (incentives offered).
- A growing and expanding tourism industry.
- A wealth of tourism investment opportunities.
- Priority government support for tourism investment.
- Expanding international aviation capacity.
- Strategic location;-Guyana is part of both South America and the Caribbean.
- Off the beat path destination.
- A country practicing sustainable tourism, given its low carbon development strategy model.
- Affordable labour.
- A secure and stable environment to do business.
- Language (English-Speaking).
Investment Areas
Potential Locations for Investment
- Region 2&3 -Beaches, resorts, falls, lakes, historical sites
- Soesdyke-Linden – Region 10 – River front investment ideal
- The Rupununi – Region 9 – Gateway to the Savannahs
Existing attractions and activities Kaieteur Falls Park- single largest free fall waterfall in the world by volume of water poring over it.
Development area as a major tourist destination
- Recreational facilities and activities
- Rafting
- Boating
- Tennis
- Horseback riding
- Hiking
- Kayaking
- Mountain biking
- Golf
World Class Eco-Lodges or Resorts – To be developed in the interior
Niche Market Products
- Investments in the infrastructure, facilities and services to support market
segments such as. - Bird watching
- Yachting
- Deep – sea or river fishing
Hospitality services
- Development of world class hotels
- Restaurants
- Eco-Retreats
Development of business services
- Convention services
- Catering
- VIP Transportation
- Communications
Eco-Retreat Amenities
- Nature trail
- Animal Reserve
- Bird Trailing
- Water Park
- Agri-Tourism and Culinary Fusion
- Entertainment
- Natural Wellness Spa
- Gift shop/Indigenous/Artesian boutique
Transportation Services
- Expansion of scheduled and chartered air services
- Expansion of boat and car rental services
Craft Industry
- Expansion of craft production
Development Project
- Development of International Drag Racing
Incentives
- Favourable tax concessions.
- Tax Holidays
- Exemption from Corporation Tax with respect to income from new economic activity of a developmental and risk bearing must create new employment in Regions 1,7,8,9 & 10.
- Vast land available for eco-retreats and pristine non-touched lands for agro tourism.
- Tax exemption for NEW hotels/guesthouses/Inns in Regions 2, 3, 4, 5 & 6 should not have less than thirty (30) guest rooms and tax exemption for NEW hotels/guesthouses/inns in Regions 1, 7, 8, 9, & 10 should not have less than fifteen (15) guest rooms.
- Full custom duty and VAT exemptions on the value of the investment on building materials, fittings, equipment furnishing and appliances.
- Full excise tax exemption on the value of each motor vehicle.
- Expansion of hotels/guesthouses and inns for Regions 1, 7, 8, 9 & 10, the current complement of guest rooms must be increased by no less than 3 rooms. For other regions, no less than 5 rooms and tax exemptions for expansion of lodges and resorts in all regions.
- Full customs duty and VAT exemptions on 50% of the value of the investment on building materials, fittings, equipment furnishing and appliances for extended part of the entity.
- New lodge or resort in Regions 1, 7, 8, 9, & 10 should have no less than eight (8) rooms, those in Regions 2, 3, 5 & 6 should have no less than fifteen (15) rooms and those in Region 4 should have no less than thirty (30) rooms.
- Full customs duty and VAT exemptions on the value of the investment on building materials, fittings, equipment furnishing and appliances.
- Full excise tax exemption on the value of each motor vehicle.
- Tax exemption Tour operator
- Full customs duty, VAT and excise tax exemptions on 50% of the value of the investment on camping equipment, floating crafts, non-motorized collapsible mobile lodging with basic amenities and each motor vehicle.
- Full excise exemption on 50% of the value of each motor vehicle.
- Tax exemptions for expansion/re-tooling of operation of tour operators.
- Full customs duty, VAT and excise tax exemptions on 25% of the value of the investment on camping equipment, floating crafts, non-motorized collapsible mobile lodging with basic amenities and each motor vehicle.
- Full duty, excise tax and VAT exemption on 25% of the value of each motor
vehicle.
