Guyana urged to build an economy beyond oil

At the WTCG conference, Vanessa Neumann called for economic diversification, stronger maritime security and competitive local businesses.

GEORGETOWN, Guyana — Guyana must turn its oil and gas wealth into lasting opportunities by building a diversified economy and strengthening local businesses. In addition, the country should protect investment, former Venezuelan Ambassador Vanessa Neumann told an international trade conference in Georgetown.

Delivering the keynote address at the World Trade Centre Georgetown International Trade and Investment Conference 2026, Neumann urged the country to look beyond success as an oil producer. She also encouraged a focus on resilience, competitiveness and sovereignty.

The measure of development, she argued, is not just resource wealth but the skills, technology and business capacity that remain with Guyanese people through transparent partnerships.

Oil price volatility and business resilience

Neumann warned businesses against basing long-term investments on expectations of permanently high oil prices. For example, she cited the conflict involving Iran and its potential effects on energy markets, shipping and global trade.

She outlined scenarios over the next six to 12 months, including continued shipping disruptions, de-escalation or further escalation affecting infrastructure and supply chains. Her emphasis was on preparing for volatility rather than relying on a single oil price forecast.

Businesses should diversify essential suppliers, verify delivery capacity and review freight, insurance and price-adjustment terms, she said. Affordable operating buffers could help them manage delayed shipments, higher costs and slower customer payments.

Venezuela trade opportunities require caution

Venezuela’s economic reopening could offer opportunities in food supplies, logistics, construction, maintenance and technical services, Neumann said. But commercial access does not guarantee political legitimacy or institutional stability.

Guyanese businesses should verify that transactions are lawful, buyers are credible and payment arrangements are reliable, she said. Additionally, she urged peaceful resolution of differences through international law and close monitoring of official policy, maritime activity, border conditions and insurance terms.

Venezuela’s recovery need not come at Guyana’s expense, she added.

Maritime security protects investment

Neumann described maritime security as a condition for attracting and sustaining investment, not simply a defense expense. Therefore, she called for shared reporting, joint training and coordinated responses to incidents at sea.

Shipping operators, ports, offshore companies and insurers should work with regional and international partners to protect commercial activity and offshore infrastructure, she said.

She cited Quartermaster’s SmartMast platform, which combines vessel-mounted cameras, radio sensing, onboard artificial intelligence and satellite communications, as a potential tool for improving maritime awareness. Furthermore, any pilot program should include independent performance reviews, cybersecurity safeguards and clear rules for data access, she said.

Local content and cybersecurity build competitiveness

Guyana’s local content framework should help domestic companies advance into higher-value work, develop recognized technical expertise, win more sophisticated contracts and eventually compete internationally, Neumann said. Diversifying partnerships should preserve high standards and independent decision-making.

She also urged selective investment in cybersecure automation rather than adopting artificial intelligence simply because it is fashionable. As a result, efficient systems that capture information once, verify it consistently and maintain reliable records can deliver benefits without AI, she said.

Ports and customs operations could benefit from better integration of documentation, inspection decisions and cargo tracking. At the same time, they should maintain regulatory oversight, she added.

Property rights support sustainable tourism

Tourism can contribute to economic diversification. However, long-term investment requires confidence in property titles, leases and lawful operating rights, Neumann said.

Those protections must apply to Guyanese owners and foreign investors while respecting Indigenous and community rights, environmental safeguards and lawful public-interest acquisition procedures, she said. In addition, a predictable investment climate could expand demand for local agriculture, construction, transportation and cultural experiences.

WTCG follow-up would track business outcomes

Neumann proposed a voluntary 90-day follow-up through World Trade Centre Georgetown to track business introductions, negotiations, export readiness and obstacles to prospective partnerships.

International partners should bring technology that local people can master and transparent agreements that leave lasting capabilities behind, she said. Thus, sovereign strength, she argued, includes the ability to choose partners, withstand external shocks and expand opportunities for citizens.

The conference brought together business leaders, investors, policymakers and trade promotion organizations from Guyana, the Caribbean, South America and beyond to discuss international trade, investment and economic cooperation.

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