Last Updated on Sunday, 21 June 2026, 10:08 by Writer
Two days after communist-run Cuba announced unprecedented economic reforms, Guyana’s President Irfaan Ali on Saturday encouraged the private sector to invest in assembly lines to take advantage of market opportunities there.
In his address at CAM Motors’ launch of the Chinese-made Foton and Jetour brands of vehicles in Guyana, he encouraged the joint venture among CAM Motors, the Jamaica-based ATL Automotive, Continental Group of Companies and MMKJ Inc to establish an assembly line in Guyana.
He said he had already asked Mr Vishok Persaud of MMKJ Inc and his team to look at the possibility of making Guyana an assembly hub for all the brands that are emerging.
“We have the ability to have an assembly line and we have the critical mass if we come together in upscaling the market and we have to look ahead of us with Cuba opening up and Haiti opening up,” he said.
Dr Ali also said there was scope for tapping into market opportunities in northern Brazil and the Spanish-speaking Dominican Republic.
In apparent response to mounting United States (US) pressure, Cuba’s President Miguel Díaz-Canel on Thursday, June 18, as reported by Al Jazeera, said the plan would expand opportunities for private enterprise and create measures to attract additional foreign investment, including from Cubans abroad.
It could also set the stage for private real estate development on the Caribbean island and the transformation of state-owned businesses into private commercial ventures with shares and equity stakes.
It would also allow private banks to enter Cuba’s once state-dominated finance sector.
The Guyanese leader said a conducive policy environment, taxation, cost of energy, cost of technology and the his government’s support would all enable higher scale and level of manufacturing and assembly.
“That is what is going to take our country beyond the shoulders of oil and gas. That is what is going to take our country beyond the shore of sustainability,” he said.
The MMKJ Director said the joint venture would provide support to vehicle owners and at the larger level participate as a local content provider.
“We can basically realise our local content legislation, our local participation, and ensure that Guyana’s businesses and the private sector is participating in every aspect of the business sector,” he said
President Ali said that with more disposable income, Guyanese were buying less foreign used Japanese vehicles and shifting more to brand new vehicles.
“We are witnessing the emergence of a rapidly expanding market for new vehicles among both private individuals and businesses,” he said.
The government this year scrapped the 14 percent value added tax on vehicles 1500 CC and higher.
