I am always thrilled to see a new edition of the Who’s Who in Guyana Business publication. This excitement is heightened by our nation's ongoing economic transformation under the forward-thinking and results-driven leadership of our President, His Excellency Dr. Irfaan Ali, who has set a vision for 2030 and beyond. This publication plays a crucial role in bridging the gap between foreign direct investors and local professionals and businesses.
The synergy between well-crafted government policies, a transformative agenda, and a vibrant local private sector has propelled Guyana's notional stock, "1GY," to unprecedented heights. Just consider the facts: a GDP growth rate of over 60% last year, projected growth of 30% or more in the coming years, a young and educated workforce, and abundant natural resources like oil, gas, bauxite, gold, rice, sugar, and cash crops. Add to this our unparalleled access to the Atlantic Ocean and more fresh water per capita than any other country in the world. With such strong fundamentals and visionary leadership, "1GY" is undoubtedly a stock worth investing in.
Moreover, the companies featured in this publication deserve commendation for their commitment to delivering quality products and excellent customer service. Guyana has undergone a significant transformation since 2020, a fact that is globally recognized and supported by robust data.
As we look ahead to the Investment Outlook for 2024 and beyond, it is clear that Guyana is on an upward trajectory. Massive infrastructure projects are underway, including the construction of internationally-branded hotels targeted for completion by 2024-2025 and a 300MW natural gas plant that is expected to reduce energy costs by an estimated 50%. Our air operations are expanding, and our manufacturing sector is poised for explosive growth in 2025 and beyond.
We are rich in high-grade resources like silica sand, bauxite, gold, and oil, not to mention our forest's carbon storage capacity, equivalent to 19.5 gigatons. Major projects in gold refining, glass and solar production, and oil refining are already attracting significant interest. Furthermore, large-scale farming and a focus on agro-processing aim to achieve CARICOM's goal of reducing the food bill by 25% by 2025.
In summary, those featured in this publication have recognized the future potential of "1GY" and have wisely invested. Our eco- tourism sector is also gaining momentum, offering yet another avenue for investment. The chart on page 25 gives you a snapshot prospectus and hopefully serves as catalyst for future investments. Guyana is a burgeoning investment destination, and the opportunities for economic growth and prosperity are abundant. As our President often says, the success of this administration is measured by the prosperity it brings to all of us. Let's all contribute to building a brighter future today.