WILLEMSTAD – Curaçao could learn valuable lessons from Guyana's rapidly expanding maritime sector, where cooperation between government, private investors and international financial institutions has helped mobilize more than US$1 billion in port-related investments over the past four to five years.
That is the assessment of Augustin Diaz, Director of CDM Holding, who believes Guyana's approach offers an important example for Curaçao as it seeks to transform its own maritime infrastructure and strengthen its position in the Caribbean shipping industry.
In an economic essay responding to a speech delivered by Guyanese President Irfaan Ali on October 26 during a Caribbean Shipping Association conference in Georgetown, Diaz highlighted similarities between Guyana's investment strategy and Curaçao's plans for the Dok–Buskabaai–Nieuwe Haven maritime-industrial area.
Curaçao harbor
President Ali called on Caribbean governments, shipping companies and financial institutions to develop a coordinated regional investment plan aimed at modernizing ports and strengthening maritime infrastructure.
The Guyanese president proposed involving the Caribbean Development Bank (CDB), the Inter-American Development Bank (IDB) and IDB Invest in financing the initiative.
The proposed strategy would combine tax incentives, innovative financing arrangements and public-private partnerships to attract investment into the maritime sector.
Rather than requiring governments to finance every infrastructure project themselves, Ali argued that public authorities should create the conditions necessary for businesses and investors to develop commercially viable projects.
According to Diaz, this approach is particularly relevant for small Caribbean economies that face limitations in public financing but possess opportunities for private-sector development.
Guyana Mobilizes More Than US$1 Billion
During his address, President Ali reported that Guyana had mobilized approximately US$1 billion or more in private investment over the past four to five years.
These investments have supported the development of port facilities, storage yards and infrastructure serving the country's growing offshore oil and gas industry along the Demerara River.
Guyana is also pursuing the development of a deepwater port and holding discussions with international financial partners about additional infrastructure projects.
The expansion is closely connected to the country's rapidly growing petroleum industry, which has generated substantial demand for maritime transportation, offshore support services, logistics and industrial facilities.
Diaz acknowledged that Curaçao does not have the same economic circumstances.
Unlike Guyana, Curaçao does not currently benefit from a comparable level of investment demand generated by a major offshore oil and gas production industry.
Nevertheless, Diaz believes the underlying investment model is relevant.
He argues that sustainable economic development becomes possible when market demand, entrepreneurship, infrastructure and financing are deliberately connected.
For Curaçao, this means identifying commercial opportunities and developing infrastructure in cooperation with companies that are prepared to invest and operate within the maritime sector.
Growing Competition Across the Caribbean
Diaz warned that developments in Guyana, Suriname and other Caribbean countries are increasing regional competition for maritime investment.
The expansion of offshore energy activities, changing trade routes and the modernization of regional ports are creating new opportunities for ship maintenance, technical services, logistics and specialized industrial suppliers.
Curaçao already possesses important maritime assets, including its natural harbor, established port infrastructure, Damen Shiprepair Curaçao and companies with specialized technical expertise.
However, Diaz cautioned that the island cannot rely solely on its geographic position to attract investment.
To remain competitive, Curaçao must connect its infrastructure and skilled workforce to concrete business opportunities and develop the financing arrangements necessary to bring projects into operation.
He also identified potential cooperation with the European Commission, Invest International and other financial institutions as opportunities worth exploring.
A Different Approach to Economic Development
According to Diaz, the central lesson from Guyana is not that governments should withdraw from economic development.
Instead, governments should take a more strategic role by coordinating investment opportunities, facilitating partnerships and removing obstacles that prevent businesses from expanding.
This approach requires cooperation between ministries, government-owned companies, private enterprises and international financiers.
Diaz believes Curaçao must increasingly move toward an economic model in which businesses are not merely consulted about government plans but participate directly as investors, developers and operators.
The Guyanese experience, he argues, demonstrates how a coordinated approach can attract substantial private capital while allowing governments to focus public resources on planning, preparation and the creation of favorable investment conditions.
For Curaçao, the challenge will be translating that approach into practical projects capable of strengthening the island's maritime economy and creating opportunities for local businesses and workers.