(CEO of Go-Invest, Dr. Peter Ramsaroop[right] and CEO Mr. Vijay Sukhdeo [Left] turning the sod)
With preparations underway for a US$100 million cement plant on the Essequibo Coast, it is projected the cost of imported cement will be severed by up to 30% according to Chief Executive Officer [CEO] of the Guyana Cement Company, Mr. Vijay Sukhdeo.
The CEO was at the time speaking at a sod turning ceremony on Wednesday at Maria’s Delight, Essequibo Coast.
Construction of the plant is expected to start later this year. The plant is projected to produce some 50,000 metric tons of white and grey cement.
This publication was told that apart from local construction industry, the targeted market also includes Suriname and other Caribbean countries.
The Company’s CEO, Mr. Sukhdeo, is an overseas based Guyanese, who has been in the US for some forty years. Sukhdeo told this publication that his company is practically a tech company, with over thirty years of experience. On that note, he said, the projected cement plant will utilize French and German technology, for quality finished product.
“Hydraulic cement is great for sea defence and stands up longer to salt air. The drying time of our cement is 30 minutes longer than that of all purpose cement, but that increased drying time allows for the cement to have a better bonding, resulting in better quality work,” Sukhdeo explained.
Sukhdeo said too that his company’s primary objective is to reduce the cost of cement locally, while at the same time produce top quality.
“We’ve noticed the demand for cement presently in Guyana, and the prices are soaring, so we decided to step in. The Guyana Cement Company will not be importing cement, rather we aim at exporting once local production commences. The only thing we’ll be importing are the ingredients like Iron ore and lime stone gypsum… on the Essequibo Coast the cost of production in cheaper, so our finished product will definitely be cheaper.”
The Indian High Commissioner to Guyana, Dr K J Srinivasa pointed out that that Guyana is set for “economic take off” as he underlined the fact that the proposed plant will be one of the largest private investments of its nature and time.
“Producing your own cement means not just that you will be saving on your foreign exchange, but most importantly you will be earning it when you export.”
Dr. K J Srinivasa also pointed out that Guyana’s local content will be meaningfully utilized, as the plant will employ some two hundred employees, once fully operational. This publication was told that the project will be funded by 24% personal finance and 75% company finance.
In attendance at yesterday’s sod turning was the Chief Executive Officer of Go-Invest, Dr. Peter Ramsaroop, the Prime Minister’s representative to Region Two, Arnold Adams, and members of Essequibo’s business community.