CEO of Bluedot Larren Peart and chair and business development director of ActionINVEST Caribbean Inc, Dr Vishnu Doerga signs partnership in Guyana on Tuesday, May 14, 2024 while Jampro President Shullette Cox, and Senator Aubyn Hill, minister of industry, investment and commerce in Jamaica, looks on.
Bluedot Insights, the Jamaica-based market research and data insights company, has made a play for a share of Guyana’s booming oil and gas sector, and has formalised a strategic partnership with Guyanese company ActionINVEST Caribbean Inc to help realise the goal.
“We want to benefit from providing data and research services to the oil and gas industry,” Larren Peart, CEO of Bluedot, told the Jamaica Observer in an interview.
“We did business over here [Guyana], but we didn’t have a proper setup — we didn’t have a formal presence. And now we’re forming a local company to take advantage of the Guyanese market,” Peart added.
Bluedot had its sights set on entering Guyana’s oil and gas market but faced a regulatory hurdle. Guyanese laws require foreign companies to partner with a local entity, holding a substantial stake, to operate in the country. To overcome this obstacle, Bluedot formed a partnership with ActionINVEST Caribbean, enabling it to supply data and insights to Guyana’s oil and gas industry while complying with the legal requirements for foreign investments. While the partnership initially aimed to provide data on the oil and gas market, it’s just a small part of a larger picture for the company, which ultimately aims to transform market research and data-driven decision-making in Guyana.
“Guyana is benefiting from a lot of investments from international companies that are accustomed to making data-driven decisions. And the data aren’t necessarily readily available here. We’re here to provide, to make these types of services available to the Guyanese market,” Peart told the Caribbean Business Report from Guyana.
ActionINVEST Caribbean Inc, a business development company, provides a range of services aimed at supporting entrepreneurs, businesses, and organisations in their growth and success. With a mission to create “Guyana’s abundance through business re-education”, the company offers certified coaching, leadership, and administrative management services, as well as corporate training programmes and assessments. Now, as equity partners with Bluedot Guyana, ActionINVEST Caribbean Inc empowers local businesses and industries across Guyana with the insights to help thrive in an increasingly competitive global market.
“By integrating Bluedot’s expertise into the Guyanese market, we are equipping our businesses with the tools and knowledge necessary for sustainable growth and innovation,” cited Dr Vishnu Doerga, chair and business development director of ActionINVEST Caribbean Inc, in a media release.
Additionally, ActionINVEST Caribbean Inc will be responsible for bringing clients to Bluedot and providing on-the-ground support and operations, execution, data analysis, report writing, and any other technical expertise required.
The partnership arose out of business-to-business engagements during the January 2023 Export and Investment Business Mission to Guyana, led by Minister of Industry, Investment, and Commerce Aubyn Hill. According to Peart, the two companies had a good “synergy” that made the decision to partner a natural fit.
“So about 70 of us [businesses] moved on that trip last year in January. And they provided linkages, and I came with the purpose of finding a local partner so we could expand into Guyana. And that’s how I found ActionINVEST Caribbean,” Peart shared. “I think there are plenty of opportunities in Guyana. It’s the fastest-growing economy in the world. We’re just expanding our services here [in Guyana] and hope to benefit from, new business and new revenue streams.”
Bluedot operates across the entire Caribbean, currently undertaking projects on 12 Caribbean islands. While it has teams dispersed across the region collecting data, it does not have physical offices. However, in Guyana, Bluedot has a physical presence with a registered business, Bluedot Guyana, and additionally operates in the US, Toronto, and the UK.
Source: Jamaica Observer
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