Guyana's Emerging Oil and Gas Sector: A rise in student mobility?
The recent oil and gas discovering in Guyana has led to countless discussions regarding a potential economic boom and an evolution in the country's economic, social and political landscape. Change is happening in Guyana and more is expected for a long time to come. According to sources via WorldOil, Guyana is one of the world's three most promising deep-water finds and has attracted major corporate oil giants such as Exxon Mobil, Hess and CNOOC's Nexon to conduct off-shore exploration. With Hess Corporation's recent announcement of a 7th discovery offshore Guyana, the country is expected to experience an oil revenue boom by 2020.
With the emergence of an oil and natural gas sector, one cannot help but think about the implications it will have on education, particularly, higher education. Both the oil and natural gas sectors are very new to Guyana and there will be a great demand for suitable knowledge, skills and expertise. The increasing presence of foreign investors across various sectors will fuel the need to improve and expand infrastructure.
Should Guyana expect to avoid the 'resource curse', that is predominant in resource rich developing countries, it is critical that there is great investment in the people of Guyana. This would allow for increased and more equitable access to economic opportunities and benefits from this impending oil boom.
Much is to be done to build local capacity. There has already been engagement with external institutes regarding training in key skills such as welding, drilling and other related areas. However, more will be needed as the growth of the oil and gas industry will fuel growth in other sectors. It is hoped that Governments implements a development plan which includes increased financing for higher education opportunities to build local capacity in those areas of priority. Will this therefore impact on the Guyana's rating on the Caribbean Student Mobility Index? The answer will come as we continue to monitor this development. (SA)
The recent oil and gas discovering in Guyana has led to countless discussions regarding a potential economic boom and an evolution in the country's economic, social and political landscape. Change is happening in Guyana and more is expected for a long time to come. According to sources via WorldOil, Guyana is one of the world's three most promising deep-water finds and has attracted major corporate oil giants such as Exxon Mobil, Hess and CNOOC's Nexon to conduct off-shore exploration. With Hess Corporation's recent announcement of a 7th discovery offshore Guyana, the country is expected to experience an oil revenue boom by 2020.
With the emergence of an oil and natural gas sector, one cannot help but think about the implications it will have on education, particularly, higher education. Both the oil and natural gas sectors are very new to Guyana and there will be a great demand for suitable knowledge, skills and expertise. The increasing presence of foreign investors across various sectors will fuel the need to improve and expand infrastructure.
Should Guyana expect to avoid the 'resource curse', that is predominant in resource rich developing countries, it is critical that there is great investment in the people of Guyana. This would allow for increased and more equitable access to economic opportunities and benefits from this impending oil boom.
Much is to be done to build local capacity. There has already been engagement with external institutes regarding training in key skills such as welding, drilling and other related areas. However, more will be needed as the growth of the oil and gas industry will fuel growth in other sectors. It is hoped that Governments implements a development plan which includes increased financing for higher education opportunities to build local capacity in those areas of priority. Will this therefore impact on the Guyana's rating on the Caribbean Student Mobility Index? The answer will come as we continue to monitor this development. (SA)
Expected Growth in Caribbean Study Abroad Market
It is anticipated that the Caribbean study abroad market is expected to experience continued growth over the next few years. The increasing interest in international education can be attributed to a range of push and pull factors. With many Caribbean countries faced with the challenge of diversifying some of its traditional industries/sectors such as tourism and agriculture, there is need for an upgrade of skills to attract investment and increase competition.
Some of the potential growth in international education could be among those requiring training in areas not readily available at the local level. For example, with the discovery of deposits of oil and natural gas in Guyana, there is the anticipation by the Government that there will be a need for skills to support the growth of the fossil fuels industry. On the other hand, across the region, many countries are focusing on competency-based educational training with the aim of meeting the demands of industry and creating a highly-skilled workforce.
This has led to an increasing interest in technical and vocational training at the highest level across different industries. The inability to meet the demand locally is expected to create a push factor where persons will seek alternative options to pursue such studies.
It is anticipated that the Caribbean study abroad market is expected to experience continued growth over the next few years. The increasing interest in international education can be attributed to a range of push and pull factors. With many Caribbean countries faced with the challenge of diversifying some of its traditional industries/sectors such as tourism and agriculture, there is need for an upgrade of skills to attract investment and increase competition.
Some of the potential growth in international education could be among those requiring training in areas not readily available at the local level. For example, with the discovery of deposits of oil and natural gas in Guyana, there is the anticipation by the Government that there will be a need for skills to support the growth of the fossil fuels industry. On the other hand, across the region, many countries are focusing on competency-based educational training with the aim of meeting the demands of industry and creating a highly-skilled workforce.
This has led to an increasing interest in technical and vocational training at the highest level across different industries. The inability to meet the demand locally is expected to create a push factor where persons will seek alternative options to pursue such studies.
Barbados: New Forex Tax!
The Barbados government, following the presentation of its summer budget has introduced a new tax on foreign exchange transactions. The two percent tax will apply to outgoing cash, bank draft, credit/debit/travel card and wire transfer foreign transactions. Therefore, making payments on foreign currency purchases will occur at a slightly higher rate for all residents in Barbados.
Except for credit/debit and travel card transaction, the forex tax is effect from July 17th, 2017 until further notice. The application of the two per cent tax on credit/debit/travel money card transactions will take effect from September.
The implementation of the tax is part of Government’s efforts to raise revenues. Given the increasing demand in foreign currency because of a growing import bill, the decision was taken to apply the forex tax.
The Barbados government, following the presentation of its summer budget has introduced a new tax on foreign exchange transactions. The two percent tax will apply to outgoing cash, bank draft, credit/debit/travel card and wire transfer foreign transactions. Therefore, making payments on foreign currency purchases will occur at a slightly higher rate for all residents in Barbados.
Except for credit/debit and travel card transaction, the forex tax is effect from July 17th, 2017 until further notice. The application of the two per cent tax on credit/debit/travel money card transactions will take effect from September.
The implementation of the tax is part of Government’s efforts to raise revenues. Given the increasing demand in foreign currency because of a growing import bill, the decision was taken to apply the forex tax.
