Demerara Distillers Limited (DDL) is targeting early 2023 for the operationalization of the first World Trade Center in the CARICOM region, according to the company’s Executive Chairman Komal Samaroo.
Samaroo set the target while speaking at the licence handing over ceremony on Tuesday.
Last week, DDL announced that it recently secured the licence to establish a World Trade Center in Guyana and will be transforming its High Street, Kingston building into the center.
At Tuesday’s ceremony, Samaroo told the President and Executives of the World Trade Center Association (WTCA) that they are hoping to finish upgrading and reorienting the facility by early 2023 after which it is expected to be fully operational.
“I see this establishment of the World Trade Center – Georgetown, Guyana providing a service to all of Guyana, leading the efforts of businesses in the country with potential international partners expanding trade and business relations around the world. Guyana is a small country with a population of less than a million at the present time, therefore any business operation that requires economy of scale to be competitive cannot rely on the domestic market only. It must be able to find markets in other countries around the world.
“…it is my view that in the rapidly expanding economic space in Guyana, in the future the World Trade Center can serve the nation and its businesses well in helping to realize its full potential while providing World Trade Centers around the world with access to potential partners and businesses in Guyana. The opportunities are indeed enormous, but today is the first step in the process,” Samaroo said.
He noted that with Guyana being poised for unprecedented growth owing to its plethora of oil and gas discoveries offshore, its earnings are expected to be used to foster an efficient and competitive infrastructure. He also told the WTCA panel that private sector investments are now channelled in the development of new areas in the economy and that access to international markets will assume increasing significance.
“To meet these challenges it will become necessary to develop the skills and knowledge in international trade amongst this population and provide contacts and information to businesses seeking to access markets around the world. [With this WTC] we will aim to provide training, capacity building, structured networking and experience sharing activities,” the DDL executive said.
Samaroo also used the opportunity to talk up DDL’s achievements over the years as one of the pioneering businesses in Guyana and a global leader in the spirits industry.
According to its website, the WTCA “stimulates trade and investment opportunities for commercial property developers, economic development agencies, and international businesses looking to connect globally and prosper locally.”
It also states that the Association serves as an ‘international ecosystem’ of global connections, iconic properties, and integrated trade services under the umbrella of a prestigious brand. There are over 320 World Trade Centers in almost 100 countries.
President of the World Trade and Development Group John Dickson has been instrumental in helping DDL through the licensing process which was initiated in October 2019 following a visit to Guyana at the invitation of the Guyanese American Chamber of Commerce.
Reciprocal
WTC aims to bring together business and government agencies involved in international trade by providing essential services. According to the Association, the centers help stimulate the econo-mies of the region they serve and provide members with all of the required resources to facilitate world trade. The World Trade Center Services are reciprocal and being part of the growing network means that entrepreneurs can take advantage of trading information, education and networking services offered.
Dickson said that the WTC operates with “a body and a soul” explaining that the body is the facility while the soul refers to the network and opportunities offered. He expressed enthusiasm to have Guyana on board with the Association and lauded DDL for the swift action in making preparations for the establishment of the center.
Meanwhile, Chairman of the World Trade Center’s Board John Drew welcomed Guyana to the Association and urged its operators to join the North America and Latin America Regional Advisory Councils. He explained that the councils are made up of WTC members and serves as hubs in various regions. He added that Guyana’s unique position as an English-speaking nation and its location in South America makes it useful to both councils.
Minister Oneidge Walrond, who holds the Commerce portfolio, said that DDL has distinguished itself as one of the pioneering enterprises in Guyana and with the WTC’s objectives of facilitating international trade and development of small and medium enterprises (SMEs), makes it a fitting tribute to the company’s former Chair-man, the late Dr Yesu Persaud who was fascinated by the development of SMEs.
“Everywhere, in all sectors, in all regions, in all quarters, there’s a sense of optimism with respect to our economic prospects that we have not seen in this country for generations. And DDL having invested in crafting a solid foundation is now in a perfect position to go to even greater heights because of this environment within which it finds itself. And it is in this environment that the World Trade Center brand comes to Guyana.
“…Guyana has much to offer and the World Trade Center’s coming to one of the most promising economies in the world in partnership with a Guyanese company that is second to none, comparable with the best encountered anywhere on the globe. This relationship then promises to be truly mutually beneficial for when I look at the mission of the association there can be no question of the value that Guyana and her companies are bringing to the table,” the Minister said.
She welcomed the centre to Guyana and express-ed her government’s commitment to supporting the initiative. Georgetown’s Mayor Ubraj Narine also pledged the municipality’s support for the project.
