With investment interests from Canadian businesses accelerating since oil was found here, Guyana and Canada yesterday signed a Memorandum of Understanding (MoU) that will see them working together for investments across a wide range of business ventures.
“We see this really as an important step being taken that will lay the foundation for closer economic and commercial ties for Guyana and Canada, but notwithstanding the significance of this step, we see it as but one step in what we anticipate will be a journey comprising many more steps and steps we would like to take as quickly as possible,” Senior Minister in the Office of the President with Responsibility for Finance Dr Ashni Singh yesterday said at the signing of the MOU, which was held at the Office of the President and witnessed by President Irfaan Ali and his Cabinet.
Signing for Canada was its visiting Minister of International Trade, Export Promotion, Small Business & Economic Development, Mary Ng.
The Canadian Minister is also leading a 170-company delegation, both in-person and those who have joined virtually, to scope out investment prospects here.
Noting that Canadian companies have been present here for decades, Singh said that he believes that the government has created an economic climate that is attractive and hospitable to Canadian companies and would like to see more Canadian companies investing here.
Through the MoU, both countries have expressed a mutual interest in seeking out opportunities in relation to procurement of Canadian goods and services for investment in the areas of infrastructure, information communications technology, aerospace, security, and clean technology, along with other areas to be identified in the future.
“We see this as a special opportunity for our economic relations with all of our friendly partners. We see this as an opportunity to evolve with the same speed with which the Guyana economy is changing right now,” Singh posited, while remarking that with the oil and gas discovery here and Canada’s experience, the agreement comes “at the most opportune time possible.”
“We see investment opportunities for Canadian companies to invest in Guyana,” he added. Guyana, he declared, looks forward to reciprocal opportunities for Guyanese companies in Canada.
Credit was given to Canada’s High Commission here and the Canada Chamber of Commerce (CCC), for their efforts in facilitating the meetings that ultimately led to signing of yesterday’s MOU.
Picking up on what Singh mentioned about the strength of the peoples in the two countries, Ng expressed optimism that the “people to people” ties of the two countries will ensure that the relationship “can only move from strength to strength.”
“We believe Canada companies are well positioned to be a part of that journey along with Guyana in green infrastructure, green technology, and this MoU really is just going to help strengthen our partnerships,” she opined.
The Canadian minister pointed to the diverse investment landscape that Canada offers to Guyana, saying that she hopes it would be same here and that underrepresented groups from both sides are able to benefit and build their businesses. The focus also, she noted, would be in a number of areas and while Guyana and Canada have oil production in common, investments would be diverse.
Ng said that stability in investments should not be worrisome for locals as every contract the CCC enters into, comes with that company’s own agreements in its home country and as such the Government of Canada stands behinds the investors.
“As governments, we want to develop these modalities to help our investors and our businesses find those opportunities in each other’s markets, to build on what is already strong and to forge in areas where there are real opportunities,” she said.
But she cautioned that without effort from policy makers and stakeholders involved it would mean nothing.
“The signing of a MoU is a number of pieces of paper. In order for us to make this really work, Minister, you and I and the President spoke of this… let’s do everything we can to ensure the commercial activities are that our businesses, are really able to benefit from this longstanding friendship and relationship between Canada and Guyana. What this is, should symbolise the confidence working together towards a sustainable and inclusive economic recovery from COVID-19… and keep building on this important relationship”, she said.
