Visiting Indian External Affairs Minister Dr Subrahmanyam Jaishankar yesterday said that the partnership between New Delhi and Georgetown has to be refreshed and oil and gas is clearly on the agenda.
India has been pressing for access to the oil bonanza in Guyana’s Atlantic waters but a deal is still to be hammered out.
Jaishankar yesterday presided over a roundtable discussion with members of the Indian business community who had travelled here and dozens from Guyana’s private sector. The session was held at the Atlantic Ballroom, New Pegasus Suites and Corporate Centre.
Without specifically pointing towards the oil and gas sector which is propelling double-digit growth here, Jaishankar said that with Guyana on a new path of economic wealth, India will be remain a true partner in business.
“The core of our relationship is a bilateral one. We take satisfaction in the new opportunities that have opened up. From our side we will like to be supportive as we can”, Jaishankar told the gathering.
He said that with the new opportunities that have opened up, the partnership now has to be refreshed.
“We believe our partnership in that sense needs to be refreshed to address a whole set of domains, which I can see today emerging in the life of Guyana and its people. And, it would truly be our privilege to do that”, Jaishankar stated.
He asserted that the relationship will grow between the two countries beyond the oil and gas sector.
“Even as we hold our discussion and identify new opportunities, it is also a matter of satisfaction for us that we are actually seeing a pick-up in numbers. Obviously a large part of that when it comes to trade is in energy exports from Guyana but I would say if anyone dissects those numbers, which I sat and did in preparation for the visit, it is very interesting that there remains a diversification in trade. There are very clear new demands which are being generated by Guyana’s economy…”, he said and Indian exporters would have to be alive to that.
This remains a plus for both countries, according to Jaishankar since India is drastically diversifying its economy and Guyana remains a market for development.
Jaishankar, who arrived here on Thursday night, said that this dynamic is key since global markets remain unpredictable.
“The lesson is a certain degree of self-sufficiency. Clearly in the area of globalization it is absurd for any country to say that even a big country like India to say that we would make a bulk of our requirements. But it is also equally irresponsible that we will be completely dependent on world markets. The last three years have shown that whether it’s a pandemic, whether its conflict or climate events or whether it’s market turbulence; that while globalization is a reality, globalization doesn’t work 24/7, 100% of the time for the needs of everyone in the world. It is prudent to build partnerships”, the minister insisted.
Moving ahead he said that it will not be a normal business meeting since it’s one between the fastest growing economy and the fastest growing major economy in the work. He cited the areas of energy, health, agriculture, technology and defence among other areas.
Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh also spoke at the forum.
The Minister yesterday observed the signing of an air services agreement and inspected a road link between the East Coast and the East Bank.
Today, among other events, he will attend the commissioning of the India-built and financed ferry for the north west.
A section of the attendees (Ministry of Finance photo)
