Senior Minister within the Office of the President with responsibility for Finance Minister, Dr Ashni Singh yesterday told a visiting British trade mission that Guyana is open for business and is currently ripe for investment and business opportunities.
The minister made this declaration as he welcomed another visiting British trade mission currently in Guyana seeking investment and business opportunities, release from the Ministry of Finance stated yesterday. The meeting and took place at the Guyana Marriott Hotel in Kingston, Georgetown.
“This level of interest by international companies in Guyana is not news and it is not surprising. It reflects the recognition across the world and across companies worldwide of the opportunities that exist in Guyana in a rapidly growing economy. We in Guyana, remain open for business, we welcome companies from around the world investing in Guyana and doing business in Guyana and with Guyanese companies and in this regard, it is my privilege to welcome the companies that are represented here today to share with them a little about recent economic developments and economic prospects ahead in Guyana,” Dr. Singh told the mission.
The mission is a collaborative effort between the British High Commission, the Caribbean Council, the British Chamber of Commerce, and the Georgetown Chamber of Commerce and Industry (GCCI) with the aim being to increase growth in trade and investment between the United Kingdom and Guyana.
The Minister, while also addressing the media, updated the visiting Mission about some of the sectors in the country currently ripe for investment and business opportunities, adding that previous missions as such, had already recorded an “extremely strong” success rate with the British High Commissioner having had highlighted that 50 per cent of companies in previous British Trade Missions have already concluded at least one transaction in Guyana and are doing business in the country. This Dr Singh described as “a phenomenal success rate,” adding, “here again, that does not come as a surprise to me. It reflects the phenomenal level of business opportunities here in Guyana….and we look forward to productive engagements with them over the next couple of days. I will say too that an important part of their visit to Guyana will be beyond the conversations with government representatives like myself, direct engagements with the private sector-what we call the business-to-business segment because ultimately the real business is going to be done when they speak with their counterparts and potential counterparts in Guyana.”
According to the release, Guyana and the United Kingdom have a longstanding relationship grounded in diplomatic and political ties as well as economic ties through investment and trade, people and culture. The government has expressed a commitment to leveraging the skills and investment potential of the Guyana Diaspora in the United Kingdom as it continues to implement its “aggressive” development agenda.
Further, it noted that Guyana has already collaborated with the UK Caribbean Infrastructure Fund with the latter providing some US$66 million toward the US$190 million Linden to Mabura road project. The two-lane highway between Linden and Mabura Hill, it explained, forms part of the arterial link between Linden and the Lethem Highway and links Georgetown to the Brazilian border. Additionally, through the UK Export Finance (UKEF) the Government of Guyana is constructing a Pediatric and Maternal Hospital. The building and equipping of the state-of-the-art hospital, it was disclosed, will cost some £149 million.
Also highlighted were some of the co-operation programmes/projects between Guyana and the UK which include the Diamond Diagnostic Centre, the Lethem hospital, the Leonora Cottage Hospital, the Mabaruma Hospital and the Paramakatoi Hospital.
As of November 9, 2022, through collaboration between the two countries, Guyanese have been able to visit the UK visa-free. President Irfaan Ali had stressed as well during announcement of this waiver on visas, that the two Governments aim to further expand bilateral relations with the hope of furthering investments, including expansion of Guyana’s tourism market. British Airways also commenced flights twice weekly to and from Guyana in March this year as part of the increased collaboration, the release added.
