The Guyana Chamber of Commerce and Industry (GCCI) has recently reported pleasing outcomes to an initiative undertaken by the Chamber in collaboration with the European Union. What has been described as the European Union (EU) – Guyana Chamber of Commerce, held its first networking event on Tuesday March 26th arising out of which the collaborative undertaking reported a measure of success in a matchmaking and lobbying exercise staged for EU businesses operating in Guyana.
Chamber Chairman Gregory Dean reportedly told the audience gathered for the event staged at [?] House that the event proffered a new way of responding to EU businesses already operating in Guyana and others that are seeking to establish businesses here.
Dean said that the Chamber’s role as a ‘matchmaker’ had derived from what the European companies were requesting. He said the interest in having local companies as partners is in keeping with a keenness to fulfill the requirements of Guyana’s Local Content Act. Beyond matchmaking, the Chamber is also conducting exercises to enhance the profile and representation of EU businesses operating in Guyana. Contextually, Dean said that there had been engagements with a number of state agencies including the Guyana Revenue Authority (GRA), the Guyana Office for Investment (GOINVEST) and government ministries with responsibility for facilitating the various aspects of the process.
According to Dean, the local organization will be seeking to provide representation for the entities of EU origin as and when the need arises. “If companies come on board and they have common issues, the plan is to go to these agencies and represent these companies.” In providing the gathering with information pertaining to the benefits of doing business with the European Union, Chamber Administrator Pierre Gaté noted that the EU market is the largest in the world with 500 million people. He reminded too, that there are countries in Europe but not in the EU and said these specificities matter when doing business with the EU.
The CARIFORUM-EU Economic Partnership Agreements make it easier for people and businesses from the two regions to invest in and trade with each other, and to spur development across the Caribbean. “I invite you to check it out because it favours investments from the region to the EU… it’s a duty-free, quota-free market into the EU for all products and the [100 per cent duty-free] tariffs are important for the Guyanese company,” Gaté said. He noted that although the requirements are extensive and processes strict for trade and export to the EU, tools exist to help people understand.
Head of the European Union (EU) Delegation to Guyana, Ambassador René Van Nes told the gathering to expect an EU trade mission in Guyana later this year. A total of twenty-four companies from nine European Union (EU) member states visited Guyana last year as part of the first such trade mission to the South American country.
“So we have the big trade mission in November and what we will go for are more specific follow up issues. We will have a mini mission on forest and timber and furniture and maybe a mini mission on pharmaceuticals and if any of you have a suggestion we will look into that,” he concluded.
