UK, Guyana commerce at £1.6b up to 2nd quarter this year
-50% of companies in British trade missions have concluded at least one transaction
Trade between the UK and Guyana amounted to £1.6 billion up to the second quarter of 2023. For all of last year, the figure was £1.2 billion.
Regional Director of the Commonwealth Caribbean, D’Jamila Ward spoke about trade figures at a reception held on Thursday at the British High Commissioner’s residence in Bel Air Gardens, Georgetown, in honour of the visiting UK trade delegation that arrived here on Tuesday.
Ward remarked that this trade mission between the two countries was not only “monumental” but also beneficial as the UK is capable of assisting Guyana in “revolutionizing the process of trade and commerce”.
British High Commissioner Jane Miller in her remarks at the reception expressed confidence that the United Kingdom, following its third trade mission in Guyana, has paved the way for both countries to collaborate more in critical areas that can promote resilient economies in the wake of the conducive business climate.
She also noted that this visit was greatly anticipated locally, as the UK was able to initiate partnerships locally and highlight the influential trade and business platforms in Guyana.
For 2023, Guyana is forecast to have GDP growth of 37 per cent, the highest in the world, which Miller referred to as a testament to the country’s economic progress economically and presents the opportunity to capitalise on investments.
Contextually, the High Commissioner noted that Guyana’s business climate presents an array of opportunities for investments to be made.
The mission was 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 of increasing growth in trade and investment between the
United Kingdom and Guyana.
It consisted of seven businesses across several sectors including infrastructure, financing, insurance, supply chain management, security, environmental protection, materials handling, and recycling. Companies in the delegation included Sangfroid Group, Price Forbes, Enviro Technology Services Ltd. (Part of the Cura Terrae group), Innovo Group, Dints International, Invest Northern Ireland, and Contracta Construction UK Ltd.
Minister of Tourism, Industry and Commerce, Oneidge Walrond, while dubbing the trade mission a success, said that she was happy that 50 per cent of companies in previous British trade missions have already concluded at least one transaction in Guyana and are conducting business locally.
Meanwhile, GCCI President, Kester Hutson, thanked the British Chamber of Commerce and other stakeholders for this partnership as he assured that “GCCI is ready and willing to assist the companies as they seek out potential opportunities in Guyana.”
And Managing Director of Caribbean Council, Chris Bennet, said his organisation is privileged to collaborate with the British Chamber of Commerce Guyana, the Georgetown Chamber of Commerce and Industry (GCCI) and the Department of Business and Trade, to further expand and develop business ideas that will benefit all key partners in the commercial sector.
Bennet posited that these partnerships will enable the Caribbean Council to learn more about the investment side of the business climate in Guyana.
He reminded that his organization has worked with hundreds of UK and international investors and businesses to provide them with high-quality business advice, support and analysis on the markets of the Caribbean and Central America and helped them to grow their businesses.
The Managing Director was adamant that the Caribbean Council could support investment decisions on major transactions in Guyana and further afield which will enhance trade missions.
“We are delighted to be partnering with the British Chamber of Commerce Guyana, the Georgetown Chamber of Commerce and Industry (GCCI) and the Department of Business and Trade, following two successful missions to Guyana last year.
“Over 50 per cent of the companies that came here during the trade mission were able to make significant deals and we are happy to be a part of that.”
He added, “Our delegation over the past three days had a meeting with members of the private sector and other commercial entities on how we can partner on major projects… it could be a win-win situation for all parties involved in these agreements.”
Bennet also expressed the intention of working with local exporters and traders to boost their competitiveness in local and international markets. He also committed to assisting Guyana in the development and marketing of its shrimp industry.
British Chamber of Commerce Guyana Chairman, Faizal Khan, who spoke briefly, said he was elated that the trade mission was a success.
He informed that those robust emerging markets in the energy sector, onshore services, petrochemical production, transportation, mining, agriculture, technology, and export, were able to partake and share a plethora of ideas on how they can all play roles in these sectors locally.
Khan noted that there were significant opportunities for the UK supply chain related to upcoming projects, to develop long-term partnerships. Also, he pointed out that Guyana-UK trade was at an “alltime high” with £1.2 billion recorded for 2022.
A recent Ministry of Finance (MoF) release had 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 Paediatric 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 cooperation 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.
The MoF noted that as of November 9, 2022, through collaboration between the two countries, Guyanese have been able to visit the UK visa-free. President Irfaan Ali, it reminded, had stressed as well during an 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.