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Huge interest in Venezuela’s offer to buy building materials
-17 exporters looking for early deal
A number of Guyanese hardware manufacturers are looking to cash in on an offer from Venezuela to buy building materials.
Yesterday, the Private Sector Commission (PSC) released a list of 20-plus materials that the neighbouring Spanish-speaking country is interested in.
These include PVC pipes, cement, shingles and wooden doors.
Venezuela has announced plans to build over 200,000 homes this year and have realized that from estimates that the domestic supplies there would not be enough to meet demands.
Venezuela has offered to buy construction materials from Guyana to meet local demands there for 200,000 new homes to be built this year.
According to PSC officials, already 17 local companies and individuals have submitted their names and products they intend to supply, and the business organization is making moves to visit Venezuela in two weeks time.
Part of the delegation will include representatives of the local suppliers.
Among other things, Venezuela will be looking for electrical cables, Portland cement, tiles, wooden doors with frames, galvanized roofing sheets, wall lamps, nails and chicken mesh.
Also in demand will be yellow sand (M3 mixed with fine dust) and roofing tiles.
The popular aluminum windows, wires and wooden beams were included in the list.
According to the PSC, the Minister of Foreign Affairs had met with top officials of the organization and informed them of the trade opportunities being opened.
The PSC had then invited interested exporters to a meeting. Spearheading the initiative is Chairman of PSC’s Trade and Investment Sub-Committee, Clinton Williams.
Several PVC product makers have indicated intense interest.
Exporters will be paid via the Petro-Caribe fund, similar to arrangements with the current rice agreement that Guyana has with Venezuela.
Guyana has an ongoing trade agreement with Venezuela for the supply of rice and paddy with the current one worth over US$50M. Several rice farmers, although initially fearful, have been taking advantage.
PSC officials said that the Petro-Caribe fund, which represents Guyana’s payment to Venezuela for oil taken, will be used to pay the hardware suppliers.
“The money is virtually guaranteed. Once you deliver…you will be paid,” the PSC said.
While it is unclear how much money is involved in the potential trade of hardware with Venezuela, officials have been tagging it to be worth millions of US dollars.
Guyana has been signaling its intentions to sell more of its products in the region within recent years to help reduce shipping costs. However, bureaucracy and red tapes in the region have been hampering progress.
Packaged sugar from the Guyana Sugar Corporation will be heavily targeted to regional markets, company officials have said.
Guyana has also been increasing trade with Brazil and Suriname in recent years with even flour making its way across the Takutu Bridge to Boa Vista and other nearby states of the Portuguese-speaking country.
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