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India offers Ex-Im credit support for exporters -as private sector also announces closer ties with Cuba, Canada

Jun 19, 2018 News

The local private sector has announced that it is upping its aggression to improve trade with Cuba, Canada and India.
Yesterday, during an announcement by the Georgetown Chamber of Commerce and Industry (GCCI) on the establishing of three trade facilitation councils to boost exports, Indian High Commissioner, Venkatachalam Mahalingam, announced that he is working on developing a mechanism where local exporters can benefit from the credit from the India Export/Import Bank.
With the bank currently working on a number of projects which it is financing for Guyana, the diplomat said that he is hoping to have local businesses meet representatives of the bank when they come next time.
He hailed the trade councils being established, noting that while a treaty was signed in 2003, very little was done to boost trade between Guyana and India.
Businesses had to depend on their own work.
Also present at the chamber’s headquarters on Waterloo Street for the announcements of the councils were President of GCCI, Deodat Indar; Canadian High Commissioner, Lilian Chatterjee; Business Minister, Dominic Gaskin; Cuban Ambassador, Narciso Soeorro; Advisor to Foreign Trade, Rawle Lucas; and other officials.
Indar explained that last year, the Chamber noted the downturn on the local scene, and as part of its campaign to reverse the tide, managed to sign three Memorandums of Understanding (MoU) with Cuba, Canada and China, during visits to those respective countries.
In Newfoundland and Labrador, collaboration with the businesses there could potentially see up to 400 companies now with linkages to Guyana.
However, while the chamber recognized the importance of the agreements, it was also noted that there was no mechanisms to move trade forward. It was decided to form three trade facilitation councils – one for each country
Already named to chair the Guyana/India Trade Facilitation Council, Indar revealed, is Dr. Surendra Persaud.
The official noted that the Cubans’ presence in Guyana has been significant, with 1,000 of them trading here monthly.
According to Minister Gaskin, the initiative by GCCI must be lauded. He promised Government’s support.
Lucas noted the Foreign Ministry’s delight, and said that the councils are important, as trade remains perhaps the biggest driver of economy. He urged that it be improved.
Meanwhile, High Commissioner Chatterjee, said in 2016, Guyana was Canada’s largest trade merchandise partner in the CARICOM.
In 2017, the trade was valued at CAD$700M .
She said that the MoU is important and would come at a time when two high level ministers are due to come to Guyana from Newfoundland, Canada, later this year.
She tagged Canada’s technical expertise in the oil and gas sector as something that GCCI can tap into.

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