“Don’t resist foreign investment but use your judgement on who you can trust” – Outgoing Canadian High Commissioner

Dec 06, 2020 News

---

Kaieteur News – While Guyana is poised to become one of the fastest growing economies in the world since the discovery of oil, the impending growth will see an influx of big named foreign investors hoping to get a piece of that black gold pie.
With that in mind, the outgoing Canadian High Commissioner, Lilian Chatterjee, has advised Guyana to accept foreign investment from trustworthy partners as it works to develop its own local capacity.
“Don’t resist foreign investment but use your judgement on who you can trust,” the departing High Commissioner stated during her remarks at the recent launch of the Guyana-Canada Chamber of Commerce at the Arthur Chung Conference Centre.
Already, locals have mounted concerns that Guyana may become over-run with foreign investors, but, according to Chatterjee, Guyana’s rapid growth and need for goods and services provides opportunities for foreign direct investment.
Added to that, the Canadian envoy pointed out that what Guyana lacks is a skilled and sizeable labour force to benefit from the explosive growth that is coming to Guyana.
“You are already witnessing an influx of global political leaders and investors who want to do business in Guyana. Get ready – this is just the beginning,” Chatterjee continued.
While it is reasonable for foreign investors to want to benefit from Guyana’s success, the departing High Commissioner stressed that it is “equally critical” that they contribute to Guyana’s development as well.
“People have expressed concern that foreigners will take your jobs, skim the profits and leave you with the scraps,” Chatterjee said. She added, “From what I have witnessed with how your Government is interacting with Canadian investors, I can personally attest that your Government is insisting that external investors train and employ Guyanese citizens and is extracting maximum benefit for Guyana.”
The outgoing High Commissioner pointed out that Canada has been a long-standing partner of Guyana, even before the country struck oil and will continue to in the years ahead.
“We were here when you had no oil. We have been a strong and reliable friend for more than a century and we have supported your development all along the way. And Canada has benefitted too. Not only with our exports to Guyana. But the most important export that Guyana gave to Canada – your people. We have been blessed with a large Guyanese Canadian diaspora (now in its third generation in Canada). Many of them are now giving back to Guyana,” the Canadian envoy stated.
In the end, it all comes down to strong partnership ties, Chatterjee said, adding, “This is the Canadian approach. Fundamentally, partnerships are based on trust and a level playing field for both Canada and Guyana. Win-Win for both sides is how we will prosper together.”
“We will not flood you with an influx of Canadian employees. We will provide Canadian expertise –– but in order to have true partnership, Canadians will rely on training a skilled workforce in Guyana,” she stated.
However, the Canadian envoy was quick to point out that, that workforce “does not exist right now in Guyana.”
“You do not have the population yet to be the engine of your rapid growth. Many oil-producing countries in the Middle East understood that. So you should accept that others and I suspect they will be mostly your geographic neighbours from CARICOM and the Americas, to support your growth at the outset until Guyana can supply the skilled workforce it needs,” she posited.
And with the launch of the Canada-Guyana Chamber of Commerce, the Canadian envoy highlighted, it provides an additional leverage point as it intends to grow its membership in Canada in order to increase two-way trade between the two countries.
In response to the Canadian envoy’s advice, President Irfaan Ali stated that Guyana will not resist, but “assist foreign investors”.
The Head of State acknowledged that Guyana currently lacks the skills, technology and capital investment necessary to push economic growth during the country’s transitional period.
Moreover, President Ali stated the establishment of the Chamber represents an overwhelming vote of confidence in our country’s future, further solidifying the important partnership between the two countries.
“It signals the high expectations of Guyana’s economic prospects. The world is expressing confidence in Guyana’s economy. The Canadian private sector joining with the Guyanese private sector is expressing confidence in the economy. The government has to ensure we work closely with the private sector in realising that confidence.”

---

---