Finance Minister meets with British Trade Mission

Nov 15, 2022 News

– in pursuit of deepening investment and trade relations between Guyana and Britain

Kaieteur News – Senior Finance Minister, Dr. Ashni Singh on Monday participated in a roundtable meeting with the British Trade Mission to Guyana to further discuss how Guyana and the United Kingdom can forge closer ties.

Members of the British Trade Mission met with Senior Finance Minister, Dr. Ashni Singh (Second right – headtable) on Monday at the Marriott Hotel, Georgetown. Also present was British High Commissioner to Guyana, Jane Miller (second left – headtable).

The meeting was held at the Marriott Hotel. The Mission, led by British High Commissioner to Guyana, Her Excellency Jane Miller, is a partnership between the Department for International Trade of the British High Commission, the Caribbean Council and the Georgetown Chamber of Commerce and Industry (GCCI). Its aim is to increase growth in trade and investment between Britain and Guyana.

During the meeting, Dr. Singh spoke of Guyana and the United Kingdom’s longstanding relationship grounded in diplomatic and political ties as well as economic ties through investment and trade, people and culture.

He said that British Trade Mission’s visit to Guyana presents an excellent opportunity for both Guyanese and British companies to forge closer ties and look forward to the expansion of the British business presence and relations in Guyana.

The Minister said that because of Guyana’s ramped-up oil production, the country is now the fastest growing economy in the world, with growth of over 50 percent now forecasted for 2022 and medium-term average annual growth projected at 25 percent.

According to a Press Release issued by the Ministry of Finance, Dr Singh said that Guyana is considered the premier investment destination in the world, attractive for investment in the oil and gas sector, infrastructure and requisite support services.

British High Commissioner, Jane Miller (second left) makes a point while Senior Finance Minister, Dr. Ashni Singh (Second right) during a meeting with the British Trade Mission at the Marriott Hotel, Georgetown.

He said avenues exist for investment and expansion in the non-oil extractives, such as gold, bauxite, agriculture, tourism and hospitality, ICT and energy. The Minister also said that Government is committed to leveraging the skills and investment potential of the Guyana Diaspora in the United Kingdom as it continues to implement its aggressive development agenda.

Guyana has recently collaborated with the UK Caribbean Infrastructure Fund with the latter providing US$66M toward the US$190M Linden to Mabura road project. The two-lane highway between Linden and Mabura Hill 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 will cost 149 Million pounds.

Other cooperation programmes/projects between Guyana and the UK also include the Diamond Diagnostic Centre, the Lethem Hospital, the Leonora Cottage Hospital, the Mabaruma Hospital and the Paramakatoi Hospital.

From November 9, 2022, Guyanese have been able to travel visa-free to the UK.