Canadian Trade Mission to engage Govt. next week on oil, other industries

Nov 26, 2022 News

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Kaieteur News – The High Commission of Canada will in a matter of days, welcome a Canadian Energy NL Trade delegation that will be meeting with members of government, the business community and other local stakeholders from November 28 to December 2, 2022.

Energy NL is Newfoundland and Labrador’s largest energy industry association with more than 460 members who provide products and services for the energy sector. Energy NL also organizes the world renowned energy conference in Newfoundland and Labrador, focused on industry trends, pioneering technologies and featuring the top leaders in energy from around the world. The Energy NL Conference 2022 had Guyanese presence and now looks to build on the market synergies for even greater participation.

Kaieteur News understands that this trade visit represents a collaboration between the High Commission of Canada’s Trade Commissioner Service, the Canada Guyana Chamber of Commerce and the Centre for Local Business Development. It seeks to identify opportunities and make connections to increase trade.

This current trade mission follows on the heels of five previous missions to Guyana from Newfoundland and Labrador that saw several of the members of Energy NL creating partnerships and linkages in Guyana.  This year’s trade mission will be focusing on multiple business sectors including renewable and non-renewable energy, cleantech/oceantech, digitalization and infrastructure.

Canada has for years been Guyana’s largest trade partner prior to oil and gas. The High Commission was keen to note that the continuance of these trade missions therefore seek to widen the trade partnerships between Canada and Guyana using Canadian expertise and Guyanese entrepreneurial spirit to meet the needs of Guyana’s growth trajectory.

A welcome reception to be held next week is expected to include an introduction of the participating companies and organizations from Canada, and remarks the Government of Guyana and the High Commissioner of Canada, Mark Berman. The Canadian Trade Mission also follows two that were previously facilitated from the United Kingdom and the USA this month.

Last week, Foreign Affairs Minister, Hugh Todd, British High Commissioner, Jane Miller and Jonathan Knott, His Majesty’s Trade Commissioner for Latin America and the Caribbean signed a major partnership pact for cooperation in renewable energy, agriculture, technological services, education, infrastructure, and of course, critical oil and gas matters.

During the same time period, the US Embassy in Georgetown and the Louisiana District Export Council (LDEC) led the largest American trade delegation to Guyana.  More than 25 private sector leaders from across Louisiana and the United States connected with business leaders and government officials in Guyana. Joining the group were also economic developers, industrial training experts, Louisiana state officials, as well as U.S. government officials.  Combined, the companies represented over US$238 billion in annual revenue, and employ tens of thousands around the world.

The delegation conducted productive meetings with key private sector contacts and experts to highlight Guyana’s business environment, learn about the government of Guyana’s efforts to promote investment and economic diversification, explore market entry strategies, foster partnerships, and develop closer trade and investment ties between Guyana and the United States. Both U.S. and Guyanese participants anticipate future partnerships and business deals as a result of the meetings.

The Georgetown Chamber of Commerce and Industry (GCCI) also met recently with delegates from the Africa Caribbean Business Council Private Sector, which comprised of representatives from the African Export–Import Bank (Afeximbank) and other African Private Sector investors. The visiting team expressed interest in partnering with locals on oil and gas, mining and the construction sector.

President of the Chamber, Timothy Tucker welcomed the delegation and had highlighted the body’s role in taking Guyana’s products cross-country, receiving/welcoming incoming delegations and supporting them in terms of partnerships and navigating Guyana.

Rene Awambeng, Director and Global Head of Client Relations, at Afreximbank, introduced the bank as a multilateral government financial institution, established by a treaty, providing trade-enabling infrastructure.

The bank performs a full range of duties including bank advisory, strategy and international cooperation, finance, credit services and trade financing. During interactions with the GCCI, he shared that the bank’s interest is not to compete with local banks but to simply facilitate industrialization and export development in Guyana.  The government and the private sector are also expected to facilitate another trade mission, this time from India, in the coming weeks.

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