Jamaican trade delegation on second visit to Guyana

Jan 25, 2023 News

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…Govt. outlines investment opportunities

Kaieteur News – In a follow-up visit, to their first back in October 2022, a second Jamaican trade delegation is in Guyana seeking business opportunities and ventures with local partners.

The Trade Mission is being led by Jamaica’s Minister of Industry, Investment and Commerce, Senator Aubyn Hill and is here in Guyana for four days.

The delegation comprises of over 65 business personnel and includes five Government entities from Jamaica. The Government entities include; the Ministry of Industry, Investment & Commerce (MIIC), Jamaica Promotions Corporation (JAMPRO), Jamaica National Agency for Accreditation (JANAAC), the Human Employment and Resource Training /National Service Training Agency Trust (HEART/NSTA Trust) and the Jamaica Special Economic Zone Authority (JSEZA).

On Tuesday, the delegation attended a ‘Doing Business in Guyana’ breakfast meeting at the Marriott Hotel. The meeting was attended by Senior Finance Minister Dr. Ashni Singh, Minister of Public Works Juan Edghill and Minister of Tourism, Industry and Commerce, Oneidge Walrond.

Dr. Singh spoke of Guyana’s continuing economic growth and posited that the country will continue to be a major centre of strong economic growth going forward and well into the medium term as it will move from producing about 350,000 barrels of oil per day to producing over one million barrels per day by the year 2027.

“This (oil sector) has triggered a wave of activity necessary for the production of oil”, Minister Singh added but noted as well that in addition to all the major work taking place on the public sector side, “we currently have an unprecedented build out of infrastructure on the private side”, he said.

Dr. Singh continued: “There isn’t a sector that has not been visited by positive spill overs as a result of the growth in the oil and gas sector. If you take training, the demand for skilled personnel right now, there is an unmet demand for skilled labour. We are of course, on the part of the Government responding by providing as much training as we possibly can but I make the point really to say too that even in the training and human capacity development space, there is a huge surge in demand.”

Minister Edghill, while addressing the team of businesspersons outlined a large number of the infrastructure projects ongoing in the country as well as those in the pipeline including the New Demerara River Bridge, the Bridge across the Berbice River, the Deep-Water Harbour in the Berbice River, the Linden to Lethem Road and the Ogle to Timehri Road among others.

“In the quest of modernizing Guyana, we also want to transform Guyana. We want to move Guyana from being just a primary producer of raw materials. We would really like to come into the value-added stream. Our biggest challenge has been the cost of electricity and as a result of that we have a transformational, major project that we’ve undertaken,” Edghill said while referencing Guyana’s Gas to Shore Project.

The Public Works Minister said, “There is great room for private sector involvement in this modernizing and transforming that is taking place and our flagship which I think is second to none in the Region in terms of housing development.”

Meanwhile, the Minister of Tourism, Industry and Commerce told the trade Mission about Guyana’s unique tourism product including its rich and diverse culture, its lush forests, flora and fauna, mountains, waterfalls and abundant rivers.

“These are just some of the opportunities and initiatives happening in different parts of the country. I want to thank you for your interest in Guyana. The fact that you are here and the fact that you are interested, we appreciate it and we hope that you don’t leave here without a project or two to take back to your Boards. I have just listed a few,” Minister Waldron said.

Additionally, Senator Hill who spoke on the sidelines of the event said that he admires Guyana’s local content policy.

“I lived in the Middle East for a long time, I like the Guyanese content arrangement for government contracts. I believe that citizens have particular rights and in a democracy; those must be met. So, I have no problem, having lived in the Middle East where people don’t vote but if you had developed a business there, you have to have a local partner and I think that is a good principle because very often no matter what you do in a country, there would be issues that you have to face,” the Senator said.

The Trade Mission to Guyana presents an excellent opportunity for both Guyanese and Jamaican companies to forge closer ties and for expansion of the Jamaican business presence and relations in Guyana.

Guyana is considered currently as one of the premier investment destinations in the world with attractive investment opportunities available in the oil and gas sector, infrastructure and requisite support services. There also exists avenues for investment and expansion in the non-oil extractives, such as gold, bauxite, agriculture, tourism and hospitality, ICT and energy, the Ministry of Finance said in a statement.

The Trade Mission, which will be in Guyana until January 28, also met with representatives of the Guyana Manufacturing & Services Association (GMSA), the Guyana Revenue Authority, the Georgetown Chamber of Commerce and Industry, and the National Insurance Scheme, to name a few on how to go about doing business in Guyana.

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• Aubyn Hill, Bishop Juan Edghill, Dr. Ashni Singh, Guyana, Oneidge Walrond

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