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Jamaica joins other nations for a bite in Guyana’s energy, other sectors – MoU signed
(Kaieteur News) – Jamaica and Guyana on Friday signed four agreements to advance collaboration between the two countries in the areas of energy, finance, defence and agriculture.
The first agreement relates to the amending of the 1995 agreement on economic, technical and cultural cooperation. The protocol widens areas for collaboration between the two sides in energy, defense and security, development of financial services and capital markets, disaster response and recovery, climate resilient housing and infrastructure and science, technology and innovation.
The three Memoranda of Understanding (MoU) relates to agriculture, defence and security and financial services.
In agriculture, the agreement paves the way for strengthened cooperation in food security through the development of a strategic partnership for the mutual benefit of the two states and the wider Caribbean. It will focus on institutional and human resource development; resource innovation, education and extension, trade facilitation and advancing the implementation of CARICOM’s 25 by 2025 plus initiative.
(front row) Minister of Foreign Affairs and International Cooperation, Hugh Todd and Jamaica’s Minister of Foreign Affairs and Foreign Trade, Kamina Johnson Smith signs one of the MoU while President Irfaan Ali and Prime Minister Andrew Holness watch on.
The Defence and Security Cooperation MoU provides the framework for developing bilateral cooperation between the two countries, building capacity on existing partnerships and identifying new areas for mutual benefit. It aims to explore participation in multinational operations in support of international stability, peace and security; develop and enhance a mechanism for the exchange of information between the two sides; establish standing arrangements for bilateral discussions between officials and pursue consultations on defense and security policy and coordinate representation.
Meanwhile, the financial services MoU seeks to promote cooperation in the enhancement of financial infrastructure and systems. The two countries have agreed to collaborate in the development and modernisation of financial services, institutional strengthening and capacity building in the financial services sector.
Signing on behalf of Guyana was the Minister of Foreign Affairs and International Cooperation, Hugh Todd while his Jamaica’s counterpart, Senator, Camina Johnson Smith, Minister of Foreign Affairs and Foreign Trade signed for the visiting nation.
In remarks President Irfaan Ali lauded the CARICOM nation for its achievements in various sectors including the orange economy and tourism as well as the financial sector.
The visit by the Jamaican PM has highlighted the shared priorities between the two countries, paving the way for greater areas of partnership. Ali said both countries share the goal of efficient governance as well as implementation and delivery of services to benefit citizens.
Additionally, with Guyana hoping to enter the stock exchange business, Ali said Jamaica offers key lessons. Beyond the areas mentioned, the President noted that the two sides also discussed healthcare and housing with the local private sector eager to partner with Jamaica in that regard.
On energy, President Ali explained, “In energy, the opportunities are enormous. We have to scope our comparative advantage, your infrastructure and our infrastructure and to find a way in which we can have a common vehicle through which both of us benefit but also the region benefits.”
Guyana and Jamaica are committed to examining the opportunities and drafting recommendations for future collaboration in the sector.
Furthermore, he noted, “We are particularly very pleased that we are able to sign this MoU on financial services given the fact that we are now proceeding on the junior stock exchange. The expertise of Jamaica, having our insurance companies more integrated, our financial systems more integrated, our banking system more integrated, our means of settlement more integrated- this is what that opens up the opportunity for.”
President Ali added that Jamaica’s effort in the security sector is nothing short of a model with Guyana also striving to reduce crime. He said Guyana is constructing a world-class academy where training is being prioritized. The President stressed the importance of cyber security and data sovereignty.
Meanwhile, PM Holness in remarks noted that while a number of agreements were signed with Guyana, the partnership between the two states is not limited to those areas.
“That should not be interpreted as the entirety of the engagement. Those are just what we could formalize within the time. The breadth of our exchanges and the potential of our collaboration and cooperation is extensive,” Holness said.
He added, “It is very much clear that Jamaica and Guyana are very much aligned and we have a similar outlook on the world, similar understanding of the changing dynamics and the new nature of global politics but we also share a very positive outlook on our economic prospects.”
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I didn’t know Jamaica was getting involved in Guyana’s energy sector. What inspired this collaboration?