The Caribbean Council, in collaboration with Mission Partners, is set to lead a United Kingdom (UK) Business Mission to Guyana from November 28 to December 1, 2023.
The initiative aims to bolster engagement for quality business investments and foster opportunities in the region. Partnering with key entities such as the British Chamber of Commerce Guyana, the Georgetown Chamber of Commerce and Industry (GCCI), and the Department of Business and Trade, the mission anticipates facilitating a diverse array of investment prospects.
Highlighting the significance of this mission, the Caribbean Council introduced the delegation representing various sectors such as infrastructure, financing, insurance, supply chain management, security, environmental protection, material handling, and recycling. Notably, this marks the third British Business Mission to Guyana within just over 18 months. The participating companies in the delegation include Sangfroid Group, Price Forbes, Enviro Technology Services Ltd. (Part of the Cura Terrae group), Innovo Group, Dints International, Invest Northern Ireland, and Contracta Construction UK Ltd.
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Sherwyn Naughton, Country Director for Trade and Investment at the Department for Business and Trade, British High Commission for Guyana and Suriname, emphasized the collaborative nature of the trade mission. He underscored the pivotal role of trade in fortifying the Guyana-UK relationship, expressing enthusiasm for partnering with local chambers of commerce and supporting Guyana’s developmental trajectory.
“It is not just about exposing the companies to the opportunities but helping them to understand the business environment,” he explained to OilNOW.
Naughton further highlighted the mutual benefits derived from such engagements, elucidating the exposure of UK companies to lucrative commercial prospects in Guyana while Guyanese companies gain access to world-class goods, services, technology, and value-for-money propositions from the UK. And for the first time, a Guyanese company is participating in the mission.
UK exports to Guyana amounted to £678 million in the four quarters ending Q1 2023, up by 96.5% or £333 million in current prices compared to the same period in 2022. The rise in exports showcases the increasing demand for UK products and services in the South American nation. The robust growth in trade and investment between the UK and Guyana signals promising prospects for both nations’ economies. With the increasing demand for UK products in Guyana and the growing inflow of goods from Guyana into the UK, bilateral trade relations are expected to continue on an upward trajectory in the coming months.
Guyana is already positioning to become the UK’s energy security partner with its Gas-to-Energy project in tow. Just last year, the two nations bolstered its collaboration with a new partnership agreement. The UK also waived the visa requirement for nationals of Guyana. Direct flights began back in March.
