Tangible investments in Guyana have been made by 50% of companies from the United Kingdom (UK) looking to tap into the South American nation’s market. This is according to Finance Minister, Dr. Ashni Singh.
“I will say that previous trade missions have recorded an extremely strong success. The High Commissioner [Jane Miller] confirmed that 50% of the companies that come in on British trade missions have already contributed at least one transaction in Guyana,” Dr. Singh shared.
The UK has its third trade mission currently ongoing in Guyana spearheaded by the Caribbean Council – the premier membership network for responsible international businesses and investors operating in the Caribbean and Central America. The group met with the Finance Minister and other stakeholders at the Guyana Marriot Hotel who briefed them on Guyana’s recent economic developments.
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.
The continued level of interest comes as “no surprise” to Guyana. Dr. Singh said this is a direct result of the recognition of opportunities existing in the country, a spring off of its oil and gas success.
“We in Guyana remain open for business. We welcome companies from around the world investing in Guyana, doing business in Guyana, with Guyanese companies,” he added.
Leading the mission is Chris Bennet, Managing Director of the Caribbean Council.
Bennet explained that the members of this third mission are eyeing opportunities both in the public and private sectors; in renewable energy, oil and gas infrastructure and also agriculture.
“We have an international contractor here… a supply chain advisor… We have Price Forbes which is a leading insurance company… We have Invest Northern Ireland, which represents a wide range of companies from Northern Ireland… including things like aggregates which we understand is a big issue here in Guyana…” he explained.
The trade mission runs up to December 1. Bennet said the companies will have B2B meeting with the private sector as well as other government engagements.
A Guyanese company is participating in the mission for the first time.
UK exports to Guyana surged to £678 million in the four quarters ending Q1 2023, marking a 96.5% increase from 2022. This significant rise demonstrates the heightened demand for UK goods and services in Guyana, signaling promising economic prospects for both nations.
Bilateral trade relations are set to strengthen further with increasing UK exports to Guyana and growing imports from Guyana to the UK. Guyana’s Gas-to-Energy project positions it as a key energy security partner for the UK, supported by strengthened collaboration and initiatives like waived visa requirement and direct flights between the two countries since last year.