Friday, May 20, 2022

Brazil, Guyana exploring Boa Vista-Georgetown Road corridor to boost trade, investment

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Following a state visit of the President of Brazil, Jair Bolsonaro to Guyana to meet with President Dr. Mohamed Irfaan Ali last Friday, the two agreed to explore the merits of a road corridor linking Boa Vista, the capital of the Brazilian State of Roraima, and Georgetown, Guyana’s capital.

They are looking to determine the impact such infrastructure would have on trade and investment between the two countries, as well as for the wider region.

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A working group will be established and ordered to produce an assessment of the potential gains of such a corridor in terms of trade and investment, as well as identifying possible needs of technical assistance, potential private partners, and international financial institutions to contribute to the initiative.

On this note, the Presidents also instructed their teams to settle the measures necessary to enable the full implementation of the Guyana-Brazil international Road Transportation Agreement signed years ago.

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The Presidents also agreed to advance implementation of a Memorandum of Understanding (MoU) signed in 2020 for technical and feasibility studies for the installation of a fibre optic link between Guyana and Brazil.

The high-level meeting last week resulted in several agreements being made, as well as the advancement of certain initiatives. On the energy front, the Presidents encouraged the Inter-American Development Bank (IDB) to produce a new round of feasibility studies on the proposed Arco Norte Energy Corridor.

They have also agreed to exchange information on their national energy plans, experiences in regulatory matters in the oil and gas sector, and to collaborate in the prevention of oil spill accidents.

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