Guyana, Canada agree to expand trade relations, commercial opportunities

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A Memorandum of Understanding (MoU) signed between Guyana and Canada will see the two nations building firmer ties to see expanded trade relations and greater cooperation.

The agreement was signed on Tuesday by Guyana’s Minister of Finance, Dr. Ashni Singh and Canada’s Minister of International Trade, Export Promotion, Small Business and Economic Development, Mary Ng at the Office of the President in the presence of President Dr. Mohamed Irfaan Ali and other officials.

With the MoU signed, the two governments have committed to identifying and developing opportunities in project development.

Canada-Guyana Chamber says now is the time to invest in economy projected to be world’s most oil intensive by 2025

On the signing, the finance minister expressed that the MoU creates a framework to help Guyana and Canada strengthen their economic and commercial relations. This will in turn lead to more Canadian businesses investing in Guyana and vice versa.

“Given where Guyana is economically and given the sharp and incredibly exciting economic transformation that we are currently embarking on in Guyana, we see this as a special opportunity for economic relationship for all our friendly partners,” Dr. Singh said. “We see this as an opportunity for those relationships to evolve at the same speed to which the Guyanese economy is changing right now.”

The Canadian Trade Minister pointed out that the MoU will assist in supporting the expansion of commercial relationships between Canadian and Guyanese companies.

“This symbolises the confidence of us working together towards the sustainable and inclusive economic recovery from COVID 19, and I’m looking forward for a greater collaboration between Canada and Guyana,” she noted.

Her visit to Guyana and the Caribbean is meant to strengthen Canada’s trade relationships in the Caribbean and open new doors for Canadian businesses and exporters.

She will also be leading a virtual trade mission for over 150 businesses, helping them grow and expand into the Caribbean.

Canada and Guyana have been longstanding partners before the advent of oil and gas; Canada was one of Guyana’s largest export partners in the extractive sector.

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