With the United Kingdom (UK) market indicating a rise in demand for Guyanese wood and sugar, among other products, Chief Executive Officer of the Guyana Office for Investment (GO-Invest) Peter Ramsaroop says the agency is keen on capitalising on the trade agreements already in place with the UK.
The GO-Invest CEO recently told Guyanese media that revenues from the exportation of sugar and forest products to the United Kingdom (UK) would be reinvested into the economy to support its expansion and growth of the commodities.
With this in mind, the agency’s export unit has begun examining the possibilities to take advantage of growing demand in the UK.
Following the UK’s referendum to exit the EU, the UK and CARIFORUM embarked on rolling over the CARIFORUM/EU agreement’s terms into the CARIFORUM-UK EPA, which Guyana signed in March 2019 and ratified by ministerial order in December 2020.
While providing an update on his briefing session with UK’s Commonwealth Caribbean Trade Envoy Darren Henry and some 550 UK companies last week, Ramsaroop reported that during the meeting he pointed out Guyana’s readiness for partnerships and investments in the agriculture, tourism, and technology sectors, among others.
“They are free to come into Guyana. We have the best investment climate, the best trajectory with 40-plus per cent growth for 2020, a significant growth in 2021 and beyond, with a president that believes in democracy and Guyana and has a plan and a vision and an execution measurable plan that will create results. That makes it exciting to them,” the CEO said.
“It is fine investors are willing to come into Guyana looking for local partners. I think it is the most rewarding part of my job when I see that happen and knowing for a fact that the Government has outlined their framework and they believe the action plan and want to be part of the action plan,” he added.
Like Ramsaroop, Minister of Foreign Affairs and International Cooperation of Guyana Hugh Todd has engaged his UK counterpart, Britain’s Minister of International Trade Ranil Jayawardena, highlighting the importance of the sugar industry to the local economy.
In late January, during a virtual meeting between the two, Todd relayed that the Dr Irfaan Ali Administration had made significant investments in the sugar indusry to increase its efficiency.