Bilateral trade between Guyana, China climbs to US$1.2B

…2000 Guyanese employed by local Chinese enterprises

The bilateral relationship between Guyana and China, particularly in regard to the volume of trade, continues to grow, with Chinese Ambassador Guo Haiyan saying that, as of 2023, bilateral trade has increased to well over US$1 billion.
On Friday, the Association of Chinese Enterprises in Guyana (ACEG) hosted their cultural show and annual dinner; and during proceedings, China’s Ambassador to Guyana, Guo Haiyan, spoke of the growth of bilateral trade between Guyana and China.
“Over the past 11 years, the association has been committed to the economic and social development of Guyana. First, it has effectively promoted economic and trade opportunities between the two countries. As we calculate, the bilateral trade volume in the past 11 years has increased from US$118 million to US$1.23 billion in 2023,” Haiyan has said.

Chinese contributions have also been felt in Chinese business investing in Guyana, with such investments going from less than US$100 million to over US$8 billion. She further noted that these investments have gone towards mining, agriculture, forestry and fish processing, all contributing to the diversification of Guyana’s economy.
Further, the ambassador noted that Chinese-owned businesses within the association currently employ 2000 local workers. This, according to her, is part of the Chinese investors’ contribution to local content.
“The association and its members have made contributions to employment. Its member companies comply with, and actively respond to, local content laws. They are currently employing about 2000 local workers, and cultivating local talent through staff training, internship, and scholarships for studying in China,” she disclosed.
“The association and its members are actively fulfilling social responsibilities; for example: making donations to nursing homes, orphanages, schools; providing goods for relief during the COVID-19 and after floods and fires. They have won applause from local people in surrounding communities,” she declared.

Projects

Importantly, the ambassador also pointed to the growth in Chinese-led infrastructural projects in Guyana. These include the work being done on the new US$260 million Demerara River Bridge and the East Coast Demerara Public Road Widening and Improvement Project.
“Significant progress has been made in a number of infrastructure projects, including the new Demerara River Bridge, the East Coast Demerara Road second phase, the six regional hospitals which will greatly improve the connectivity and healthcare conditions,” the Chinese Ambassador said.
The new bridge will be a fixed 2.65-kilometre, four-lane, high-span, cable-stayed structure across the Demerara River, with the width of the driving surface being about 23.6 metres. It is being built by China Railway Construction Corporation (CRCC) Limited.
The bridge, which features a bicycle lane, will bring an end to closures to vehicular traffic with a 50-metre fixed high-span to cater for the free flow of vessels uninterrupted. The river will be dredged along a 13.5-kilometre stretch to accommodate large vessels.
Meanwhile, the East Coast Demerara Public Widening and Improvement Project is being executed by China Railway First Group. Phase two of the East Coast Road Project will see the extension of the railway embankment road into four lanes from Sheriff Street to Enmore, and the construction of a four-lane road to Orange Nassau, Mahaica.

Deep ties
Also present at the event was Prime Minister Brigadier (retd) Mark Phillips, who emphasised the deep ties between the countries, and He recalled the commitment given by President Dr Irfaan Ali last year for the establishment of a Guyana-China Investment and Economic Cooperation Working Group.
“Some specific purposes of this impending Investment and Economic Cooperation Working Group will include facilitating discussions and negotiations on bilateral investment agreements, trade agreements, and economic cooperation frameworks. Identifying and addressing barriers to investment and trade between our two countries. Sharing information on investment opportunities, market trends, and economic policies. Promoting and facilitating investment in key sectors, such as infrastructure, that is already happening; energy, agriculture and technology. So, we’re on the right track. And fifthly, addressing issues related to intellectual property rights, investment protection and dispute resolution mechanisms,” the Prime Minister said.
Guyana and China celebrated 50 years of bilateral relations last year. Also in 2023, President Ali met with Chinese President Xi Jinping in Chengdu, capital city of southwest China’s Sichuan Province. (G3)