Dominican Republic Business Chamber launched in Guyana

…“best is yet to come” – Ambassador

Following a year of increasing ties between the two countries, the Dominican Republic Chamber of Commerce officially launched in Guyana on Tuesday, with Ambassador of the Dominican Republic to Guyana, Ernesto Torres-Pereyra, making it clear “the best is yet to come”.

The launching took place during day two of the Guyana Energy Conference and Supply Chain Expo 2024. It comes just days after a direct flight from the capital of the Dominican Republic, Santo Domingo, to Georgetown became operationalised.
Ambassador Torres compared the work done on setting up the chamber, to the building of a bridge with Guyana that would enable both countries to ramp up their business partnerships and foster even closer ties than ever before.
“The Dominican Republic Chamber of Commerce has been, really, a key instrument for us in the diplomatic world we’re trying to develop, by generating a fantastic synergy. We have been able, also, to create a very good business arrangement on both sides and also, we have created a very earnest network.”
“And at the same time, so far, we have been able to establish a very functional line of communication between the businessmen and business communities from both countries, with the Government agencies,” the diplomat said.
Torres also made reference to the various developments between the two countries over the past year. In addition to the direct flight, there has been talk of a joint tourism pact and even an oil refinery being built by Dominican Republic in Guyana.

“So, as you all know and as the master of ceremonies just referred to, in less than a year we’ve already had reciprocal visits of the President and in both occasions, they were accompanied by the largest business delegations during the whole tenure,” the Ambassador said.
“We’ve also signed over 10 really important cooperation agreements. We have already established a direct flight between Santo Domingo and Georgetown. And many, many other initiatives. And I must confess in most of them, the members of the Dominican Republic Chamber of Commerce have played a key role. So I can honestly say the best is yet to come.”
Also present at the Chamber’s launch in Guyana was Guyana Office for Investment (GO-Invest) Chief Executive Officer, Dr Peter Ramsaroop.
Guyana and the Dominican Republic have been making efforts to strengthen bilateral ties in recent years. Only last year, President Ali had signed several agreements with his Dominican Republic counterpart Luis Abinader during an official two-day visit to that country. These agreements included one for the joint establishment of an oil refinery in Guyana.
In the months leading up to the signing, ties between Guyana and the Dominican Republic had grown closer as the leaders of the two countries met at various forums. President Ali continued those bilateral efforts when he and First Lady Arya Ali arrived in the Dominican Republic for their visit along with a large delegation of Government officials and members of Guyana’s Private Sector.
As per the terms of the agreement, the DR will have 51 per cent ownership of the refinery. At present, the Government has gone out to tender for proposals to build a refinery in Berbice with a 30,000 barrels per day (bpd) capacity. Last month, it was revealed that four out of the 11 companies that had submitted proposals last year have been shortlisted.
When it comes to agriculture, it is understood that joint production of agricultural products such as corn and soybeans, as well as partnerships in the poultry sector, were discussed. According to President Ali, the agreements in agriculture between the two countries will ensure their prominence at the table whenever food security is discussed.
In June 2023, President Abinader had himself arrived in Guyana for a one-day visit where talks progressed about potential collaboration. Following bilateral talks between President Ali and President Abinader at the Arthur Chung Conference Centre in Greater Georgetown, senior Ministers from the two nations signed three pacts to strengthen collaboration, including a Memorandum of Understanding (MoU) on cooperation in energy-related matters.
This MoU established a framework to facilitate and enhance bilateral cooperation in the hydrocarbon sector of the two countries based on equality and mutual benefit. It included the promotion of investments in each other’s countries, as well as technology transfer, research and development, the building of human resources and collaboration in the natural gas sector. (G3)