EU energy, agri, tech companies to explore opportunities in Guyana

…as trade mission slated for November

A European Union (EU) trade mission is scheduled to visit Guyana in November of this year, with a wide range of companies from renewable energy and Information and Communications Technology (ICT) to health and other sectors coming along to seek local opportunities.
Last week, the Georgetown Chamber of Commerce and Industry (GCCI) met with EU Chargé d’affaires, Joan Nadal Sastre. During the meeting, GCCI’s Executive Management Committee (EMC) discussed collaborating for the upcoming trade mission scheduled for November 20 to 22.
The meeting was held at GCCI’s boardroom, where GCCI President Kester Hutson, was present along with Senior Vice President Richard Rambarran, Junior Vice President Gavin Ramsoondar, and Secretary Kathy Smith.
GCCI Trade and Investment Officer, Faith Trim was also present. Representing the delegation, Sastre was accompanied by Consultant Taiana Mora, and the EU Delegation Programme Officer, Latoya Williams.
According to the statement, the trade mission will comprise of approximately 30 to 45 companies from Europe. Some of the other sectors that will be represented in the trade mission are logistics and construction, digitisation and timber production and agriculture.
“The businesses that will be part of the mission will be seeking to establish partnerships with local counterparts. Sastre and the executives discussed other types of sectors that should be included in the delegation, and ways in which the delegation can work alongside with the Chamber to create linkages between businesses on the two sides,” the GCCI stated.
Guyana has long been recognised as an attractive investment destination. With a projected growth rate of 37.2 per cent for 2023, Guyana is expected to continue its trend this year, of outpacing every other Latin American and Caribbean (LAC) country when it comes to economic growth. Additionally, the nominal Gross Domestic Product (GDP) has almost tripled in the space of two years, moving from $1.1 trillion in 2020 to $3.1 trillion at the end of 2022.
Guyana has also recorded the highest Foreign Direct Investment (FDI) inflows in the Caribbean. The United Nations’ Economic Commission for Latin America and the Caribbean (ECLAC) “Foreign Direct Investment in Latin America and the Caribbean” 2023 report stated that Guyana recorded FDI inflows for 2022 totalling US$4.389 billion. It is a similar result to the record inflows in 2021. All in all, Guyana played a critical role in the overall 55.2 per cent rise in FDI in the Caribbean – a historic rise.
According to the report, the rise in FDI project announcements in Latin America and the Caribbean was mainly a result of a higher number of projects in Guyana, Mexico, Brazil, and Panama. In Guyana’s case and the Caribbean in general, companies from the United States were responsible for a significant chunk of these investments.
However, there has been a push for the EU to increase its investments in Guyana. During Europe Day celebrations in May of this year, EU Ambassador to Guyana Rene Van Nes had said that an EU/Guyana business chamber will be set up to help both European and Guyanese companies navigate their respective markets.
Prior to that, it had been reported that Helena König, who is the Deputy Secretary General of the European External Action Service, would visit Guyana to help fast track the setting-up of a fully-fledged EU-Guyana Chamber of Commerce. Guyana already has Chambers of Commerce with the United States of America (USA), Canada, the United Kingdom (UK) and Ghana.
Meanwhile, a pressing issue for Guyana in its relations with Europe is the setting up of a local Schengen visa processing office. For some time, concern has been expressed that visas for Guyanese to travel to the EU still have to be processed in Suriname at the Netherlands Embassy.
President Dr Irfaan Ali had initial discussions on Schengen visa-free travel during his recent attendance at the European Union-Community of Latin American and Caribbean States (EU-CELAC) Summit 2023 in Brussels, Belgium.
Specifically, he held such talks with Deputy Prime Minister of Slovenia and Minister of Foreign and European Affairs, Tanja Fajon. There was some success on this front, however, as it was announced last month that at least five European Union (EU) countries had agreed to sponsor Guyana’s bid for Schengen visa-free travel. (G3)