Guyana, Dominican Republic forge stronger economic ties

…PSC leads trade talks; tax treaty being examined to boost trade

The Private Sector Commission of Guyana (PSC), led by PSC Chairman Komal Singh and represented by senior executives from the Private Sector Commission, the Guyana Manufacturing and Services Association, the Shipping Association of Guyana, the Women’s Chamber of Commerce, the Georgetown Chamber of Commerce and Industry, Guyana Oil and Gas Energy Chamber, and other business support organizations, met with President Luis Abinader of the Dominican Republic on Tuesday last to discuss strengthening economic ties and exploring trade and investment opportunities between the two nations.
Discussions centred on improving regional trade between Guyana and the Dominican Republic, and the possibility of establishing a tax treaty to facilitate smoother business transactions.

The review of the existing Caricom Free Trade Agreement was also highlighted, with focus being placed on the potential for greater economic integration; and
investment opportunities in
Guyana was a key feature of the engagement, with emphasis being placed on the agriculture sector, particularly agro-processing and mega-farming, as well as deep-water port development and the establishment of a urea plant.
The meeting also explored ways to develop back-to-back tourism products between the two nations, and opportunities for Guyanese businesses to invest in the Dominican Republic were also discussed.
Infrastructure development and the creation of backhaul opportunities for construction materials were also addressed as areas for potential collaboration.
A joint venture agreement between the GAICO Group of Guyana and Fersan of the Dominican Republic was also signed, marking an important step in advancing agricultural development and infrastructure collaboration.
Ramesh Dookhoo, executive member of the PSC, provided key insights into the significance of this collaboration and its role in strengthening regional investment.
President Abinader, in reaffirming the Dominican Republic’s commitment to deepening trade relations with Guyana, shared key economic growth statistics that underscored the potential for increased private-sector collaboration; addressed challenges relative to the Dominican Republic’s engagement with Caricom, and highlighted ongoing efforts to enhance trade integration within the region.
Additionally, President Abinader initiated the formation of a dedicated working group comprising representatives from the Dominican Republic’s private sector and the Private Sector Commission of Guyana. This initiative aims to systematically identify opportunities and challenges in trade, investment, and economic collaboration between the two countries.
The working group will serve as a platform for fostering deeper business engagements, addressing regulatory barriers, and enhancing market access.
President Abinader has reaffirmed his commitment to supporting this initiative, emphasizing that his administration stands ready to provide the necessary assistance to facilitate meaningful partnerships and drive mutual economic growth.