Guyana exploring trade, investment opportunities with northern Brazil

A Guyanese delegation has recently concluded a three-day trade mission in Northern Brazil, specifically Boa Vista, State of Roraima.
As part of ongoing efforts to improve cross border trade between the two countries, the trade mission sought to explore trade and investment opportunities with northern Brazil and expand collaboration in areas such as agro- processing, manufacturing, construction, tourism, food distribution and port development.
On Monday, the Guyanese delegation – which consisted of officials from the Foreign Affairs Ministry; Public Works Ministry; Tourism, Industry and Commerce Ministry; Agriculture Ministry and the Guyana Office for Investment (Go-Invest) along with representatives from 30 local companies – met with the Governor of the State of Roraima, Antonio Denarium to exchange views on areas of interests of both sides and explore possible areas of cooperation.

The Governor of the State of Rorima indicated that the State is ready to expand trade and economic relations with Guyana and stressed that the State offers an excellent business environment for investment. In his presentation, the Governor outlined the progress made in the State of Roraima since his appointment in 2018 in terms of Gross Domestic Product (GDP) growth, poverty reduction, and job creation. He highlighted that the State’s GDP grew by 25.8 per cent in the last four years and is projected to grow by 11 per cent this year.
This is due to an increase in the production of soya, corn, rice, cattle and fish. In addition to being the fastest growing State in Brazil, it has also experienced a rapid population growth over the years.
Meanwhile, Guyana’s Foreign Secretary Robert Persaud, who led the discussions on the Guyana side noted that while Guyana and Brazil have shared excellent political and diplomatic relations over the decades, the two countries have not been able to fully develop economic ties. In this regard, he expressed the wish of President Ali for the trade mission to examine new ways of deepening economic ties, particularly at the level of the private sector.

Update
The Foreign Secretary provided an update on the major infrastructure projects in Guyana including the Linden-Lethem Road, expansion of airports, and port development which would position Guyana as a logistical hub with enormous opportunities for Northern Brazil in terms of shipping at a reduced time and cost.
To increase trade in a mutually beneficial way, the Foreign Secretary noted the need for a review of the Partial Scope Agreement, the framework under which trade is conducted between the two countries. Additionally, the two sides are in active discussions towards the operationalisation of the Guyana- Brazil International Road Transport Agreement (IRTA) which would see an increase in the movement of goods and people.
Further, the Foreign Secretary expressed gratitude to the people and Government of Brazil for their unwavering support of Guyana’s territory integrity and sovereignty and in standing with Guyana against Venezuela’s aggression.
Moreover, in his remarks at the private sector engagement, the Chief Investment Officer of Go-Invest, Dr Peter Ramsaroop described Guyana as an investor friendly environment, with strong investment policy framework and robust trade agreements aimed at facilitating trade. He also emphasised the importance of moving beyond Government-to-Government conversations and positioning the private sector as a driving force in the expansion of trade and investment between the two countries.
During initial consultations, the Brazilian side expressed interest in exploring collaboration in technological transfer, exchange programmes between the University of Guyana (UG) and the University of the State of Roraima in the field of engineering and agriculture, research, importation of fertilisers, improvement of air connectivity between Georgetown and development of a fibre optic cable between Guyana and Northern Brazil. On the other hand, the Guyana side expressed interest in increasing trade in construction materials, importation of soya bean, corn and grain for the Guyanese and Caribbean markets, port development, and market access.
In addition to the Governor, the Guyana team will meet with the Secretariat of Agriculture and the Director of Foreign Commerce, SEBRAE (Support Service for Micro and Small Enterprises), State Department of Tourism, Dry Port Authorities, Brazil- Guyana Chamber of Commerce and Federation of Industries of the State of Roraima.
Meanwhile, the trade mission is in keeping with a commitment made during a meeting between President Dr Irfaan Ali, and President of Brazil, Luiz Inacio Lula da Silva, held in Georgetown in February 2024.
The two presidents had agreed to organise a trade mission to Brazil, comprising officials of the Government and the business sector of Guyana, with the aim of expanding trade and investment between the two countries.
Local companies from the construction, agriculture, livestock, port, transportation, tourism, food distribution and logistics industries were represented from Guyana.