Home News Guyana, Suriname sign pact for Private Sector Business Council
Deepened trade and a stronger bilateral relationship between Guyana and Suriname are expected in the future, with the official pathway paved for the establishment of a Guyana-Suriname Private Sector Business Council.
Guyana’s Private Sector Commission (PSC) has signed a Memorandum of Understanding (MoU) with the Suriname Trade and Industry Association, expected to comprise of five representatives from each side. It is expected that the Council will be established within a fortnight and will hold its first meeting to discuss the areas of cooperation.
The sole purpose, a statement said, is to strengthen economic ties and initiatives between the two organisations. The framework was signed virtually by Chairman of the PSC, Paul Cheong and Chairman of the Suriname Trade and Industry Association, Bryan Renten.
Among the areas of cooperation under the microscope is to promote trade, industry and investment as a means toward economic growth. The parties will look at improved competitiveness through innovation and entrepreneurship; skills development to create solutions in education and workforce development; information and communications technology development and exchanges; and share research in agriculture with partnerships in forestry development.
Meanwhile, creating an enabling environment for the rapid and secure movement of goods; advancing their tourism sectors and financing of large public-private projects form another part of the collaboration.
An extensive plan has been outlined to enhance the synergies between businesses in the two countries. It also features partnerships for infrastructural development in key sectors such as transportation, education and oil. An energy transition and climate change agenda, the parties said, would also be on the radar since it is driven by private sector involvement.
With the unprecedented growth in store for Guyana and Government’s efforts to sustain investors’ confidence in the economy, many countries have signalled interest to establish their presence here.
In December 2020, the Canada-Guyana Chamber of Commerce, a non-partisan institution promoting and facilitating investment and trade between Guyana and Canada, was established. Back in October Treina F Butts was announced as its new Chief Executive Officer (CEO), and she had highlighted her agenda to develop strategic alliances, expand CGCC market presence, and bring value to business partners here in Guyana, Canada and other locations.
This is complimented with the presence of the American Chamber of Commerce Guyana (AmCham Guyana), which also signed a Memorandum of Understanding (MoU) with the American Chamber of Commerce of Trinidad & Tobago to establish mutual co-operation between the two organisations last August.
Around that timeline, the Georgetown Chamber of Commerce and Industry (GCCI) also entered into a tripartite agreement with the Barbados Chamber of Commerce and Industry (BCCI) and the Suriname Trade and Industry Association (STIA).
Through this agreement, the parties were seeking to enhance trade linkages and facilitate economic cooperation and collaboration between Guyana, Barbados, and Suriname. A Tripartite Working Group comprising representatives of the GCCI, BCCI and STIA was formed with the expectation of meeting on a tri-monthly basis for the purpose of developing programmes and initiatives aimed at promoting sustainable trade and investment in the region. (G12)