Guyana’s economic diversification efforts to be discussed at UAE business forum

– as Pres Ali to give keynote address

President Dr Irfaan Ali has departed Guyana for the United Arab Emirates (UAE), where he will participate in the Caribbean Investment Forum (CIF2022) and the Global Business Forum LATAM.

According to a statement from the Office of the President, CIF2022 is scheduled for March 22-23, while the Business Forum will be held on March 23-24. President Ali will be delivering the keynote address at the conference, as the official patron of CIF2022.
CIF2022 is being hosted by the Caribbean Export Development Agency, in association with the Caribbean Association of Investment Promotion Agencies (CAIPA). It is a high-level event that will present a range of investment opportunities in AgTech, Hotel and Resort Development, Fintech, Logistics and Transportation.
The statement explained that the sessions will include “Doing Business in the Caribbean” and “Caribbean Investment Opportunities”. Information on investing in strategic sectors in the Caribbean will also be provided by sector experts including a profile of the sector, business opportunities in the sector, incentives, while specific projects will be highlighted.
“President Ali is expected to discuss Guyana’s efforts to support economic diversification to date, including investments in non-oil sectors such as manufacturing, trade and agriculture. He will also highlight the country’s future plans,” the statement said.
“UAE Minister of State for International Cooperation, Her Excellency Reem Al Hashimy is expected to share lessons from her country’s decades of growth, based on the management of oil resources and deliberate efforts to sustain the long-term prosperity of the country through diversification.”
According to the statement, Al Hashimy will also explain the role of Expo 2020 in further diversifying the economy by building economic partnerships and boosting international cooperation with countries in Latin America and the Caribbean.
“President Ali is also expected to take part in the Global Business Forum LATAM, which will be attended by several regional leaders, including President of the Federative Republic of Brazil, HE Jair Bolsonaro and President of the Republic of Colombia, HE Ivan Marquez,” the statement explained.
The event, which was launched in 2016, is being held this year under the Patronage of Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Mohammed Bin Rashid Al Maktoum.
“The forum is expected to explore how the Gulf Cooperation Council (GCC) and Latin America and the Caribbean (LAC) can bolster each other’s economies post-pandemic. President Ali is accompanied by the Minister within the Public Works Ministry Deodat Indar; GO-Invest CEO, Dr Peter Ramsaroop and Director of Projects in the Office of the President, Marcia Nadir-Sharma.”
The People’s Progressive Party (PPP) Government has made a concerted push to market Guyana as an investment destination. This has included calls for regional and international investors to take up investment opportunities in Guyana, particularly in the non-oil sectors.
At the conclusion of the recent 33rd Inter-Sessional Meeting of the Conference of Heads of Government of Caricom in Belize, it had been announced that a regional agriculture investment conference is scheduled to be hosted by Guyana from May 19 to 21.
The investment conference is expected to bring persons from all over the region and facilitate intense discussions between the public and private sectors on the available investment opportunities.
There has also been talks of an “El Dorado corridor” with Suriname and Northern Brazil. The Corentyne River Bridge which will link Suriname and Guyana, will start in 2022.
This linkage is expected to radically enhance trade and investments in Guyana. Guyana and Northern Brazil are benefiting from the commencement of upgrades to the long-planned road in addition to the deep-water harbour in Berbice, which will open the door to bilateral trade.