“More Foreign Direct Investments and local partnerships” – President tells EU business forum

…says time right to reset Guyana-EU relations

With Guyana slated to undergo unprecedented development that will target all sectors of its economy, President Dr Irfaan Ali said that the country would require significant levels of investment, including Foreign Direct Investments and public-private partnerships.

As such, he encouraged European investors on Wednesday to explore the investment opportunities available in Guyana that would build and boost their companies while contributing to the economic transformation of the country.
“Guyana is on an upward trajectory. We will soar to greater heights. This is a time of great change in Guyana. It is also an opportune moment for us to reset our relations with Europe. Investment must be a key element of that process and you are the trigger to ensuring it happens,” President Ali said during his remarks at the opening of the “Invest in Guyana” virtual conference organised by the European Delegation to Guyana.
According to the Head of State, the Guyana-European virtual investment conference allowed potential investors to gain insights into the economic opportunities that would become available.
He told the close to 500 participants that Guyana was not an unknown destination to EU investors, having established diplomatic ties with the bloc some 45 years ago with focus on trade and economic development.
But now, the President said, the country is hoping to expand this relationship.
“Guyana is strategically located and offers access to key markets including the Caribbean. Guyana welcomes investors from Europe. We look forward particularly to European Foreign Direct Investment in Guyana and for Euro-based firms to partner with local companies in seizing the unfolding economic opportunities…,” he stated.

On this note, the Guyanese leader pointed out that his Government would ensure that the environment for doing business improved. He further sought to attract European investors with fiscal incentives.
“Investors doing business with Guyana can be assured of an ever-improving enabling environment for business. They can be sure of a growing economy which will support business expansion. They can anticipate a macro-economic framework that guarantees stability and protects their assets. They can expect fiscal incentives to attract their investments and ensure greater competitiveness. They can look forward to improvements in ease of doing business and respect for property rights and the rule of law,” the President asserted.
Moreover, the Head of State outlined that the support of the European Union (EU) has laid the groundwork for upscaling European investment in Guyana.
“It’s now timely for Guyana and the EU to reposition their relations within the context of the Coast-Continental Agreement. Trade and economic development have been central pivots of the Guyana-EU relations. This relation continues to evolve. The European Union and the ACP [African, Caribbean and Pacific Group of States] are about to embark on a renewed partnership for the next 20 years. Guyana looks forward to an agreement that will continue to place emphasis on the traditional pivots – trade, development cooperation and shared values – but which must, of necessity, also prioritise investment including foreign direct investment clause,” he posited.
That agreement is the ongoing renewal of the EU and Organisation of African, Caribbean and Pacific States (OACPS) – formerly the ACP – post-Cotonou agreement.
The Cotonou Partnership Agreement between the ACP and the EU was signed in 2000 and expired in March 2020. Formal negotiations for a successor arrangement were launched in September 2018 and were still ongoing. This Agreement provides the basis for cooperation and donor support with the EU at the bilateral and multilateral levels.
Further, President Ali outlined that the EU has been a bastion for promoting respect for human rights and democracy, which he noted remained indispensable to ensuring a favourable environment for attracting investment, stimulating trade, and fostering economic development.

The President added that Guyana was also grateful for the EU’s support, over the years, toward Private Sector development and for its role in supporting climate adaptation and mitigation.
Through the European Development Fund and its support for Guyana’s National Indicative Programme, the EU has made a significant contribution to the country’s efforts to reduce poverty and build greater climate resilience.
“This conference must add impetus to this intent by becoming a pacesetter in encouraging greater investment flows from the European Union to Guyana. In doing so, it will serve to reposition Guyana’s long-standing ties with the EU,” President Ali stated.
Finance Minister, Dr Ashni Singh was also part of the conference, which featured presentations from various Guyanese officials, including Chief Executive Officer of the Guyana Office for Investment (GO-Invest), Dr Peter Ramsaroop, and Governor of the Bank of Guyana, Dr Gobind Ganga.
The EU virtual business conference was organised in collaboration with Caribbean Export Development Agency (Caribbean Export); the Caribbean Association of Investment Promotion Agencies (CAIPA) and GO-Invest.
Meanwhile, EU Ambassador to Guyana, Fernando Ponz Cantó said that the participation of close to 500 delegates from 47 countries is proof of the potential and the importance of Guyana as a business-friendly destination.
He added that it was only the beginning of Guyana’s potential, given that it was the fastest-growing economy in the hemisphere and one of the fastest-growing economies in the world.
In his remarks, Caribbean Export Executive Director Deodat Maharaj pointed to the “spirit of optimism and possibility” that pervaded the event.
He reiterated the Agency’s commitment to partnering with Guyana to promote investment opportunities in Europe and the wider world.