Pres Ali welcomes more investments by Chinese companies in Guyana

President Dr Irfaan Ali has welcomed the increasing interest and investments by Chinese-owned companies in Guyana. This was related during a recent high-level meeting between the Guyanese Head of State and the Chinese Ambassador to Guyana, Yang Yang, along with their respective teams. According to a statement from the Chinese Embassy in Georgetown, the engagement, which was held on Wednesday, October 22, at State House, saw the two sides exchange views on bilateral relations and practical cooperation. It was noted that President Ali spoke highly of the Guyana-China partnership and pragmatic cooperation and looked forward to deepening bilateral cooperation.

“President Ali welcomed more Chinese companies to invest in Guyana to support the country’s development and transformation,” the Chinese Embassy said in the brief statement about the meeting. Meanwhile, it was stated that Ambassador Yang applauded Guyana’s firm commitment to China-Guyana friendship and support for the four global initiatives proposed by China’s President, Xi Jinping.
The statement added that “China stands ready to strengthen synergy with Guyana to deliver more outcomes in Belt and Road cooperation for the benefit of the two countries and two peoples.” As more Chinese companies are being encouraged to invest here, the Guyana Government has made it clear that they must do so in compliance with the local laws and regulations. In fact, only earlier this month, the Chinese Embassy had to call on Chinese nationals operating businesses in Guyana to follow the country’s laws, including opening bank accounts here. This came on the heels of the Government announcing a slew of measures to stabilise the local financial sector, including the implementation of a new foreign exchange monitoring mechanism. Vice President (VP) Dr Bharrat Jagdeo had assured that these new measures will not burden ordinary Guyanese or small businesses but will instead target loopholes that allow non-Guyanese entities, like the Chinese-owned supermarkets, to exploit the system and evade taxes. Against this backdrop, the Chinese Embassy issued a notice to encourage lawful business operations by Chinese-owned and Chinese-operated shops.

Chinese-operated businesses
In the missive, the Chinese Embassy reminded the local Chinese business community to ensure they “…apply for business licences, residence permits, and ID in accordance with the relevant law of Guyana; open bank accounts; and conduct business activities within the scope permitted by the relevant law of Guyana.”

Chinese businesses are also urged to standardise daily business practices. Specifically, the Embassy implored that they “…strictly control product quality, do not sell expired, unidentified-origin or counterfeit goods. Strictly adhere to relevant laws; do not engage in money laundering, smuggling, commercial fraud or similar activities. Strictly comply with tax regulations; invoice customers accurately and pay taxes regularly; contribute social insurance for employees legally.” Additionally, the Embassy called on Chinese businesses to actively shoulder social responsibilities in Guyana, ensuring that they hire Guyanese employees legally and make positive contributions to local economic development. Moreover, Chinese business operators are encouraged to “…cooperate fully with law enforcement inspections. Should you encounter unfair treatment, handle the situation calmly and rationally while gathering evidence to protect your legitimate rights afterward.”
According to the Chinese Embassy, Chinese businesses should also enhance safety awareness and strengthen risk prevention. “Equip your premises with necessary security devices, minimise on-site cash reserves, and hire security guards if necessary. In emergencies, call the police immediately and seek assistance from the Chinese Embassy,” it told business operators. During his October 2 press conference, VP Jagdeo pointed out that the measures being rolled out by Government are aimed primarily at large-scale foreign currency users whose transactions are not always reflected in Guyana’s formal financial system. He cited cases such as some Chinese-owned supermarkets that import large volumes of goods without maintaining bank accounts locally. “We’re not going to restrict Guyanese from purchasing foreign currency… [But] most of these [Chinese] supermarkets don’t have a bank account… and they’re importing a lot of goods to sell in their supermarkets. How are they getting the foreign currency? So, closing these loopholes would allow us to collect more taxes from these foreign entities, mainly, who are operating here, or if they are using our foreign currency on credit cards to meet demand in another country,” Jagdeo had said.
In a September 30 meeting with the heads of local banks, President Ali disclosed that the Government, through the Bank of Guyana, has injected a staggering US$1.2 billion into the local financial system so far this year – more than triple the amount provided in the entire year of 2024 – in an effort to meet rising demand for foreign currency. According to the Head of State, credit card clearances rose from US$91.3 million in 2023 to US$347.5 million in 2024. For 2025 so far, transactions have already reached US$252 million, even before the year-end holiday period.
To deal with these pressures, the administration has announced a series of interventions that will reshape how foreign exchange requests are processed.