Significant increase in trade recorded between Guyana & Dominican Republic – Ambassador

…says much progress made since cooperation agreements last year

With trade and relations between Guyana and the Dominican Republic (DR) at an all-time high, its Ambassador, Ernesto Torres Pereyra has noted that unprecedented progress was being made on several cooperation agreements signed between the two countries last year.
The Ambassador made these comments on Saturday during an interview with the media. Referencing the recent establishment of the Dominican Republic Chamber of Commerce, he noted that the trade balance has significantly increased between the two countries.

“The establishment of the Chamber of Commerce. As you know it has two chapters: one in the Dominican Republic and one in Guyana. And this is also a very important step. Our trade balance has increased, significantly,” the Ambassador said.
“People are getting to know more about what you offer here in Guyana and what the Dominican Republic has to offer as a solid partner, to supply some of the growing needs you have here, during this incredible, massive transformation of the country.”
According to Pereyra, both Guyana and the Dominican Republic are very close in terms of geography. And with the opening of the DR’s mission in Georgetown, he noted that there were no limits to what the two countries could achieve.
“We have, as you know, signed many cooperation agreements, during the reciprocal visits of the Presidents. And many of them have also experienced some advances. It’s just that if you think about it, it’s been six months. And we in the Caribbean, indeed the Western world, we want to see immediate results,” he said.
“And we forget that a lot of these processes take time. Before being posted here, I was posted in the Middle East, in Israel, in Europe, in Asia. And in Asia, they have this vision. They don’t make plans for five or 10 years. They make plans for 15 years. But here, we have not learned that virtue. We want to see things immediately. And in both of our countries, because of the type of leadership we have, the advances have been unbelievable.”
Guyana and the Dominican Republic have been making efforts to strengthen bilateral ties in recent years. Only last year, President Dr Irfaan Ali had signed several agreements with President Luis Abinader during an official two-day visit to that country. These agreements included one for the joint establishment of an oil refinery in Guyana.
In the months leading up to the signing, ties between Guyana and the DR had grown closer as the leaders of the two countries met at various forums. President Ali continued those bilateral efforts when he and First Lady Arya Ali arrived in the Dominican Republic for their visit along with a large delegation of Government officials and members of Guyana’s Private Sector.
As per the terms of the agreement on the oil refinery, the DR will have 51 per cent ownership of the refinery. At present, the Government has gone out to tender for proposals to build a refinery in Berbice with a 30,000 barrels per day (bpd) capacity. Last month, it was revealed that four out of the 11 companies that had submitted proposals last year have been shortlisted.
When it comes to agriculture, it is understood that joint production of agricultural products such as corn and soybeans, as well as partnerships in the poultry sector, were discussed. According to President Ali, the agreements in agriculture between the two countries will ensure their prominence at the table whenever food security is discussed.
In June 2023, President Abinader had himself arrived in Guyana for a one-day visit where talks progressed about potential collaboration. Following bilateral talks between President Ali and President Abinader at the Arthur Chung Conference Centre in Greater Georgetown, senior Ministers from the two nations signed three pacts to strengthen collaboration, including a Memorandum of Understanding (MoU) on cooperation in energy-related matters.
This MoU established a framework to facilitate and enhance bilateral cooperation in the hydrocarbon sector of the two countries based on equality and mutual benefit. It included the promotion of investments in each other’s countries, as well as technology transfer, research and development, the building of human resources, and collaboration in the natural gas sector. (G3)