Single market best option for developmental agenda – Guyana, Suriname Private Sector

– say Business Council will take bilateral partnership to new level
In the wake of recent activity between Guyana and Suriname aimed at strengthening bilateral ties, the private sectors of both neighbouring countries have made it clear they will pursue the establishment of a single market, the best option for the two countries development.
This was contained in a joint statement released by the Private Sector Commission (PSC) of Guyana and the Suriname Trade and Industry Association (VSB), in which they spoke of their plans to establish a Guyana-Suriname Private Sector Business Council.
According to the two chambers, they have borne witness to the significant steps being taken between Guyana’s President Dr Irfaan Ali and Suriname President Chandrikapersad Santokhi, towards the development of a joint market and strategic business partnerships.
“The PSC and VSB have recognised the intentions of both leaders to strengthen the bilateral relationship between Suriname and Guyana, especially with the involvement of the private sector as the engine for growth and development in both countries.”
“By that fact, all parties have acknowledged that the ideal way of developing our countries is by working towards a single market through collaborative business relations while fulfilling our developmental agenda,” the joint statement said.
According to the two chambers, establishing a Guyana-Suriname Private Sector Business Council, consisting of key representatives of the private sector, will be a joint effort. And this chamber will be solely dedicated to strengthening economic ties and initiatives that concern their shared interests and creating a single market and economy.
“The two countries have always enjoyed excellent people-to-people and business relations. Notably, this initiative will birth a vibrant and improved level of partnership and cooperation between Guyana and Suriname,” they also said.
President Santokhi and a Surinamese delegation arrived in Guyana last week for a four-day State visit to discuss issues including health, agriculture, and oil and gas. One of the outcomes of extensive discussions over the past four days is in the area of energy security and exploring the potential between the two countries. The Guyanese and Surinamese leaders said they are looking to engage neighbouring partners on the matter.
Guyana is a party to a Memorandum of Understanding on the Northern Arc (Arco Norte) Interconnection Project which seeks to evaluate the feasibility of a possible collaboration on the energy transmission system for the electric interconnection of Guyana, Suriname, French Guiana and the northern cities of Brazil.
The project had been in talks for several years. In fact, the Inter-American Development Bank (IDB) had conducted baseline and pre-feasibility studies in 2016 and 2017 on the “Arco Norte Electrical Interconnection” project.
Another outcome had been the decision to establish a Joint Working Group inclusive of the Ministers of Finance from the two countries. According to President Ali, the group will determine the investment and concessions package that will accompany the expressions of interest seeking financing, building, operating, and ownership of the bridge.
Ali further related that the Working Group will be looking at the bridge model taking into consideration the strategic development that will take place on both sides. The Working Group will take into consideration the now preferred model of design, build, finance, own and upgrade and put it to the shortlisted firms and determine whether they qualify for the feasibility study contract.
In November 2020, a Memorandum of Understanding (MoU) was signed between Guyana and Suriname to facilitate the joint bridging of the Corentyne River. It was reported last month that 38 bids were received and jointly reviewed by the two countries and eight bidders were eventually shortlisted.