Trade between Guyana and China has been increasing over the past few years, and at the end of 2022, bilateral trade in goods had jumped to US$1.88 billion. This is even as China’s Ambassador to Guyana, Guo Haiyan, has said that there is scope for even greater relations between the two countries.
This increase in trade was revealed on Tuesday, during the sod-turning ceremony for a $6.6 billion hospital at Bath, West Coast Berbice (WCB). The hospital is being constructed by Chinese company Sinopharm – one of six regional hospitals the company will be building throughout Guyana.
The $15M Chinese-styled Pavilion that was opened on Lamaha Street on Wednesday
“Guyana has become China’s largest trading partner among (Caribbean Community) countries. Investment by Chinese also increased, making contributions to turning Guyana’s economic potential into economic development,” Haiyan said.
The ambassador further promised that her office would continue to encourage investments.
When it comes to bilateral relations between the two countries, Haiyan was optimistic that under the ‘Belt and Road’ Initiative, even closer relations could be cultivated.
“Amid uncertainty in the global economy, the economic resilience and growth of China and Guyana has become more valuable, and create more trade economic potential between the two countries. And (under) the framework of Belt and Road Initiative, China is willing to further enhance bilateral cooperation,” she said.
The Belt and Road Initiative refers to the Silk Road Economic Belt and 21st Century Maritime Silk Road, a significant development strategy launched by the Chinese Government with the intention of promoting economic co-operation among countries along the proposed Belt and Road routes.
The initiative has been designed to enhance the orderly, free flow of economic factors, and the efficient allocation of resources. It is also intended to further market integration and create a regional economic co-operation framework of benefit to all. The initial focus has been infrastructure investment, education, construction materials, railway and highway, automobile, real estate, power grid, and iron and steel.
Pavilion
Meanwhile, on Wednesday, a $15 million Guyana/Chinese Friendship Pavilion was unveiled at Lamaha Street, Georgetown. The architecture is a nod to Guyana and China’s relations, particularly as the two countries are celebrating 50 years of diplomatic relationship.
Intended as a symbol of the longstanding bilateral relationship between China and Guyana, the pavilion was constructed by China Trading.
During the unveiling ceremony, Ambassador Haiyan spoke of the important ties between the two countries.
“From the beginning of last year, we have been holding a series of celebration activities, including Chinese film festival, issuing commemorative coins, stamps, the online cultural exhibition, online photo exhibition, investment webinar, etc,” the Ambassador said. “Through these activities, we jointly recalled 50 years of friendship and cooperation, featured by mutual respect, mutual benefits, mutual support. And joint development…more and more people will have a chance to visit this pavilion and have a rest here. I hope more people will be inspired to learn more about Chinese culture, and also benefit more from diplomatic cooperation.”
In August 2022, China’s status as a valued partner in Guyana’s development was underscored at a China-Guyana Investment Opportunities seminar, where it was revealed that trade between the two countries for the first half of last year totalled US$950 million.
During the seminar, Vice Chairman of the China Council for the Promotion of International Trade (CCPIT), Zhang Shaogang, had revealed that of that total figure, Guyana’s exports to China accounted for US$720 million. The US$950 million is in fact a more than 200 per cent increase in trade between the two countries. (G3)
