…over 50% of past participants now engaged in local deals
…as another delegation arrives to scope out opportunities
The three trade missions from the United Kingdom (UK) that have previously visited Guyana, led to over 50 per cent of those companies doing some form of business with Guyana based on the opportunities they saw. This comes at a time when another UK trade mission is currently in Guyana.
This revelation was made during a ceremony at the Marriott hotel on Monday, to officially welcome the visiting UK trade mission. This is the fourth trade mission, in as many years, to come from the UK in search of investment opportunities in Guyana.
A scene from the ceremony at the Marriott hotel, to officially welcome the visiting UK trade mission
Speaking during the ceremony, Finance Minister Dr Ashni Singh revealed that over 50 per cent of the companies that were on previous UK trade missions, have gone on to do business with Guyana.
“Those of you who did take the leap and did board that VA flight and come down to Guyana, you’ll be delighted to know that the success rate of all of the previous three incarnations of this mission, is extremely high.”
“I’m told that more than half of the companies who have come to Guyana on previous trade missions, have done a transaction or established a relationship in Guyana. So, the success rate is tremendous,” he said.
Singh also referenced the similarities between Guyana and the UK, in particular the fact that Guyana is a member of the Commonwealth and both jurisdictions share a common law. These and other factors, according to the Finance Minister, make Guyana an ideal place to do business.
The Finance Minister also pointed out that while for years Guyana and the UK have shared a strong relationship, there is now more of a pivot towards growing the business side of that relationship.
“Since High Commissioner Miller assumed office, she has displayed a remarkable energy in transitioning the Guyana-UK relationship to its current phase. Historically, it was based on political and historical relationships. But in the current era the relationship will really be driven by economic and commercial imperatives. It won’t solely be about economic and commercial imperatives.”
“There are very good and sound reasons for the strength of our relationship, including shared commitment to democracy. But in the current phase, economic and commercial and trade relations will assume a much greater importance than any other time in the history of this relationship,” Singh said.
Trading partner
British High Commissioner to Guyana, Jane Miller, also spoke of the good relationship the UK has with Guyana. She pointed out that Guyana is currently the UK’s largest trading partner in the region.
“I think the British brand, as seen, is a very strong thing here. People see it as quality, people see it as something where there is a very long-term relationship. We are not fly by night businesses. We come in; we tend to British businesses come to invest in the country. So, we got a really good relationship here.”
“The UK Government because of our climate commitment, we do not directly work in oil and gas, but there are so many opportunities here – infrastructure, education, safety, you name it, there are so many opportunities,” Miller said.
According to the diplomat, one of the other reasons why the UK’s High Commissioner has been so successful in the trade missions it facilitates, can also be attributed to the support that they provide to companies… sometimes going over and above.
“And so, you have the Caribbean Council here who has got a good understanding of the market, you’ve got DBT here – our Department of Business and Trade, who have three staffs who are based here, they understand the market. We also have the British Chamber of Commerce,” Miller also said.
The companies making up the trade delegation include those from the transport and infrastructure, media, environmental technology, legal and shipping sectors. Among the participating companies in the trade mission are Sangfroid Group, Price Forbes, Enviro Technology, Invest Northern Ireland, and Contracta Construction UK Ltd.
They are being hosted by the Department of Business and Trade of the British High Commission, the Caribbean Council, the Georgetown Chamber of Commerce and Industry, and the British Chamber of Commerce Guyana.
In recent years, there has been a tremendous appetite by the UK Government and businesses for partnership with their Guyanese counterparts. Back in November 2022, the British Government lifted the visa requirement for Guyanese travelling to the UK, and a few months later, British Airways commenced flights to Guyana in March 2023.
Currently, Guyana and the UK share a vibrant trade relationship. In fact, trade between the two countries has increased to £1.8 billion – tripling over the last three years. Moreover, Guyana is the UK’s largest trading partner in the Caribbean, accounting for some 33.4 per cent of all its trade in this region. (G3)
