UK trade with Guyana increased by 17% in past year – Ali

…says transformational projects can be catalyst for further trade

Guyana’s trade with the United Kingdom (UK) continues to rise, increasing by over 17 per cent in the last four quarters, particularly as more and more goods from Guyana continue to be exported to the UK.
During a press conference on Tuesday, President Dr Irfaan Ali gave updated statistics on increases in Guyana’s trade with the United Kingdom. At a time when the UK has removed visitor visa restrictions for Guyanese, trade has increased by over 17 per cent.
“The UK’s import from and export to Guyana, for the previous four quarters, increased by 17.2 per cent. That is the UK imports increased by 7.2 per cent and the exports, 2.7 per cent. Now this can increase greatly, with just one transaction.”
“One of our transformational projects. And we’re hoping, for example you would have seen us advertising now for a 30,000-barrel refinery. Now those are projects that can immediately change the trade scenario, depending on where investment comes from,” the President also said.

The UK has previously described Guyana as its largest regional trading partner, with £560 million in goods and services traded last year. This represented 21.6 per cent of trade facilitated between the Caribbean Region, making Guyana the largest trade partner in the Region.
There also continues to be an exchange of trade missions between the two countries. A UK trading mission scoping investment opportunity visited Guyana earlier this year, with another one expected next month.
During the press conference, President Ali noted the importance of the oil and gas sector in their relations with the UK. When it comes to the oil refinery, he pointed out that even after the facility is built, trade will be needed.
The Government is currently moving ahead with the establishment of an oil refinery in Region Six (East Berbice-Corentyne) and will soon be inviting potential investors to submit their proposals for the construction of a 30,000-barrel facility.
“It’s not only the capital cost of building the facility. It is the trade after that. So, I would say that the oil and gas sector would definitely be part of that Government-to-Government relationship. And the specific discussion I had with Prime Minister Boris, is in relation to energy security for the UK,” he said.
With Guyana emerging as the United Kingdom’s largest trade partner in the Caribbean Region, this has attracted interest in the establishment of a British Chamber of Commerce locally. Already, there is an American Chamber of Commerce (AmCham Guyana) and a Canada-Guyana Chamber of Commerce here.
Back in 2011, the exchange of goods with Guyana was pegged at £94 million. It means that trade has expanded six times since then. For her platinum jubilee achievement and 96th birthday celebration, a reception was hosted for the late Queen Elizabeth II back in June at the residence of the British High Commissioner to Guyana.
During the reception, British High Commissioner to Guyana, Jane Miller, OBE, had alluded to the new linkages between the United Kingdom and Guyanese businesses in propelling trade relations.
The trade mission that had visited Guyana earlier this year had comprised of nine British companies ranging from education, manufacturing, and infrastructure. The visiting companies had included Concrete Canvas; DAR; Grove Group; One True Maverick Vodka; Nectar Group; Signature LLP and Woollard and Henry.
Concrete Canvas products are part of a revolutionary class of new, innovative materials called Geosynthetic Cementitious Composite Mats (GCCMs). DAR is an international firm of design consultants, originally from Beirut, which has a 1500-person headcount in the UK. Grove is a Google Cloud and Education partner, a premier Darktrace, Kenna Security and elite Mimecast partner as well as a Proofpoint distributor.
One True Maverick Vodka is a tri-blend vodka made differently with a unique taste, process and ingredients. Nectar Group operates and manages a number of bulk terminals around the globe and offers a range of value-added solutions for handling bulk cargoes. Signature LLP is a London-based law firm with offices in Paris and Gibraltar, specialising in commercial litigation and arbitration. Woollard and Henry is an international supplier of quality equipment and solutions across multiple sectors. (G3)