US$1.4B in trade between Guyana & US recorded in 1st half of 2022

– US trade mission continues to explore local opportunities; GCCI executive optimistic

Trade between Guyana and the United States of America (USA) reached US$1.4 billion in the first half of the year and expectations are high following the visit of a multimillion-dollar US trade mission to Guyana.

In a statement, the US Embassy announced that they hosted an American trade mission consisting of five firms worth a combined US$205 million in revenue. The firms, part of a Department of Commerce delegation, were hosted from October 25 to 28.
“The firms were part of a larger trade conference that took place in Miami and brought together nearly 200 firms who were interested in the Caribbean market.  Select firms travelled to Guyana and other Caribbean nations during the week.”
“US businesses participated in meetings with local firms throughout the Caribbean’s key sectors such as energy, infrastructure and agriculture,” the US Embassy further explained in their statement.
Georgetown Chamber of Commerce and Industry (GCCI) Executive Director, Richard Rambarran represented his organisation in the mission’s meeting with the private sector. In an interview with this publication, he explained some of the issues that were addressed during the meeting and also expressed optimism about the outcomes.
“It was based on the companies that came. We had a seminar, where at the seminar, areas of investment were discussed. We highlighted the growth, the potential in specific areas for growth, the projection of the Guyanese economy and presented general opportunities and answered specific questions subsequently based on their sector of interest.”
“So, they were interested in improving standards and quality, through certification and training. They were also interested in the energy sector. The quality and the standards the companies have and they bring to the Guyanese market, bode well for the private sector. Particularly through joint ventures and partnerships and them bringing their experience to Guyana,” Rambarran said.
In September, US Ambassador to Guyana Sarah-Ann Lynch urged businesses to capitalise on the interest several states in the United States have in Guyanese products. Speaking at a forum themed “Exporting to the US”, the diplomat had been optimistic that bilateral trade between the two countries will grow as Guyana’s economy expands.
“We at the embassy have a small but strong economic and commercial team and we are always happy to offer market insights and advice, to all of you. We have entrepreneurial booths; we do training from time to time.”
“Also, we continue to collaborate with the Guyanese and American private sectors, offering extensive entrepreneurship training and mentorship, as well as connecting folks to potential partners. The US has many states that would be interested in Guyanese products. So please consider logistical support, alongside the state which you intend to be your first market.”
She had also encouraged Guyanese businesses interested in trading with the US, to participate in trade missions. This, Ambassador Lynch had noted, will expose them to industry leaders and allow them to foster partnerships.
Guyana is meanwhile expected to be the home of the first World Trade Center (WTC) in the Caribbean Community (Caricom). This was announced back in April of this year, following several months of negotiations between Demerara Distillers Limited (DDL) and the New York-headquartered World Trade Center Association (WTCA).