GEORGETOWN, Guyana – Finance Minister Dr Ashni Singh Tuesday welcomed the growing economic ties between the United Kingdom (UK) and Guyana, noting the significant success of previous trade missions to the oil-rich Caribbean Community (CARICOM) country.
Addressing the fifth UK-Guyana Trade Mission, Singh urged members of the delegation to examine opportunities surrounding further infrastructural developments such as the completion of the Linden-Lethem road with links to a deep water port that will serve neighbouring Brazil as well as the proposed Guyana-Suriname bridge across the Corentyne River.
He said that the partnership between the UK and Guyana recognises the importance of unlocking economic growth, as well as the importance of resilience in economic growth in order to manage the country’s affairs in a manner that will ensure a diversified economy that is resilient in the long term.
United Kingdom Trade Envoy to the Commonwealth Caribbean, Paulette Hamilton, said the European country is banking on strong partnerships and high quality of goods and services to sustain a lasting market share in Guyana and other Caribbean markets, despite cheaper offerings by India and China.
Hamilton acknowledged that China and other countries were “working quite hard in the region” but that the United Kingdom is relying on the longstanding relationship and trust with Guyana and other Caribbean countries.
“We understand that Guyana is also looking for quality services,” Hamilton said, adding that the UK was focussing on long-term relationships rather than immediate growth.
“The growth will come. It may not be as quick as other countries but we are starting to have really good relationships. At the moment, the figure may not be as high as other countries but it’s growing steadily and it will be lasting,” she added.
Regional Director of the UK’s Department for Business and Trade, D’Jamila Ward said the figures show that the UK is among the top five trading partners with the rest of the Commonwealth Caribbean.
“Fundamentally, what you need to note is that we are not driven by a race to out-compete,” she said, adding that such an approach would result in the UK retaining its position as one of the highest trading partners.
She said 40 per cent of UK companies that came to Guyana on trade missions had completed at least one commercial deal.
“This is an extraordinary success rate by any measure of definition,” she said, adding that the UK was in the Guyana market for the long haul.
“The UK is not here for quick wins. We don’t do hit and run business. We build relationships. We build expertise and we build Guyanese capacity that last far beyond any single project. That is the UK’s approach and that is why our partnership works so successfully,” she said, noting that modern partnerships include trade missions, build regulatory capacity, technical expertise and sectoral strength across Guyana and the wider Caribbean.
Ward, who noted that Guyana remains the UK’s largest trading partner in the Caribbean, said latest trade data underlines the partnership with Guyana with total trade in goods and services between the two countries totalling GBP1.6 billion (One GBP=US$1.31 cents)
Managing Director of the Caribbean Council, Chris Bennett welcomed the level of development with Guyana’s use of its oil revenues over the past years.
He noted among the improvements are roads, bridges, hotels, education, hospitals and the natural gas pipeline.
“Things are getting done and it’s a testament both to the private sector and to the government that they are working closely together. They have a vision, they have leadership and they are really delivering for the people of Guyana,” he said.
Bennett said the UK’s 18-member trade mission, organised in collaboration with the Caribbean Council, British Chamber of Commerce and the Georgetown Chamber of Commerce-, is a testimony to developments and possibilities.
He said the team is offering specialist areas in education; infrastructure in areas of large-scale building construction and public works, power supply for large infrastructure, public hospitals, data centres; specialist procurement experts versed in UKEF financing opportunities; emissions monitoring, shipping, and domain awareness security monitoring.
Country Director of the UK High Commission’s Department for Business and Trade, Sherwyn Naughton said the 40 per cent success rate in the four previous trade missions were in areas such as shipping, food beverages, construction, cybersecurity, drainage solutions as well as accounting and legal services.
