Fifth Chinese expo provides greater economic ties between Guyana, China – President Ali

Guyana is a particularly attractive investment destination for several factors including its rapid economic growth, resource wealth, multi-sector opportunities, accessibility to regional and global markets, and a favourable fiscal incentive regime for investors. 

This was highlighted by His Excellency, Dr Mohamed Irfaan Ali during his virtual address at the 2022 China International Import Expo (CIIE) on Friday.

The fifth CIIE will be held from November 5 to 10 at the Hongqiao International Economic Forum, in Shanghai.

The head of state noted that the expo provides an unparallel opportunity for the promotion of business opportunities, increase trade, and for promoting Guyana and the rest of the world.

He noted that companies investing in Guyana can be assured of support and protection since Guyana’s development trajectory is in ‘take-off’ mode.

“Our country is now ranked by the International Monetary Fund as one of the five fastest-growing economies in the world. Our economy is expected to grow by 47 percent this year.”

The head of state emphasised that Guyana is now an oil-producing state with an estimated 11 billion barrels of recoverable petroleum reserves, one of the highest per capita levels in the world.

Guyana, he reminded is also rich in gold, diamond, timber, bauxite, and agriculture. Guyana is also diversifying and modernising its agricultural sector.

Despite being an oil-producing state, President Ali noted that Guyana is committed to a low-carbon goal trajectory.

“The development framework is crafted and entails the prudent and effective management of our oil resources, an investment of the resources and infrastructure, agriculture, health, and education. And the development of low carbon sectors including tourism, information technology in communication, and aquaculture.”

He explained further, that Guyana’s LCDS promotes economic stability, diversification of the economy, investment in climate mitigation, adaption, utilisation of carbon credits, enhanced biodiversity and ecosystem management systems, and transitioning into a clean energy future.

The objective is to reduce the high cost of energy by 50 per cent by 2025, “thereby overcoming what has been one of the major impediments in development and high energy cost.”

According to the CIIE Bureau, approximately 90 per cent of the top 500 companies and industry titans around the world will participate in the event.

President Ali said China’s support has been astounding. He said every aspect of national growth has been covered by the partnership with Guyana, “In areas inclusive of human resource, training and scholarships, medical corporations, food security, agriculture, and technological and infrastructural transformations.”

He said Guyana welcomes theopportunity to showcase its products and services through the virtual exhibition.

Dr Ali underscored that the success of the exposition runs parallel to China’s impressive strides, “The country [China] has emerged as a global economic giant. Its economy is characterised by strong and sustained economic growth. These accomplishments result in an improvement in its peoples’ living standards.”