Go-Invest keen on Guyana/UK trade
– says forest, sugar industries must expand to generate income
Chief Executive Officer of the Guyana Office for Investment (GO-Invest) Mr. Peter Ramsaroop says the agency is keen to facilitate the exportation of sugar and forest products to the United Kingdom (UK), to capitalise on the trade agreements already in place.
In a recent interview with DPI, the CEO said revenues from these commodities would be reinvested in the economy to support its expansion and growth. As such GO-Invest’s export unit is examining the possibilities closely.
“The bilateral agreements are there, the CARICOM treaties are there. We believe that export is a key component of the development of Guyana as it brings in foreign currency. We have to strengthen that export arm and our office is a part of that process, working along with the Foreign Ministry and the Ministry of Tourism,” he said.
The Ministry of Foreign Affairs and International Cooperation has already reported the high demand in the United Kingdom for Guyana’s wood and sugar.
Dr. Dianna Glasgow, Director of the Ministry’s Foreign Trade Department stated back in January that Guyana could take advantage of the UK market, given the demand.
During a virtual meeting with Great Britain’s Minister of International Trade, Hon. Ranil Jayawardena in late January, Minister Hon. Hugh Todd noted the importance of the sugar industry here, and relayed that investments were being made to increase the efficiency of the sector.
Meanwhile, Mr. Ramsaroop also reported on his briefing session with UK’s Commonwealth Caribbean Trade Envoy, Mr. Darren Henry and some 550 UK companies last week.
During that meeting, the CEO noted Guyana’s readiness for partnerships, and investments in the agriculture, tourism, technology and other sectors.
“They are free to come into Guyana. We have the best investment climate, the best trajectory with 40-plus per cent growth for 2020, a significant growth in 2021 and beyond, with a President that believes in democracy and Guyana and has a plan and a vision and an execution measurable plan that will create results. That makes it exciting to them.”
Mr. Ramsaroop also said more investors are coming in.
“It is fine investors are willing to come into Guyana, looking for local partners. I think it is the most rewarding part of my job when I see that happen and knowing for a fact that the Government has outlined their framework and they believe the action plan and want to be part of the action plan,” he said. Following the UK’s referendum to exit the EU, the UK and CARIFORUM embarked on rolling over the CARIFORUM/EU agreement’s terms into the CARIFORUM-UK EPA, signed by Guyana in March 2019 and ratified by Ministerial Order in December 2020.