Guyana’s foreign policy complements national thrust for business development 

The Ministry of Foreign Affairs and International Cooperation has set out several measures to support national policies to fulfill the government’s agenda of creating opportunities for local business development.

Speaking at the Business Development Forum hosted recently by the Georgetown Chamber of Commerce and Industry, Foreign Secretary, Robert Persaud said there are countless untapped opportunities in trade.

 “Currently we have 28 trade agreements that would give us access, tariff-free access to a market of over one billion persons. That’s a huge market and we have trade agreements that in some shape or form, that go with Asian countries, be it China, but right within this region, we have what I would call very attractive and very lucrative trade agreements that give us access to markets,” Persaud said.

He noted several trade agreements, including those with the United Kingdom, CARICOM, Europe, the Dominican Republic, Columbia, and Venezuela, as well as the Caribbean Basin Trade Partnership Act with the United States of America.

“They have recently increased the tariff lines from about 5,300 its now close to 5,700 and many of these tariff lines, and many of these opportunities that exist are not being utilised,” he said, adding that they hold huge potential for Guyana.

The Gas-to-Energy project will also see Guyana addressing the cost and reliability of energy and creating more opportunities for trade agreements.

Developing and maintaining good relationships with new and traditional allies is also important.

“Within the whole international system, that is the respect for international law, it is important too for investors and businesses to know that our foreign policy engages, expands, deepens relationships, also with traditional friends but also pursuing new areas,” Persaud said.

The Foreign Secretary noted that in recent years focus has been placed on deepening relationships with CARICOM member states, countries in South and North America, Europe, Asia, as well as middle eastern countries.

Guyana already has an embassy in Doha, Kuwait, and will soon have another in the United Arab Emirates.

“And that itself speaks to the approach that we are taking, that is building, strengthening our traditional partnerships with countries, deepening those,” he said.

The diaspora is also being tapped into as a way of solving the shortfall in human resources.

“That’s an important resource that we can tap in dealing with the human resource deficit, also in terms of capital, in terms of access, in terms of network, and part of our approach in terms of being able to enable and create that environment for our businesses to be competitive within the global environment.”

On the issue of local content, the foreign secretary believes that it is good for businesses in Guyana to build capacity, and become more resilient and competitive in the global market.

“We must not see local content as a barricade or a wall within and that’s our universe. For me, I see the local content push that we have made as a government, having the act and incentivising and encouraging and ensuring rightfully that there is space for the local private sector, but also as an opportunity for us to become resilient, for us to develop capacity for us as it were to develop linkages,” Persaud pointed out.