Strengthening trade, investment between Guyana, Canada

The Canada-Guyana Chamber of Commerce (CGCC) held its Annual General Meeting on Wednesday at the Guyana Bank for Trade and Industry (GBTI) Recreational Centre, Bel Air Park, Georgetown.

The meeting focused on enhancing trade and investment ties between the two nations.

Foreign Secretary, Robert Persaud addressed the session, highlighting significant opportunities for economic collaboration amidst Guyana’s impressive economic growth.

The government continues to emphasise the importance of its relationship with Canada, a bond that has strengthened since Guyana’s independence in 1966.

Persaud underscored the resilience of both nations’ economies in the face of global challenges such as the COVID-19 pandemic and geopolitical conflicts.

He emphasised the need for greater cooperation to mitigate the impact of these disruptions.

“These events have provided key learning lessons, perhaps the most important one being the need for greater solidarity, cooperation, and collaboration,” FS Persaud stated.

Highlighting the economic potential of Guyana, the Foreign Secretary pointed to the country’s projected growth rate of 33.9 per cent and the government’s favourable policies designed to foster innovation and job creation.

“The favourable policies being implemented by the Government of Guyana offer the ideal environment for the private sectors of both countries to foster innovation, increase trade, and create jobs,” he asserted.

Despite strong trade relations, Persaud noted that there is room for growth, particularly in diversifying the range of products Guyana exports to Canada.

“Although Canada is among Guyana’s key trade and development partners, our business entities have not optimally exploited these relations to enhance trade and investment flows between the two countries.”

The Foreign Secretary also highlighted the importance of the Guyanese diaspora in Canada, describing it as a rich source of expertise and resources vital for Guyana’s economic development.

“To maximise the full potential of the diaspora, further engagement is needed to move beyond remittances and explore opportunities for trade, investment, entrepreneur development, and skills transfer.”

Persaud called on the CGCC to intensify its efforts in facilitating trade missions, forging strategic partnerships, and leveraging the preferential trade arrangements under the Caribbean-Canada Trade Agreement.

He reiterated the government’s commitment to private sector development, emphasising the role of the private sector in achieving the nation’s key priorities of energy, food, and climate security.