Using foreign trade to forge economic security (Part 1)

LUCAS STOCK INDEX The Lucas Stock Index (LSI) fell 0.18 per cent during the third trading period of November 2015. The stocks of three companies were traded with 20,854 shares changing hands. There was one Climber and two Tumblers. The stocks of Banks DIH (DIH) rose 4.74 per cent on the sale of 10,375 shares. The stocks of Guyana Bank for Trade and Industry (BTI) fell 1.96 percent on the sale of 54 shares and that of Demerara Distillers Limited fell 4.17 per cent on the sale of 10,425 shares.

On the 26th of May 2015, President David Granger said “Our diplomats must open more markets”. This remark was a clear indication that he wanted to use trade as a driver of economic growth and development in Guyana. Like previous presidents of Guyana, his intention is to use his foreign representatives to assist local businesses to gain greater access to, and penetration of, foreign business pagemarkets for their products. After nearly 50 years of Independence, Guyana’s major exports remain the six products of gold, rice, sugar, bauxite, timber and fisheries. The President undoubtedly was prompted to make this demand of his foreign service by the very limited range of products that Guyana still depends on and the very small number of markets to which they are sold. It would appear that he sees economic security as fundamental to the success of his overall foreign policy.

Guyana does not have a very large foreign service and so the implementation of his initiative would require acquisition of capacity. The Ministry of Foreign Affairs would have to take the initiative of examining how the economic security interests of Guyana could be implemented. This is not an inexpensive venture. As such, it is still to be seen how far the President is prepared to go to meet the country’s security interests. This article explores this Presidential initiative towards Guyana’s economic development. Since one is in essence looking at international relations and its likely institutional effect, the examination will be