(Trinidad Express) Despite the negativity that sometimes surrounds relations between Trinidad and Tobago and Guyana, the business communities in both countries are committed to expanding trade between each other.
And the benefits to be reaped will be two-way, says chief executive officer of the Trinidad and Tobago Manufacturers Association (TTMA) Dr Ramesh Ramdeen.
In a telephone interview with the Express on Friday, Ramdeen hailed the TTMA’s physical trade mission to Guyana last week as a success.
The trade mission, held from Monday to Thursday, comprised 27 T&T businesses from various sectors, including food and beverage, printing and packaging, chemicals, construction and agro-processing.
“There were some significant opportunities created, especially for those in the food and beverage sector. A lot of these things are in the early stages, in terms of negotiations with price and quantities, but we were able to secure sales,” Ramdeen reported.
He said some companies were also looking for longer-term projects.
“We also have some companies having discussions with regard to investment opportunities in Guyana… setting up operations. That will take a longer time to be approved, but some preliminary work with regard to pre-investment operations such as security, land space, securing some of the certificate of clearance for investment, the groundwork was laid for that. They were successful in getting some of those regulatory measures in place to further the exploration and discussion for investment opportunities,” he said.
“Part of the trade mission was not just going there to get a market for our goods to go to Guyana. We have companies who were able to source products from Guyana to go into Trinidad from this mission. There were manufacturers there who met with distributors from Trinidad,” he pointed out.
People partnership
Ramdeen revealed the TTMA was also able to sign an memorandum of understanding with Guyana’s Manufacturing and Services Association for co-operation among the associations to assist with trade missions and exchange of information, “to ensure the continuance of trade takes place”.
“Despite all the negativity sometimes surrounding the politics of two countries, the trading environment is going to continue to pursue the advantages and the returns to be had for the business community.
“So, from private sector to private sector, we are committed to the process to move trade in a formal direction, to allow both countries to benefit under the auspices of Caricom (Caribbean Community) and the CSME (Caricom Single Market and Economy),” he said.
Over the last few months, regional concerns have been raised as to whether Guyana’s new local content law, which ensures nationals of Guyana get first preference for opportunities in the oil and gas sector, excludes regional countries from working in the sector and whether the law violates the Revised Treaty of Chaguaramas—the central agreement which governs the establishment of Caricom.
Ramdeen said the TTMA met with Guyana Vice President Bharrat Jagdeo on the issue, and he assured that the local content policy at this time did not cover the trade of non-energy items.
“It’s really specific to the energy sector. Of course, the TTMA represents the non-energy sector, so most of our investors go there to invest in the non-energy sector, so it doesn’t relate to them,” he stated.
Jagdeo said at a recent news conference that while the government of Guyana will not stand by and allow outsiders to displace Guyanese from their own resources, Guyana was not going to discriminate against Trinidadians setting up businesses there.
“We want Trinidadians and their business to come here, to come here in partnership with our people. We are grateful for the support they have given to our people. We have a lot of skills capital here. They are welcomed here, but they have to come in partnership with our people,” he said.
Ramdeen noted there are currently more than 40 T&T businesses which have been operating in Guyana for years, such as Ramps Logistics Ltd, MovieTowne, Royal Castle, Karibbean Flavours.
Most recently, he noted, Kamri Glass Ltd entered the Guyana market.
“There are companies from the banking sector, the food and beverage sector, the distribution sector, the manufacturing sector and the energy sector,” he said.
