President Irfaan Ali yesterday said that Guyana is a great business-oriented environment for European countries to invest in and capitalize on opportunities, in the wake of the country’s rapid economic development over the past year.
He made the pitch during the inaugural European Union (EU) Global Gate-way Economic Mission at the Marriott Hotel, Kingston, Georgetown, where 23 companies are scouting for opportunities here. The EU trade mission include companies such as Nokia and Siemens.
Ali noted that Guyana’s total trade with the EU, between January 2017 and September 2023, amounted to US$11 billion. Importantly, the President disclosed that this trade increased by 778% between 2021 and 2022, an increase from US$614 million to US$5.4 billion, largely on account of the oil and gas sector.
Even as trade between Guyana and the EU is increasing substantially, the Guyanese Head of State challenged the visiting EU business delegation to invest in the ‘land of many waters’.
“What we are seeking to do is to create competitiveness in Guyana, where you can relocate and expand your services here, so we were doing that so that you (the EU) can better compete and gain access to the market… there is no excuse for you to not participate in one of the most sustainable, resilient and competitive zones of development which will evolve not only by 2030 but beyond that,” Ali said.
“Imagine being a part of the journey of a small developing country securing a mighty position of leadership on climate security, food security and sustainable energy. We are becoming one of the most aggressive, scientifically driven, and developed countries advancing in health care, providing ecological services, biodiversity services and developing the pharmaceutical industry that will position us to serve the global market,” the President stated.
The Guyanese Head of State informed the business delegation that there are substantial investment opportunities here, particularly in healthcare, agriculture, tourism and new technologies as he was looking for more partnerships within these sectors.
“We would like to see more European medical facilities partnering with our private sector hospitals here, which will aid in capacity building. I am hoping to see more foreign companies on board, about providing quality global health care.”
He continued, “If a European hospital comes here, and they are interested in working with a local hospital to invest and provide specialized health care services, and the facility that has invested based on the incentive mechanism, can provide a surgery for let’s say $10 that may cost $50 in Europe, the government must be willing to say we are ready to pay $10 to that facility for that service.” The Head of State is adamant that increased trade would result in sustainable economies for both Guyana and the respective European countries. He added that his government is designing a policy framework to allow those companies to gain the best possible competitive advantage.
The President also recommended to the EU trade mission to invest in the development of a ‘glamping’ (high-end camping) facility In Guyana, due to the country’s renowned tourism destinations.
Ali said, “We want the world’s best eco-tourism facilities to be relocated here because we have the world’s best natural environment and there is no debate about that. You go to Costa Rica you pay US$2000-$5000 per night, they have a beautiful facility, then you come to Guyana, you build a ‘glamping’ facility here, you will get the best incentive you can ever imagine for investing here,” the President concluded.
Meanwhile, European Union Ambassador to Guyana René van Nes, in brief remarks, said the companies represented in this first trade mission are quite diverse and eager to capitalize on the opportunities here. He noted that those 23 companies raked in about 400 billion Euros last year and employ about 500,000 people. van Nes underscored that Nokia (Finland), Siemens (Germany) and Electricite De France are among the companies that are currently in Guyana for the trade mission. The Netherlands, Belgium, Spain, Italy, Austria, Switzerland, Norway, Sweden, and Ireland are among the countries that are part of the EU Business delegation. The Ambassador said that the inaugural trade mission is premised on bolstering business partnerships between European countries and Guyana. He highlighted that the trade mission will zoom in on investments and discussions on climate change, renewable energy, financial security, and oil and gas among other areas.
