–plans afoot for local businesses to access Trinidadian markets
BUILDING on the CARICOM Single Market and Economy (CSME), Guyana and Trinidad and Tobago are working to strengthen bilateral business relations by having businesses in each country, access markets in the other.
Testimony of this is the ongoing Trinidad and Tobago Chamber Trade Mission which is being held in Guyana over the next two days. The overseas delegation is represented by 25 companies which operate in the twin island republic, but are hoping to access Guyana’s market in the near future.
At present trade between the two countries is facilitated and regulated by the Revised Treaty of Chaguaramas which establishes the Caribbean Community (CARICOM). Building on this, the trade mission aims to strengthen the dynamic relationship between these two countries while promoting investment on both ends. This was according to Mark Laquis, Director of the Trinidad and Tobago Chamber of Industry and Commerce Board, at a breakfast and networking session on Monday morning at the Pegasus Hotel.
Laquis explained that over the next two days, the Trinidad and Tobago Chambers is scheduled to meet with local stakeholders, and through its engagements, will seek new ways to promote an enabling environment for bilateral trade. He said that during the deliberations, opportunities will be explored in the areas of: Information and Communication Technology (ICT); real estate development; manufacturing; business support services; financial services; and educational services.
Despite the fact that it is a Trinidadian team visiting, the Director was keen to note that the Trinidad Chambers has also scheduled meeting with Guyanese businesses which are interested in penetrating markets in Trinidad.
With the revised treaty providing for free trade in the region, this mission seeks to provide necessary information to the business community in Trinidad on what is required to access Guyana’s markets.
Notwithstanding this, Guyana’s Minister of Business, Dominic Gaskin was keen to note in his address that the government remains committed to observing and respecting the revised treaty. He said that Guyana’s strong commitment to the CSME and regional integration are manifested in the development and expansion of many Trinidadian companies here, including Ansa McAL and Republic Bank Limited.
In providing an overview of the business climate in Guyana, the Minister referenced the World Bank’s Ease of Doing Business index, which ranked this country 98 in its last report. Noting that there is much room for improvements, Minister Gaskin told the overseas delegation that Guyana has been “taking positive actions to improve rankings on ease of doing business index.”
“We have been engaging the World Bank and we are developing an Action Plan to strengthen and improve on where weaknesses have been identified” he added. Optimistic in tone, the Minister said that he is confident that Guyana’s economy can provide the kind of returns that can sustain the long term operation of any business in Guyana. Despite a reduction in the growth rate last year, Guyana has recorded positive growth rates for the last decade.
Shirting his attention to what is required, should Trinidadian businesses decide to set up shop here, the Minister noted that: “Guyana is looking for long term investments rather than one night stands”.
He reminded the officials too that conservation and preservation of Guyana’s natural habitat is an obligation taken seriously here. To the end of his elaborative and informative presentation, the Business Minister extended an invitation to the delegation to “explore this new economic frontier” that Guyana’s green state provides.
Offering brief remarks too, was Managing Director of Republic Bank Guyana, Richard Sammy. Republic Bank, which is headquartered in Trinidad and Tobago, is one of the major sponsors of the trade fair. With local assets amounting to $150B and $2.7B net profit, Sammy said that the commercial bank stands ready to support businesses that are ready to invest here. Describing Guyana’s economic outlooks, the Managing Director said that: “Guyana remains strong with a promising economic outlook with expectations of key sectoral development on the horizon.”
He noted that as long as public and private sectors work together to improve the country’s infrastructure and diverse sectors, and capitalize on the natural resources potential, Guyana will achieve greater sustained economic growth and development. Touching too on the global economy, Sammy pointed out that in the financial services sector, the international regulatory climate is growing increasingly stringent in the aftermath of money laundering and terrorist activities.
He offered that legislation has increased responsibilities associated with banking globally, regionally and locally. Despite this, he was pleased to share that Republic Bank has responded to these developments by taking robust measures to ensure the bank is fully compliant with all local and international requirements and best practices associated with the detection and prevention of money laundering and financing.
