– President Ali tells stakeholders at launch of Canada-Guyana Chamber of Commerce

AS interest in Guyana’s economy continues to grow, President, Dr. Irfaan Ali has assured that the Government will not resist foreign investors, but will instead create an inclusive and enabling environment for business, trade and investments.

The Head of State made this pledge, while lauding the longstanding economic relations between Guyana and Canada, during his remarks at the launch of the Canada-Guyana Chamber of Commerce at the Arthur Chung Conference Centre, on Friday.

He said the establishment of the chamber represents an overwhelming vote of confidence in Guyana’s future, further solidifying the important partnership between the two countries.
It signals the high expectations of Guyana’s economic prospects, at a time when the world over is also expressing confidence in Guyana’s economy.

President Ali noted that Guyana and Canada have signed mutually beneficial agreements including the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income and for the encouragement of international trade and investment. Guyana is also a beneficiary of the Caribbean-Canada Trade Agreement (CARIBCAN).
“Guyana-Canada economic relations have undoubtedly been a success story…. Today, we are building and collaborating between Guyana and Canada. This collaboration must be to the mutual benefit of investors, but more importantly to the benefit of the country,” said President Ali.

He said the future of Guyana’s economy is not reliant on oil and gas but rather it is about agriculture; value added; industrial development; human resource advancement; health as a foreign currency earner; education as a foreign currency earner; and knowledge transfer and technology.

“This is the economy we are talking about, an economy that will be shaped and driven by highly skilled human resource base. That has more potential than any single oil and gas economy and that is the economy we are targeting,” said the President, adding that the diaspora, particularly in Canada, has a key role to play in this effort.
“Guyana- Canada we can ensure that we will work together to continue this and expand it…We are looking forward for that role to expand partnership with Guyanese businesses into other sectors, the creation of new businesses, health care and education,” said President Ali.

To this end, he guaranteed that Guyana-Canada economic relations will take place in an environment characterised by greater political freedom, including respect for democracy and the rule of law. These shared values, he added, are “absolutely essential for ensuring investor confidence and comfort.”
The Canada-Guyana Chamber of Commerce was launched in an effort to strengthen trading and investment between the two countries and to provide support to Canadian and Guyanese business interests in the two countries.

Outgoing Canadian High Commissioner, Lilian Chatterjee, assured that Canada will not flood Guyana with Canadians, but will field experts who will provide training and facilitate the growth of the local labour force, which, at this point, lacks the expertise to service the nascent oil and gas sector and other spill-off opportunities.