THE Private Sector Commission (PSC) of Guyana and the Suriname Trade and Industry Association (VSB) have agreed to establish a Guyana-Suriname Private Sector Business Council with the intention of using the private sector as the engine to aid in the overall growth and development of both nations.

This follows Suriname’s President, Chandrikpersad Santokhi’s visit to Guyana during which a number of initiatives were discussed to strengthen bilateral ties between the neighbouring countries.

According to the PSC, the council is consequent to the fact that President, Dr. Irfaan Ali and President Santokhi have indicated their intentions to strengthen bilateral relationship between the two nations, especially with the involvement of the private sector.

On Thursday during the opening of Optiek Ninon, a Surinamese-owned optical store on Camp Street, Georgetown, Suriname’s Minister of Foreign Affairs, International Business and International Co-operation, Albert Ramdin underscored the importance of the two countries taking an integrated approach to investments.

Ramdin said that the two countries are eying the possibility of merging the two economies into a single market space, thereby boosting opportunities in both territories. Similar sentiments were expressed by Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh.

The PSC also noted that all parties have acknowledged that the ideal way of developing the continental neighbours is by working towards a single market through collaborative business relations while fulfilling their developmental agenda, to which the Guyana-Suriname Private Sector Business Council will play an incremental role.

The council will be comprised of key representatives of the private sector, solely dedicated to the strengthening of economic ties and initiatives regarding shared interests and the creation of the envisioned single market and economy.

“The two countries have always enjoyed excellent people-to-people and business relations. Notably, this initiative will birth a vibrant and improved level of partnership and cooperation between Guyana and Suriname,” PSC said in a press statement on Friday.