WITH the vast local resources available, Guyana has continued to rake in millions of dollars from the export sector, which has significantly improved not just the country’s economic activities, but also its relations with other states.

Guyana and Canada, trade partners since 1966, have continued to build a mutually beneficial trade partnership; this was evident by the CAN$477 million in trade between Guyana and Canada in 2020.

This figure was disclosed by Chairman of the Canada-Guyana Chamber of Commerce, Anand Beharry, during a ‘Cocktails and Conversations’ networking event at the Canadian High Commissioner’s official residence in Georgetown on Thursday evening.

According to Canada’s High Commissioner to Guyana, Mark Berman, Canada is committed to benefitting from the vast number of resources available here and plans to continue investing in Guyana through its investments and import sectors.

Guyana’s main exports are sugar, gold, bauxite, aluminum, rice, shrimp, and timber, and the main export partners are Canada (28 per cent of total exports), the United States (17 per cent), the United Kingdom (11 per cent), the Netherlands, Trinidad and Tobago, and Jamaica.

According to an Observatory of Economic Complexity (OEC) report, Guyana in 2019 exported CAN$450M to Canada. The main products exported from Guyana to Canada were Gold (CAN$421M), Precious Metal Scraps (CAN$9.4M), and Hard Liquor (CAN$7.83M). During the last 24 years, the exports of Guyana to Canada have increased at an annualised rate of 5.54%, from CAN$123M in 1995 to CAN$450M in 2019.

INVEST IN CANADA
Even while the government has been pushing Guyanese to invest locally, the Canadian diplomat encouraged them to also think international, stating that there are investment opportunities in Canada.

He noted that with the emergence of the oil-and-gas sector and Guyana being highlighted as one of the fastest-growing economies globally, it is the opportune moment for Guyanese business owners and investors to venture out and expand the reach of their products and services.

He stated that Canada has a business model that focuses largely on partnership and, as such, the Canadian government, Canadian investors and business persons are open to partnering with Guyanese who want to invest.

“While I have spoken extensively about partnerships in Guyana, I want to let you know that Canada is also open for investments, and the High Commission in Guyana and the consul general in Ottawa can also provide some forms of trade- facilitation services,” said Commissioner Berman.

According to him, the presence of Canadian companies in Guyana has been more diverse, with world-class companies conducting due diligence at several large-scale infrastructural projects.

Berman also noted that companies have been exploring tourism opportunities, educational partnerships, and capacity-building exercises relating to public-private partnerships with the Government of Guyana.

“Canada’s model of business is one of partnership, where we look not just to invest and partner with local companies, but to help them grow their businesses and also help Canadian partners with knowledge in the market. We have seen successful partnerships.”

He noted that while Canada is renowned for its expertise in natural resources, specifically mining, the country has vast experience in other sectors including infrastructure, technology, tourism, and agriculture.

The High Commissioner further reiterated the quality of service that would be provided from any Canada-Guyana partnership, saying, “many of you have had interactions with Canadian businesses, so you also know that we are a trustworthy and reliable partner.”

The Canadian High Commissioner further encouraged potential investors to take advantage of the local Non-Governmental Organisations (NGOs) that could provide that with not just guidance on investment, but also networking and incentives.

He noted that both of these organisations play a pivotal role in Guyana-Canada trade relations, saying, “The time is now to connect with Canada and the Canada Guyana Chamber can help. We also invite Canadian companies to connect with the Canadian Trade Commissioner Service (TCS) which can facilitate bringing industry, community, and government partners together to offer services that make it easier to grow your operations.”