PRESIDENT Dr. Mohamed Irfaan Ali continues to blaze the trail of accelerating and broadening Guyana’s development. During a visit to the United Arab Emirates (UAE), where he participated in a panel discussion on the Global Business Forum LATAM (Latin America) held under the theme ‘Lessons in Diversification’, President Ali emphasised the importance of learning from other countries, while at the same time sharing with the rest of the world Guyana’s own success stories in its quest to create a prosperous society.
According to President Ali, “We are not in competition with anyone, and we don’t want to be in a race with anyone; we just want to use the best examples, best practices to do the best we can do for the people of our country and the people of the region, giving them a better shot at life, a better shot at prosperity, and ensuring that revenues help to build an economy that reduces inequality and disparity.”

This is not only visionary thinking on the part of the President, but it is also one that is grounded on the high and lofty principles of growth with equity; of development with a human face, something that is worth sharing with the rest of the world. It is about the idea of a common prosperity; one that will, as it were, lift all boats not only in Guyana but the region as a whole.

There can be no doubt that Guyana is now progressing along the lines of becoming a regional powerhouse, thanks in large measure to oil and gas. The country is now ranked among the fastest-growing economies, not only in the region but in the world. This is indeed a humbling experience for Guyana, especially when seen against the background of a country once ranked among the poorest in the western hemisphere, thanks to nearly three decades of PNC authoritarian and incompetent rule.

The tide has changed, and we are now in a position to be a global leader in terms of our embrace of a development model that has won international acclaim.  Our low-carbon development strategy, the first country to embrace such a model of development, is now becoming a preferred model, especially in the context of existential threats emanating from climate change.

This is not to suggest, by any means, that we know it all, and that there is no need for learning from the experience of others. As the President correctly puts it, we are not in a competition with other countries; we are still in the learning curve, and there is much that we can learn from countries like the UAE on how to manage our petroleum resources to diversify our economy and create high levels of prosperity. From a desert economy in the 1960s, the UAE now ranks among the most prosperous in the world in terms of per capita income and infrastructural development. And that is exactly what Guyana is seeking to do; to use the resources that we will gain from oil revenues to build an economy that is resilient and diversified.

President Ali highlighted that Guyana is collaborating with the UAE in several areas, including infrastructure development, improving efficiency in governance systems and technology transfer. He also underscored the need for technological advances and higher levels of efficiency in transparency and accountability in governance.

The Guyanese President also said that the two countries are collaborating on an investment agreement that could make it easier for investors from the UAE to invest in Guyana. Among the areas identified are the development of a Deepwater Harbour Port with Abu Dhabi ports, in collaboration with Brazil that will result in easier access to the Atlantic, a visa-free waiver programme, and a double taxation agreement. These are all substantial agreements that could create a platform with which investors would be comfortable, and could make it much easier for people-to-people and government-to-government collaboration and cooperation.

The fact is that we live in an increasingly interconnected world, characterised by globalisation and free and open trade. As noted by President Ali, Guyana, and for that matter the Caribbean, is open to free trade, and there can be ‘no pushback against globalisation’.

And, in his contribution to the discussion forum, President Ali took the opportunity to praise the tolerance and diversity of Guyana’s population, in terms of culture and diversity, something that both countries have much in common. Guyana, President Ali said, could be a great example “of how we can demonstrate, globally, to build the levels of tolerance and inclusiveness, and to share a model in which people can all prosper”.