–with signing of new co-operation agreement

GUYANA, on Tuesday, signed a Memorandum of Understanding (MoU) with the Canadian Commercial Corporation (CCC), with the aim of enhancing the commercial relationship between the two nations.
The MoU was signed, on Tuesday, by Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh and Canada’s Minister of Small Business, Export Promotion and International Trade, Mary Ng, during a simple ceremony witnessed by the President of Guyana, Dr. Irfaan Ali, and other officials.
Founded in 1946, CCC acts as prime contractor for foreign government purchases from Canada. The agency has international experts helping Canadian exporters succeed in government procurement markets.
As prime contractor, every contract signed by the CCC has the legal effect of being signed in the name of the Government of Canada, providing foreign government buyers with the assurance that the contract will be delivered per the agreed terms and conditions guaranteed.
“It offers unique assurance. CCC is a gem in Canada because, essentially, the government guarantees the contract. This means that Canada stands behind the companies, which go through rigorous due diligence processes,” Ng said.
Ng noted that the agreement’s aim is to ensure that trade relationships between Guyana and Canada are mutually beneficial to everyone in the respective societies.
She complimented the longstanding relationship between Guyana and Canada and highlighted that it was just last month that the two countries celebrated 58 years of diplomatic relations.
Making brief remarks during the ceremony, Dr. Singh also commended the strong, longstanding relationship between Guyana and Canada.
That relationship, Dr. Singh said, was rooted in the two countries’ shared commitment to democracy, the rule of law, and shared values, including recognising the importance of economic and social development and ensuring it is realised for the benefit of all of the countries’ people.
“Canadian investors, business and commercial institutions have been present in the Guyanese economy for decades and have contributed significantly to the economic evolution of Guyana. Given where Guyana is today and the sharp economic transformation we are embarking on, we see this as a special opportunity for those relationships to evolve with the same speed with which the Guyanese economy is changing,” Dr. Singh said.
He related that the signing is a step towards laying the foundation for closer economic ties between Canada and Guyana.
“We see it as but one step in a journey of many more steps we would like to take,” Dr. Singh said.
According to its website, the CCC offers commercial advocacy, collaborative project development and foreign contracting expertise to help Canadian exporters secure international contracts with government buyers around the world.
CCC signs a sub-contract and flows the contractual commitments through to the qualified Canadian exporter. As the Canadian exporter fulfils its obligations under the contract, CCC takes on all performance oversight and financial administration of the contract, the website further noted.
The corporation, since being founded in 1946, has facilitated trillions of dollars in exports and foreign investment by Canadian companies.