— VP Jagdeo tells Canadian investors

THE fostering of closer ties between Guyana and Canada will see many investors from Canada being made aware of many other opportunities for business outside of the oil and gas sector here.
This is according to Vice-President, Dr Bharrat Jagdeo, who was at the time speaking at a welcome reception for Canada’s Minister of International Trade, Export Promotion, Small Business and Economic Development, Mary Ng on Tuesday evening.
Dr Jagdeo related that prior to the discovery of oil and gas in Guyana, very little international interest was paid to the country and today, all the attention is being paid only to this sector.
“Your presence here today and with the investors from Canada being here or being aware of Guyana through your presence we may be able to expose the many wonderful opportunities for business and growth here outside of the oil and gas sector,” he said.

The Vice-President added that the government is determined to avoid the mistakes that many other countries have made by relying heavily on their oil and gas sector, pointing out that Guyana is focusing on diversifying its economy to ensure the prosperity remains long after oil and gas is no more.
However, he noted that the government will make full use of the opportunities in the oil and gas sector.
“We have not been shy about saying that we want to get as much oil and gas out of the ground and sold and the money converted into a fund and other opportunities as quickly as possible,” Dr Jagdeo said
This, he acknowledged might sound crude or callous in the era of climate change but stressed that there is a limited window to get this done, and as a result, the authorities intend to achieve this goal in an environmentally sound, fair and equitable manner.
“We are doing so very conscious that we have a green pathway in Guyana that we have laid out for ourselves, a pathway that is just not based on environment but the economy and seeing the two as closely linked,” said the Vice-President.
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.
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.
Guyana and Canada last month celebrated 58 years of diplomatic relations and according to Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, the relations between the two countries are rooted in shared values and mutual respect.
“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.
Minister Ng, on Wednesday, said during her engagement with the government, the discussions centred on a number of sectors, including the country’s oil and gas sector where there are similarities between the two countries