–as two countries deepen relations

GOVERNMENT officials and representatives from the private sector will attend the Saudi-Caribbean Investment Forum from July 6 to 8, 2022, in Punta Cana, Dominican Republic (DR), a statement from the Ministry of Finance has confirmed.

The event is being hosted by the Caribbean Association of Investment Promotion Agencies (CAIPA), the ministry said.

“This forum will provide opportunities for Guyana to deepen its relationship with the Kingdom of Saudi Arabia, as participants will meet with prospective Saudi investors to present their projects,” it said in the release.

Representatives from Guyana, including a high-level Government team and representatives of the Private Sector, will attend the three-day investment forum, which will facilitate meetings with Saudi investors to present projects and attract investors.

Priority sectors of focus, according to the release, include logistics and transportation, renewable energy, infrastructure, hotel and resort development, and agribusiness.

In February of this year, President Dr. Irfaan Ali welcomed a visiting high-level delegation from the Kingdom of Saudi Arabia, led by His Excellency Adel Ahmed Al-Jubeir, Minister of State, Foreign Affairs, and members of the Saudi Arabia Council of Ministers.

Among the key issues that were discussed back then were the partnership and collaboration among the two countries in areas of oil and gas, climate change and Guyana’s transformative agenda, and investment opportunities.

“Guyana is undergoing an incredible transformation, driven by its oil-and-gas sector, opening many opportunities in both oil and non-oil sectors, and improving access to resources that will serve to accelerate its growth and development,” the release said further.

Building on the 19.9 per cent growth last year, Guyana is expected to be the fastest growing economy in the world in 2022, with a projected GDP [Gross Domestic Product] growth rate of 47.5 per cent.

“This incredible economic outlook brings tremendous opportunities, including prospects for greater cooperation with global and regional partners, [for] both Government and Private Sector,” it continued.

Recognising the importance of addressing challenges to ensure Guyana maximises its benefits while avoiding the pitfalls of a resource boom, the release said the country will “benefit from the experiences and expertise of its bilateral partners who have had similar experiences and challenges.”

Guyana established formal diplomatic relations with the Kingdom of Saudi Arabia on February 22, 2012.