–in address to the fifth China International Import Exposition

By Samuel Sukhnandan in Shanghai 
WITH rapid economic growth, massive resource wealth and growing multi-sectoral opportunities, Guyana has now become one of the most attractive investment destinations, not only in Latin America and the Caribbean region, but the entire world.

President, Dr. Irfaan Ali, outlined Guyana’s potential, on Thursday, when he joined other world leaders, virtually, to address the official opening of the fifth China International Import Exposition (CIIE) being held in Shanghai, China.

“Guyana is a particularly attractive investment destination for several factors, including its accessibility to regional and global markets, and favourable fiscal incentive regime for investors. Companies investing in Guyana can be assured of support and protection,” he said in his pitch to several international companies and investors in attendance.
The President said, too, that the country’s development trajectory is in take-off mode. In fact, the International Monetary Fund (IMF) has named Guyana as one of the five fastest-growing economies in the world and has projected that the local economy will grow by 57.8 per cent this year.

Guyana is an oil-producing state with an estimated 11 billion barrels of recoverable petroleum reserves, one of the highest per capita levels in the world. This point was made by Dr. Ali, who also said that Guyana is rich in gold, diamond, timber, bauxite, rice, and sugar, and has plans to modernise its agricultural sector.

But at the same time, he said Guyana is also committed to a low-carbon growth trajectory which promotes economic sustainability, diversification of the economy, investment in climate mitigation and adaptation, utilisation of carbon credits, enhanced biodiversity and ecosystem management systems, and transitioning into a clean energy future.

ENHANCED TRADE 
The Head of State also welcomed the opportunity provided by China for Guyana to showcase its products and services through the virtual country exhibition at the National Exhibition and Convention Centre. But this is not the first time that Guyana participated in a previous CIIE event.

“Guyana welcomes the opportunity that the China International Import Expo provides for it to showcase trade and investment potential on a global stage. Undoubtedly this event will be instrumental in enhancing trade and investment with other countries, including the People’s Republic of China,” he said.

The success of the exposition, he added, runs parallel with China’s impressive economic strides. On this note, President Ali expressed confidence that this year’s event will provide an unparalleled opportunity for the promotion of business opportunities, increasing trade, and promoting greater economic collaboration between Guyana and China, and Guyana and the rest of the world.

SHARED OPPORTUNITIES 
Meanwhile, China’s President, Xi Jinping, who delivered the feature address at the opening of the expo, said that China will work with all countries and all parties to share the opportunities from deepened international cooperation.

“We will engage fully and deeply in WTO (World Trade Organization) reform negotiations, promote trade and investment liberalisation and facilitation, and enhance international macro-economic policy coordination, with a view to jointly fostering new drivers for global growth,” he said.

China will also endeavour, actively, to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement, to expand the globally-oriented network of high-standard free trade areas.

According to President Xi, China will also firmly support other developing countries and assist them in growing faster, and promote the building of a community with a shared future for mankind.

The CIIE has successfully held four sessions since 2018, serving as a platform to promote building a new development pattern and multilateralism.
This year, six exhibition areas will display hundreds of new products, technologies and services. Two new exhibition areas will be set up this year to showcase the crop farming industry area and artificial intelligence.

The exhibition will also optimise the low-carbon energy and environmental protection technology areas and expand the innovation incubation area.
More than 150 start-ups involved in technology equipment, consumer goods, medical care, and automobiles will be at the exhibition.
Tesla’s robotic product, Tesla Bot, will also make its debut on the Chinese mainland at this year’s expo.

(Reporting courtesy of NCN Editor, Samuel Sukhnandan who is in Beijing on a China International Press Communication Centre (CIPCC) 2022 Fellowship at the invitation of the China Public Diplomacy Association)