–following Finance Minister’s engagement with British Trade Mission

SENIOR Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, on Monday, participated in a roundtable meeting with a multi-stakeholder British Trade Mission, to further discuss how Guyana and the United Kingdom could forge closer ties.

The mission, led by British High Commissioner to Guyana, Jane Miller, is a partnership among the Department for International Trade of the British High Commission, the Caribbean Council and the Georgetown Chamber of Commerce and Industry (GCCI).

According to a press release from the Ministry of Finance, the aim of the mission is to increase growth in trade and investment between Britain and Guyana.

During Monday’s meeting at the Marriott Hotel, Dr. Singh said that Guyana and the United Kingdom share a long-standing relationship grounded in diplomatic and political ties as well as economic ties through investment and trade, people and culture.

The British Trade Mission, he said, presents an excellent opportunity for both Guyana and British companies to forge closer ties and look forward to the expansion of the British business presence and relations in Guyana.

Dr. Singh indicated that as a result of its ramped-up oil-production, Guyana is now the fastest growing economy in the world, with growth of over 50 per cent projected for 2022 and medium-term average annual growth projected at 25 per cent.

He added that Guyana is considered as the premier investment destination in the world, attractive for investment in the oil and gas sector, infrastructure and requisite support services. There also exists avenues for investment and expansion in the non-oil extractives, such as gold, bauxite, agriculture, tourism and hospitality, ICT and energy.

Dr. Singh also said that under President, Dr. Irfaan Ali’s One-Guyana vision, the government is committed to leveraging the skills and investment potential of the Guyana Diaspora in the United Kingdom as it continues to implement its aggressive development agenda.

Guyana recently collaborated with the UK Caribbean Infrastructure Fund, with the latter contributing US$66 million towards the US$190 million Linden to Mabura road project. The two-lane highway between Linden and Mabura Hill forms part of the arterial link between Linden and the Lethem Highway, enhancing the physical link between Guyana and Brazil.

Additionally, through the UK Export Finance (UKEF), the Government of Guyana is constructing a Paediatric and Maternal Hospital. The building and equipping of the state-of-the-art hospital will cost 149 million pounds.

Meanwhile, co-operation programmes/projects between Guyana and the UK also include the Diamond Diagnostic Centre, the Lethem Hospital, the Leonora Cottage Hospital, the Mabaruma Hospital and the Paramakatoi Hospital.

As of November 9 last, through collaboration between the two countries, Guyanese are now able to visit the UK visa-free.

President Ali had stressed as well during the announcement of this waiver on visas that the two governments aim to further expand bilateral relations with the hope of furthering investments, including the expansion of Guyana’s tourism market.