Guyana’s exceptional growth rate and economic status as a powerhouse is attracting regional and global leaders, private investors, and entrepreneurs who are seeking to partner through investments in its oil-rich nation.

In an official meeting with the Prime Minister, Brigadier (Ret’d) Mark Phillips, who is currently performing the functions of President on Monday, the Deputy Premier, and Minister for Financial Services, Labour, and Trade of the British Virgin Islands (BVI), Lorna Smith; Junior Minister of Agriculture and Fisheries Dr. Karl Dawson, and Ms. Petrona Davies, Permanent Secretary for Financial Services, Labour and Trade met at the Prime Minister’s Office on Camp Street Georgetown.

Speaking exclusively with the Guyana Chronicle, the Deputy Premier explained that the primary aim of visiting Guyana is to give the government of the country, as well as the stakeholders, a better understanding of the BVI and what it offers.

She also stated that it is also to explore the opportunities that would mutually benefit both countries, present the BVI’s financial services offerings, the advantages of using BVI corporate structures, and its expertise in facilitating global cross-border business.

Mrs. Smith explained she was profoundly grateful for the welcoming spirit extended by the Government of Guyana towards her and her delegation, noting that their openness and receptivity set a positive tone for their visit and also reflect the warm relationship between the two countries.

According to her, “we had a discussion with Prime Minister Mark Phillips in the absence of President Irfaan Ali, and he gave us some excellent insight in terms of the future of Guyana and its developments, as it relates to housing, transportation, and infrastructure. Notwithstanding that Guyana has a fine university as well as other tertiary educational facilities, we shared with him the idea of the two countries collaborating so that Guyanese students can go to the BVI, study, and benefit from our institution there given our excellent structure in financial services. We also talked about the number of hotels and hospitals that are currently being built in Guyana and, of course, the positive growth and contributions that are coming from around the world, as well as the development in infrastructure.”

The Deputy Premier also related that they were very “impressed” to learn that Guyana’s Carbon Credit is worth a minimum of US$750 million up until 2030. Mrs. Smith jokingly said, “With Guyana having the largest Carbon Credit in the Region…I believe it was not just us that was envious, but countries around the world, I’m sure, were too, about that significant accomplishment.”

She also explained that she agrees with the British High Commissioner to Guyana, Jane Caroline Miller, that Guyana doesn’t just have oil; the government is using the funds to ensure that the development of Guyana is done in a “sustainable fashion.”

With a 16-member delegation that comprises government executives, and members of the private sector, the Deputy Premier said, “the private sector has tremendous faith in the visit that they have come at their own expense to explore the possibilities for business. There are a number of opportunities that we see, and we are beyond pleased with our visit and meeting with the government officials, and today is only our first day. We have been putting our money where our mouth is; we have one BVI IT company that has already established business in Guyana, and we also have a company that has also established a brokerage firm in the insurance area in the country as well.”

TOURISM SECTOR

As it relates to the tourism sector in Guyana, Mrs. Lorna Smith added she believes that there are opportunities for collaboration with Guyana in tourism.

“The tourism in Guyana is completely different from the BVI, its more eco-tourism, and while I am here, I am planning to take a trip or two to explore this beautiful country.” However, Mrs. Smith said, “if we are going to get anywhere in developing tourism, in the Caribbean, we have to deal with the transportation problems in terms of getting to and from one country to another in a timely manner. And we would have to find an easier way to travel throughout the region.”

The Deputy Premier suggested that Guyana and the BVI can collaborate in various areas by utilizing each other’s knowledge and potential. She happily shares that the Guyanese are the third-largest population in the BVI.

The BVI group also had a meeting with Foreign Secretary at the Ministry of Foreign Affairs, Robert Persaud who discussed the government’s interest in promoting investment and expanding trade relations. He gave the delegation further information about current events in the nation and the President’s vision for the nation’s ongoing transformation.