GUYANA will soon be positioned to become a supplier of agro-chemicals and the country has already set its sights on a lucrative market in Brazil.
On Tuesday, during a bilateral meeting in the Dominican Republic, representatives from Guyana’s private sector signed several Memoranda of Understanding MoUs; one of the agreements is for the establishment of a petrochemical plant in Guyana.
President Dr. Irfaan Ali who led the private sector delegation at a conference shortly after the agreement was signed said that once the project comes to fruition, Guyana could supply agro-chemicals to its neighbouring country Brazil.
“Northern Brazil is a high consumer of agro-chemicals and they require it from all over the globe. It would take them a very long time for transport and logistics. With an investment like that in Guyana, in 48 hours, we can be in the market,” Ali said.
Agrochemicals are pesticides, herbicides, or fertilisers used for the management of ecosystems in the agriculture sector.
The agro-chemical market in Brazil was valued at US $13.5 billion in 2019.
Outside of the petrochemical plant, Guyana also inked agreements for the establishment of an oil refinery, and a study for participation in Guyana’s Oil Exploration Block and co-operation in the tourism and agriculture industries with its DR counterparts.
According to President Ali, as the two countries continue to solidify their partnerships, the people of the respective nations are set to benefit.
“The value creation in these agreements are enormous. The value creation would lead to job creation…we are talking about specialised jobs, highly skilled jobs that will be created out of these joint initiatives,” the President stated.
