–next mission of potential investors expected here later this year

THE European Union (EU) is increasing its engagement with Guyana, particularly in food security, value-added forestry initiatives, and health sector development.
During an interview with local journalists, EU’s Ambassador to Guyana, Rene Van Nes, disclosed that through the Global Gateway initiative, the EU is expanding its traditional mechanism of offering loans and grants, supporting more trade and enhancing connectivity within the Caribbean region.

“There is much more awareness in the EU about what is happening in Guyana. It’s an interest for the (Caribbean Community) CARICOM as a whole. I think we see a real interest of the European Union in CARICOM, in the different CARICOM countries and you see many more exchanges between them,” the ambassador said.
Last November, the EU held its first trade mission in Guyana. Representatives from the Netherlands, Germany, Belgium, Finland, Spain, Italy, Austria, Sweden, Ireland and France were a part of the trade mission.

“Looking back for the EU 2023 was a big year, we had the highest number of high level visitors that we’ve ever had in the history of 52 years,” the ambassador said.
He related that the EU will be advancing its support for forestry with a focus on pushing more value added initiatives.

“[If] we bring in companies from Europe, in say the furniture making sector…we would like to have more companies that actually create value added from the products that you get from the forest including timber, and maybe have European companies that make furniture that come here and create joint ventures,” Van Nes said.
He said that furniture from Guyana’s timber is a high demand product; however, most buyers do not source the product directly from Guyana.

Meanwhile, the EU will assist Guyana and Barbados to establish the regulation needed to manufacture pharmaceuticals.
“After COVID the realisation was very clear that yes, you can help these countries by giving them the vaccines, but it’s even better to help them with setting up their own production facility so that they can make their own vaccines,” the EU Ambassador said.

In 2023, the EU increased its support for vaccine production in Rwanda. The EU partnered with the Central African state to strengthen the local ecosystem for vaccines and medicines manufacturing and health resilience which saw the opening of the first BioNTech Africa manufacturing site in Kigali, Rwanda.
It was later reported that Guyana, Barbados and Rwanda were examining a procurement mechanism to manufacture vaccines in the Caribbean.

Also, with major emphasis being placed on food security within CARICOM, agriculture will also be an areas of focus.
The ambassador disclosed that a second trade mission will be here in November “and for that mission, we have the ambition to have more companies from the agricultural sector.”
Last year’s mission saw some 23 companies from 10 EU member states ranging from various industries.
Guyana’s export value to the European Union from January 2017 to September 2023 was some US$7.9 billion, which reflects a steady growth. Trade between the EU and Guyana for that same period amounted to some US$11 billion.