–President Ali says; sees BritCham as an opportunity to diversify, enhance trade relationship with UK

PRESIDENT Dr. Irfaan Ali has underscored Guyana’s meteoric economic rise and the vast business opportunities now available to international investors. He made the comments during a virtual address at the launch of the London branch of the British Chamber of Commerce Guyana (BritCham Guyana). Held last week at the iconic Lord’s Cricket Ground in London, the event marked a significant step in strengthening trade and investment ties between the United Kingdom (UK) and Guyana, reflecting the growing international interest in the South American nation’s booming economy.

In his virtual address, President Ali highlighted that the establishment of the British Chamber of Commerce Guyana represents a natural progression in the historical and economic relationship between the two nations.
He stated, “One that is built on deep-rooted historical ties, shared values, and mutual benefits. The chamber presents an exciting opportunity to further strengthen the trade and investment links between the United Kingdom and Guyana.”

He detailed the transformative changes in Guyana’s economy over recent years. He noted that traditionally, Guyana’s small population of just under one million people had limited the size of its domestic market, shaping the country’s economic structure and pushing it towards an outward-looking orientation.

“One in which exports were vital to our growth and development. The limited size of our domestic market, necessitated that we engage in economic trade to stimulate economic activity, create jobs and foster innovation,” he explained.

The President also highlighted that the dynamics have dramatically shifted since 2019.
“Since 2019, our economy has tripled. Guyana is now the fastest-growing economy in the world. For the first half of this year, GDP [Gross Domestic Product] growth was almost 50 per cent,” he announced. This surge in economic activity, he noted, has significantly altered the landscape, transforming Guyana’s small domestic market into a global business opportunity.

The Guyanese leader said that his government’s vision is to diversify and strengthen the economy by engaging with partners that have the capacity, experience and interest in long-term collaboration. The Head of State added: “The United Kingdom, with its access to larger global markets and its proficiency in various sectors, such as finance, manufacturing, clean energy and engineering, stands as a prime candidate for deeper engagement. My government believes that it is through strategic partnership with established trading nations like the United Kingdom, that we can better navigate these challenges and ensure sustained growth…”

Dr Ali emphasised that the UK has the potential to become a major trade and investment partner for Guyana. He provided data to illustrate this potential. Over the last four quarters (a year), total trade in goods and services between Guyana and the UK has expanded by 17.7 per cent.

At the political level, he stated that the relationship between the two countries remains strong and continues to evolve. “We have enjoyed robust co-operation on several fronts and I am pleased to note that this has recently culminated in visa-free travel between our two countries. This is a significant achievement that will further enhance travel, tourism, business, trade and investment.” He said trade and investment are indispensable vehicles for economic development.

“My government is committed to ensuring that our economic growth translates into board-based development for our people. As part of this commitment, we are focused on developing key sectors such as manufacturing, agriculture, agro-processing and tourism. We see these as major emerging markets and opportunities for us. With ongoing investments in energy infrastructure, particularly the development of clean and affordable energy, Guyana is on track to significantly reduce energy cost. This will in turn create conditions favourable for the establishment of a robust manufacturing sector that can serve both the domestic and regional markets,” Dr Ali said.
He said that the UK, with its long history of manufacturing and industrial innovation, should see this as a great chance to collaborate with local businesses and make investments to start manufacturing operations in Guyana. “By doing so, UK businesses can not only benefit from Guyana’s growing economy but can also play a crucial role in shaping its future. There are also immense opportunities for investment in other sectors that are critical to our development.”

Among other things, President Ali said that the country’s growing oil and gas sector has created a demand for machinery, engineering services and other related industries.
This, according to him, presents an opportunity for the UK to bring its expertise to Guyana and capitalise on the growing demand for specialised services.

In closing, President Ali emphasised that BritCham must become a catalyst to propel trade and investment relations to new heights. “It must serve as a platform for businesses from both sides to explore opportunities, forge partnerships and create lasting economic bonds. The chamber must become a magnet for investment and a stimulus for increased trade. It must encourage business mission and strategic partnerships between the United Kingdom and Guyana.”