Dominican Republic, Guyanese private sector umbrella organisations ink agreement to boost trade, investment

Last Updated on Tuesday, 8 August 2023, 16:58 by Denis Chabrol

The apex private sector organisations in Guyana and the Dominican Republic (DR) on Tuesday signed a memorandum of understanding in Santo Domingo, the capital of that Spanish-speaking Caribbean nation

 According to the document signed by the President of the DR’s  non-governmental National Council of Private Enterprise, Inc; (CONEP), Celso J. Marranzini and the President of the Private Sector Commissi0n (PSC), Komal Singh, the organisations intend to cooperate and support each other in a range of activities aimed at increasing trade and investment.

“The activities implemented in accordance with this MOU by one of the parties will have the support of the other Party. This support could include knowledge sharing, technical support, consultancy or advisory services provided to be provided by either Party to the other Party, or joint project development or promotion,” the memorandum of understanding states.

The MoU will be valid for one year and will be automatically extended for consecutive periods of 12  months, unless revoked in writing, prior to its date. of expiration, by the authorized representatives of either side.

The areas of cooperation being envisaged by the PSC and CONEP include visible joint efforts to promote investment and business development, structured exchange of information and market intelligence in sectors, export and investment and compliance, support for the development of trade and investment and business intermediation, joint efforts of technical assistance projects and support to improve the capacity of the parties,  promote export and investment, as well as promotion.

They have also committed to joint execution of training and capacity building for the private sector to improve and facilitate export and investment, development of positions for the expansion of trade and investment, and the identification and collaboration on cross-cutting issues for the private sector on new standards, governance, environment, finance and other regional or international regulations.

CONEP and PSC envisage that eventually they could eventually sign a solid agreement, as the memorandum of understanding signed on Tuesday does not amount to an association between themselves and they do not have the authority to represent or incur any liability on behalf each other without the prior written consent of the other side.

” The continuation of joint activities over time may lead to a formal Partnership Agreement, which will set out more detailed terms and conditions that will be binding on both Parties,” the MOU states.

Both CONEP and PSC say they will at all times act reasonably and in good faith in all matters related to the successful operation of joint activities and projects and to all other subsequent initiatives entered into as a result of this initial agreement.

CONEP was created in 1963 and its mission is “to lead the strengthening of the free enterprise system, actively participating as an agent of change and transformation, in the consolidation of democracy and its institutions, to promote the economic and social development of the Dominican nation.”

PSC was established in 1992 by five private sector associations with the aim of bringing together all private sector organs and business entities under the purview of being one national body.