Guyana-China trade increasing – Chinese Ambassador

Last Updated on Thursday, 5 December 2024, 23:26 by Writer

The Chinese Embassy on November 28, 2024, hosted a seminar with the Guyanese chambers of commerce under the theme of “Stable Development of China’s Economy and The Prospects of Economic and Trade Cooperation between China and Guyana”. (Chinese Embassy photo).

Trade between China and Guyana has increased by 31% for the first half of 2024, outgoing Chinese Ambassador to Guyana Guo Haiyan announced Wednesday evening.

“Practical cooperation between China and Guyana has made significant progress. In the first half of this year, our bilateral trade reached $800 million, reflecting a 31% year-on-year increase,” she said at a farewell reception held at Pegasus Hotel.

No details were provided about the products that contributed to the increased trade and in whose favour the trade balance was in favour of.
However, there are numerous Chinese businesses that import clothing and hardware items for the construction sector.

In his remarks, Prime Minister Mark Phillips also highlighted success in the area of trade between the two nations whose diplomatic relations date back to June 1972.

“Under your stewardship, we have experienced a significant surge in trade between our nations. The volume of goods and services exchanged have created new avenues of prosperity and opportunities for both Guyanese and Chinese businesses. This economic synergy has not only bolstered our respective economies but has also paved the way for a more interconnected and resilient future,” he said.

The Prime Minister also talked up China’s Belt and Road Initiative (BRI) that Guyana signed on to in 2018 with the hope of tapping into billions of United States dollars that is available mainly for infrastructural development in Latin America and the Caribbean. “The Belt and Road Initiative has proven to be a transformative global development strategy, fostering new opportunities for trade, investment, and infrastructure development between our countries. Through this initiative, Guyana has established itself as a key partner in this global endeavour, thereby elevating its strategic importance within the region,” he said.

Mr Phillips said, during Ambassador Guo’s three-year tenure as diplomatic envoy to Guyana, there has been “enhanced cooperation in various key sectors that are crucial for Guyana’s development. They include Chinese expertise to modernize Guyana’s farming practices, increase yields and enhancing food security, and Chinese investments and technical proficiency in infrastructure such as new roads, bridges, and buildings.