Guyana-China trade increases by over 14 percent; China eyes enhanced cooperation

Last Updated on Saturday, 1 February 2025, 0:14 by Writer

Trade between Guyana and China increased by US$1.4 billion in 2024, amounting to 14.4% over the previous year, Chargé d’Affaires of the Chinese Embassy in Guyana, Huang Rui said Friday night.

During his address to a dinner organised by the Association of Chinese Enterprises in Guyana to celebrate the Chinese Spring Festival, he said “2024 was an extraordinary year for China-Guyana economic and trade cooperation.”

He added that Chinese enterprises invested US$2.7 billion in Guyana, and the total investment volume reached US$10.56 billion.

“The Chinese enterprises have made great contribution to the biggest economic and social transformation of Guyana while abiding by the local content law, creating new job opportunities and shouldering their social responsibilities,” Mr Huang said.

The Chargé d’Affaires and Finance Minister Dr Ashni Singh noted the contribution of several Chinese businesses including the China National Overseas Oil Corporation, a co-venturer in the Stabroek Block with ExxonMobil and Hess- Bosai Minerals in bauxite and manganese mining, and Zijn Mining at Aurora Gold Mines.

China Railway Constructìon is also buildimg the new Demerara Harbour Bridge.

He said they made generous donations to local schools, orphanages, nursing homes. The Chinese diplomat added that Chinese businesses are also building and considering building kitchens, smart classrooms and consulting rooms. “With care and love, they have won the hearts of Guyanese people,” he said.

The Chinese Embassy official said the third plenary session of the 20th Central Committee of the Chinese Communist Party drew a blueprint for China’s further deepening reform and expanding opening-up, and provided tremendous opportunities for Guyana and other nations as well.

As the world’s biggest and fastest-growing developing country respectively, he said China and Guyana should enhance strategic communication and integrate China’s modernization strategy with Guyana’s economic and social transformation strategy.

While China has a big market and advanced technologies and Guyana has great potential of development, he said the two countries must try to harness their complementarities.

Mr Huang also said China will continue to implement the Belt and Road Initiative (BRI) and hope to sign the cooperation plan with Guyana as soon as possible.

Also on the cards are a Free Trade Agreement and mutual visa exemption agreement which, he said, will boost economic and trade cooperation and people-to-people exchanges.

China wants to follow up on the memorandum of understanding (MOU) on Standardization and hope that the MOU will be implemented in the areas of health care, telecommunication, new energy, among others.

The Chinese diplomat promised that his country would stand side by side with Guyana to increase transportation efficiency, facilitate digital economy transformation and provide modern financial services.