British manufacturers encouraged to use Guyana as gateway to Caribbean, other markets, says Go-Invest chief

Last Updated on Tuesday, 13 August 2024, 22:35 by Writer

(Left to Right) British High Commission’s Country Director for Trade, Sherwyn Naughton; BritCham’s Chairman Faizal Khan; GO-Invest’s CEO Dr Peter Ramsaroop and British High Commissioner to Guyana, Jane Miller.

Guyana is wooing United Kingdom (UK) manufacturers to set up operations here and take advantage of Caribbean Community (CARICOM) and other regional trade agreements, even as Guyanese businesses prepare for next month’s business sensitisation and partnership session at the world renowned Lord’s cricket ground in Britain.

“I now see the eyes opening up of companies in Great Britain of why they should be producing those products in Guyana versus shipping them and distributing them,” Chief Executive Officer of the Guyana Office for Investment (GO-Invest), Dr. Peter Ramsaroop told a news conference that he shared with the British Chamber of Commerce Guyana and the British High Commission.

British High Commissioner, Jane Miller restated that “Guyana is already the UK’s leading trade partner in the whole of the Caribbean” with more than £1.6 billion worth of trade in 2023. The British High Commission’s Country Director for Trade and Investment, Sherwyn Naughton said UK-made machinery, vehicles, equipment, pharmaceutical and oil account for a “very large percentage” of increased trade with Guyana. Mr Naughton added that there are tremendous benefits to be derived” from increased trade in automotives, food and drink, and agriculture.

Dr Ramsaroop said traders were being encouraged to make their products in Guyana for local and regional markets. “The CARICOM trade agreement, and we know we have access to multiple trade agreements across the globe.” Through CARICOM’s Rules of Origin, products produced and traded within the single market are exempt from tariffs. Guyana also has a partial scope trade agreement with neighbouring Brazil for a selected list of tariff-free goods produced in both countries.

Dr Ramsaroop highlighted that already a construction company named Modular, which participated in the just-concluded Building Expo, has expressed an interest in establishing a factory in Guyana to manufacture prefabricated buildings at competitive prices. “We’re about to go into a serious discussion with them to potentially sign an investment agreement for them to set up a manufacturing facility in Guyana,” he said.

The British High Commissioner boasted that the UK is an important business partner because of reliability, high quality goods and services, innovation and have long term relationships. “We’re not fly-by-night. We don’t come in and fly away,” she said. The GO-Invest CEO added that Guyana is interested in Britain providing knowledge in the information communications technology (ICT) sector as part of plans to establish a data centre hub. “Data centre hubs need high power. We’re going to have gas to be able do high power. We’re looking to move rapidly into the manufacturing sector as the gas comes to shore and energy costs go down. Which best countries to be speaking to? C0untries like England and Great Britain as a whole,” he said.

British Chamber of Commerce (BritCham) Guyana’s Founding Chairman, Faizal Khan said the 40 Guyanese businesses would have an opportunity to participate in a networking event at 7 p.m. on September 11, 2024. He said British High Commissioner Miller and Guyana government officials as well as business representatives from the United States would be participating in the event for which details are available on www.britchamgy.com. Ms Miller welcomed BritCham’s plans to launch in the United Kingdom (UK). “This is massive opportunities for Guyana and we also hope there would be opportunities for the UK. The UK has a long relationship with Guyana,” she said.