Canada and Guyana are collaborating on investment opportunities; a step in the right direction

BY PAUL JUNOR

There is a special partnership that exists between the Republic of Guyana and Canada. Canadian companies are on the lookout for investment opportunities in Guyana, especially since the discovery of oil.

A Memorandum of Understanding (MoU) was signed on Tuesday, April 12^th, 2022, which will ensure that the two countries collaborate on investment opportunities that will span a broad spectrum of business interests.

Dr. Ashni Singh, Senior Minister in the Office of the President of Guyana stated at a cocktail reception, “We see this really as an important step being taken that will lay the foundation for closer economic ties for Guyana and Canada, but notwithstanding the significance of this step, we see it as the one step in what we anticipate will be a journey comprising many more steps, and steps we would like to take as quickly as possible.”

There was a 170-company delegation that accompanied Mary Ng, Canada’s Minister of International Trade, Export Promotion, Small Businesses, and Economic Development. In addition to the in-person meetings, there were virtual opportunities for companies to learn about business opportunities in Canada. The MoU provides a basis to explore pursuits of involvement with respect to the procurement of Canadian goods and services for investment in the areas of: infrastructure, information communications technology, aerospace security and clean technology, along with other areas to be identified in the future.

Dr. Singh states, “We see this as a special opportunity for our economic relations with all our friendly partners. We see this as an opportunity to evolve with the same speed with which the Guyana economy is changing right now.”

There has been attention focused on Guyana ever since it was announced that oil and gas have been discovered there. Dr. Singh anticipates that there will be a two-way relationship between Canada and Guyana as business opportunities are explored and utilized. He notes, “We see investment opportunities for Canadian companies to invest in Guyana.”

It has largely been due to the significant work of the Canadian Chamber of Commerce (CCC) and Canada’s High Commission that there has been the facilitation of the meeting between the two countries. It was this meeting that served as a catalyst for the signing of the MoU. Minister Ng is optimistic about the future relationship between the two countries. She states, “We believe Canada companies are well-positioned to be a part of that journey along with Guyana in green infrastructure, green technology, and this MoU is just going to help strengthen our partnerships.”

There is anticipation that the range of investment options that Guyanese companies have in Canada will be replicated in Guyana to ensure that those sectors that are underrepresented will be able to gain positive benefits.

Attention will not just be focused on the oil industry, but on other areas of mutual interests and commonalities.