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-BHC lauds high success rate of UK firms in Guyana

A United Kingdom Trade Mission comprising 20 firms was on November 11 encouraged to invest in Guyana and partner with local companies, with officials from the British High Commission pointing out that at least 50 percent of businesses from past UK Trade Missions successfully engaging in ventures with local businesses or conducting business in Guyana.

The Trade Mission was organised through the collaborative effort of the Georgetown Chamber of Commerce and Industry (GCCI), Department of Business and Trade of the British High Commission, and the Caribbean Council with the objective of sensitising the delegates about navigating the local business environment.

President of the GCCI, Mr. Kester Hutson, who addressed the delegates, encouraged them to partner with local firms, telling them of the benefits of taking this path. “You came at the right time, a time where Guyana needs you,” he stated, adding, “Our business community is eager to grow and to partner, and I’m encouraging you to come in and come in with the right attitude to collaborate.”

Mr. Hutson emphasised that culture plays a major role in the growth of businesses in Guyana, and the GCCI is ready to support companies in understanding the business environment.  “Our members are eager to grow with you and support you in any industry or any venture you want to get into,” he reiterated.

Country Director for Trade and Investment, Department for Business and Trade of the British High Commission, Mr. Sherwyn Naughton noted that this Trade Mission is the fourth of its kind and the previous three missions resulted in 30 UK firms operating in the infrastructure, shipping, transport, maritime, food and drink, defence and security sectors visiting Guyana.

The ongoing Mission includes entities in several industries including transport and infrastructure, legal, environmental technology, shipping and logistics, media, shipping, and construction, Mr. Naughton noted, adding that the British High Commission is hoping to replicate the high rate of success previously achieved.

Fastest Growing Economy in the World

British High Commissioner, H.E Jane Miller OBE in addressing the delegates stated, “Welcome to the fastest growing economy in the world. It’s a super exciting country.” She, too, spoke of the past successes of UK Trade Missions saying, “Those statistics were mind-blowing.”

In terms of the factors of those successes, she highlighted the good relationship between Guyana and the UK, as well as the investment landscape. “I think the other reason why the trade missions have been so successful is because there are so many opportunities here in every sector,” she posited, adding that the opportunities are not just in oil and gas, but other sectors including infrastructure and education. “Come and get a local partner,” she urged while outlining the sectors that are ripe for investment.

Meanwhile, Regional Director for the Commonwealth Caribbean at Department for Business and Trade, Ms. D’Jamila Ward disclosed that Guyana remains the largest trading partner for the UK, and represents about 33.4 percent of the total trade with CARIFORUM members. Speaking to the positive economic growth and investment prospects, she said, “Guyana is really an excellent market for you to come here, and for you to set up base, and for you to do business.”

Similar sentiments were also expressed by Managing Director of the Caribbean Council, Mr. Chris Bennet, who noted that this is the largest delegation from the UK to date, adding, “We’re not just focused on oil and gas, we’re focused on the real economy in Guyana and that will always be the case.”

Meanwhile, Senior Minister of Government with Responsibility for Finance, Hon. Dr. Ashni Singh provided an overview of the country’s economic sectors and the framework for doing business in Guyana. He drew attention to the Local Content Act which provides 40 niche areas for Guyanese companies in the oil and gas sector. “We want the Guyanese people to benefit from what is taking place in Guyana today,” he said, later adding, “We also want Guyanese businesses to participate in as far as they possibly can.” The Minister stressed that Guyana is open for business with everyone on the condition that they respect the country’s laws and do business in accordance with the laws, and bring the highest standards of ethics, capability, and technology.