Government pushing for more US investment in Guyana

Guyana is seeking to expand its current trade and economic activities with the United States to bolster several key sectors here.

The two countries have been partnering in a number of areas such as economic growth, trade and development and security.

Last week, Minister with responsibility for Finance, Dr. Ashni Singh, travelled to the United States, where he met with a number of high-ranking U.S officials.

A release from the Finance Ministry over the weekend said Dr. Singh met with the Deputy Assistant Secretary, United States (US) Department of Treasury, Michael Kaplan, where he updated Mr. Kaplan on recent economic developments and prospects in Guyana and and also explored opportunities for the two countries to collaborate on matters of shared interest.

The release explained that the Finance Minister also reiterated Guyana’s commitment to facilitate increased opportunities for US companies to do businesses in Guyana.

The Finance Minister also met with the United States Under Secretary of State for Economic Growth, Energy, and the Environment, Mr. Jose W. Fernandez, and Assistant Secretary, Bureau of Energy Resources, Mr. Geoffrey R. Pyatt.

During those meetings, the discussion focused on a number of avenues for closer cooperation in advancing the agenda for economic growth including in the areas of energy security, human capital development, and pandemic preparedness in the context of the Economic and Health Dialogue of the Americas..

The Government has also been looking to the US EXIM Bank for support on the Gas to Energy project.

The Government is still awaiting approval for its loan request of US$646M loan from the EXIM bank.

“Guyana makes further steps into commencing its major Gas to Energy project, Dr. Singh met with the Senior Advisor to the President and Chair, Mr. Larry T. Decker, and other senior and technical officials of the Export-Import (EXIM) Bank of the United States (US) in Washington DC. where discussions surrounding the Bank’s support towards the transformational project, which, when completed, is expected to significantly reduce electricity costs, increase the competitiveness of other industries, and reduce the nation’s reliance on heavy fossil fuels. During that high-level meeting, Dr. Singh also expressed appreciation to the Bank for their continued support to Guyana, and reiterated that the Government values greatly, its relationship with the Bank,” the release from the Finance Ministry stated.

The Finance Minister also met with the Assistant United States Trade Representative for the Western Hemisphere, Mr. Daniel Watson, where discussions cantered on enhancing the trade and investment partnership between the US and Guyana with the Finance Minister emphasizing that the US continues to be one of Guyana’s most significant trading partners, and reiterated Government commitment to maintaining a strong institutional environment, and a favourable macroeconomic environment conducive to US companies doing business in Guyana.