The Governments of Guyana and The Dominican Republic have signed six Memoranda of Understanding (MOU) aimed at boosting collaboration between the two countries.

President Irfaan Ali led a delegation of Government, business and private sector officials to the Dominican Republic on a two-day visit that wrapped up today.

The MOUs cover areas in the Oil and Gas Sector, Agriculture and Tourism.

The two sides have signed an agreement that will see the construction of an oil refinery and petrochemical plant in Guyana.

There has uncertainty about whether the government will construct its own oil refinery or will refine the country’s oil elsewhere.

President Ali, has today lauded the signing of the MOUs with the Dominican Republic as Historic.

“These MOUs that we sign today will be positioning us as two countries demonstrating our collective resolve in addressing some of the major crises our region and the world is facing today—the food crisis, the energy crisis and the climate crisis,” the President said.

The President said the agreements position the two countries strategically to compete on a global scale.

“The value creation is enormous both for Guyana and for DR. For example, in the investment in the petrochemical plants, we can target not only the market of Guyana and Dominican Republic and the region but we can also target Northern Brazil that is a high consumer of agro-chemicals,” the President noted.

The President said the agreements will also see lots of jobs being created for citizens of both countries in a number of areas.

He also spoke of the need for the two countries to create one Tourism destination product, which one of the MOUs will also seek to advance.

Trade between the two countries is already at an all time high and is now projected to rise further.

“For Guyana, there are a few Agriculture products that we are targeting, that you have a massive market for here. For Example, aqua-culture, they have enormous possibility, we are four times more competitive in aqua-culture more than any other country in the region including Brazil,” the President noted.

The two countries will also seek to boost the poultry industry by complementing poultry production.

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