Senior Minister with responsibility for Finance, Dr Ashni Singh today said regional and international companies are not obligated to form local partnerships when doing business in Guyana, but added that it is highly encouraged as a way to boost local content. 

The Finance Minister made the statement this morning while addressing a trade delegation from the United Kingdom (UK). 

He said once the Laws of Guyana are respected, companies are free to select business models that best suit them. 

“I would not go so far as to say that we insist on you coming in with a local partner, I would definitely not say that. I wouldn’t even discourage you. I wouldn’t say to you don’t come to Guyana unless you are coming with a Guyanese partner. I would definitely not say that to you. I would say to you that Guyana is open for business to everybody. As long as you are willing to come to Guyana, respect the laws of the country, do business in accordance with those laws, bring the highest standards of business ethnics, business capabilities, technology, etc., we welcome you in Guyana,” Minister Singh told the trade delegation.

Dr. Singh said to ensure Guyanese benefit from the country’s rapidly growing economy, the Government introduced Local Content Legislation, highlighting a total of 40 services, which must be sourced from Guyanese businesses at various degrees. 

He explained that with an estimated 11 billion barrels of proven oil reserves – the third largest in Latin America and the Caribbean – the Government is putting the necessary institutional framework in place to effectively manage the country’s resources. 

“With the benefit of that accumulated global experience, we are using this period to put in place the things that are necessary to ensure that we avoid those perils, and that we do this right, first of all that would redound to the benefit of all the Guyanese people in a lasting manner, and also in a manner that would be a good replicable example to the world. We want to get this right, so that Guyana could be the example cited by generations to come as a country that used its resources in a manner that really did redound to the benefit of the people of the country,” he said. 

The British Trade Mission was told that the opportunities for business are bountiful in Guyana.

The British High Commissioner, Jane Miller said the Commission is pleased to welcome the 4^th Trade Mission to Guyana in recent times. 

She said 50% of the trade missions that have visited Guyana are now doing business in Guyana, adding that the success is as a result of the strong relationship that is shared between Guyana and the UK.

“I think the British brand, as seen, is a very strong thing here. People see it as quality, people see it as something where there is a very long-term relationship. We are not fly by night businesses. We come in, we tend to British businesses come to invest in the country. So, we got really go relationship here,” the British High Commissioner added. 

More than 30 businesses from the United Kingdom are doing business in Guyana in the areas of construction, shipping, maritime, transport, food and drink, defence and security, and accountancy. 

High Commissioner Miller said the opportunities in Guyana are tremendous and the UK ensures the success of British businesses by offering the necessary support. 

For its part, the UK has tripled the export finance available to the Guyanese market, from £750 million to £2.1 billion. 

“The UK Government because of our climate commitment, we do not directly work in oil and gas, but there are so many opportunities here – infrastructure, education, safety, you name it, there are so many opportunities. One of the other reasons why we have been so successful in our trade missions, over and above the opportunities and over the relationships we have, I think it is the support that we provide. And so, you have the Caribbean Council here who has got a good understanding of the market, you’ve got DBT here – our Department of Business and Trade, who have three staff who are based here, they understand the market. We also have the British Chamber of Commerce,” the British High Commissioner said. 

Guyana is UK’s largest trade partner in the Caribbean with total trade amounting to £1.8 Billion.

The trade mission, which includes companies from the transport, infrastructure, legal, media, environmental technology and shipping sectors, is being hosted by the Department of Business and Trade of the British High Commission, the Caribbean Council, the Georgetown Chamber of Commerce and Industry, and the British Chamber of Commerce Guyana.

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