GEORGETOWN, Guyana– Trade between Guyana and China is estimated at US$950 million for the first half of this year, as government and the private sector move to engage Chinese investors to secure lucrative investment and partnerships in the future.
Vice Chairman of the China Council for the Promotion of International Trade (CCPIT) Zhang Shaogang, speaking at a virtual China- Guyana investment opportunities seminar held on Monday night, said the trade this year represents a 223 percent increase in trade between the two countries.
In 2021, trade between Guyana and China stood at US$710 million. The CCPIT official said that of the nearly one billion US trade this year, Chinese imports from Guyana totaled US$720 million, as confirmed by China’s Customs Authority.
Chief executive officer of Guyana Office for Investment (GO-Invest), Dr. Peter Ramsaroop, said the country’s diversification plans meant that investors could choose their investment opportunities from a wide array of sectors. In contrast, the Vice President of the Private Sector Commission (PSC), Ryan Alexander, said recent legal developments in Guyana should not dissuade Chinese investors from getting into the market.
“… the Local Content (law) is not to our foreign investors,” he said, adding, “it creates an environment which ensures economic viability for investors while ensuring that Guyanese also benefit from the growing oil and gas economy.”
He said energy, agriculture, manufacturing, tourism, and infrastructural projects are among the critical areas identified by the PSC official, noting that many Chinese investors have already capitalized on these opportunities.
He told the seminar that a Chinese company was awarded significant contracts for constructing the new Demerara River Crossing this year.
“We are excited to continue that relationship. There have been significant investments in Guyana from China, and we look forward to building stronger relationships in many of our upcoming projects,” Ramsaroop said.
Tourism, Industry, and Commerce Minister, Unedge Walrond, said that the Chinese contribution to Guyana’s development has been “obvious” and that Guyana’s potential is brimming with opportunities for future commercial interests.
These opportunities span renewable energy, tourism and hospitality, and information and communication technology (ICT).
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