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Hon Smith to lead trade mission to Guyana in late July
According to Hon Smith, the rapid pace of Guyana’s economic growth and the vast untapped potential it affords have not gone unnoticed; however, it’s important to note that while Guyana’s economy is booming its infrastructure and technological advancement lag behind those of more developed nations in the region by nearly 30 years.
“This gap, therefore, provides an opportunity for businesses to contribute to and benefit from Guyana’s rapid transformation, driven by its augmented budget and flourishing economy,” Hon Smith stated during the Second Sitting of the First Session of the Fifth House of Assembly (HoA) in Road Town on June 29, 2023.
VI ‘well-positioned' to invest in Guyana
The Trade Minister said the upcoming mission represents a significant step forward in the VI’s ongoing efforts to foster market diversification and expand our international business.
“Madam Speaker the BVI has established a strong track record in facilitating cross-border trade and investment. With reliable and efficient corporate structures supported by legal and professional expertise.”
Hon Smith added that the VI is well-positioned to contribute to the flourishing economic activity in Guyana.
“Furthermore, a significant cultural connection exists between the BVI and Guyana as Guyanese individuals form the third largest immigrant group in the BVI, constituting a significant portion of the BVI’s workforce.
“Guyana is currently attracting significant attention, regularly hosting delegations from various nations including the UK and Canada on trade missions.”
According to Hon Smith, the window for tremendous growth and the potential to make a significant impact in various sectors is wide open.
“Overall, there is tremendous international interest from parties with capital who wish to invest in projects that will benefit Guyana while yielding impressive returns on investments.
“The BVI’s proposed trade mission to Guyana aims to seize this unique opportunity and establish stronger ties with Guyana, identify mutual growth opportunities and foster collaborative and prosperous relationships.”
Guyana has emerged as an ‘economic powerhouse’- Hon Smith
Guyana has emerged as an economic powerhouse, achieving an impressive overall economic growth rate of 62.3% in 2022.
This exceptional growth, according to Hon Smith, can be primarily attributed to the expansion of the oil and gas sector, which experienced a remarkable growth rate of 124.8%.
She said, consequently, Guyana has garnered global attention and is now recognised as the most promising investment destination in the western hemisphere.
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32 Responses to “Hon Smith to lead trade mission to Guyana in late July”
It has struck black gold—oil. But it will realize minimal benefit from its discovery, for it lacks the technical capacity and capability to develop the petroleum industry in house. Instead, it has to outsource production to big oil companies for pittance. It is in a comparative economic situation , not competitive economic situation, ie, it provides/export the raw material to others for them to produce/manufacture and to reimport. If it were in a competitive position, it would be able to locally produce, manufacture and sell to outsiders. It is not at that stage at this point. It suffers from a resource curse, ie, it is resource rich but its people are relatively poor. Perhaps in time, with proper planning, organizing, et, it can turn things around and the Guyanese people will truly benefit from its oil find. Hopefully, it is not another example of a great displacement of resources, wealth from it to others at Guyanese expense and disadvantage.
Nonetheless, it has the potential to build a strong, sustainable and resilient economy that can raise the the per capita income, standard of living, quality of life , human development index,etc, becoming a Caribbean economic lion, instead of exporting labour it would have to import labour. Time to build a self- empowerment plan for Guyanese.
Moreover, is it interesting that the VI needs and lacks investment but we going to invest in Guyana. Should we not invest at home first and if there is excess capital invest elsewhere. Is this misplace focus or I missing the point?
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On another note, I’m not averse to the BVI investing in Guyana. Nevertheless, the BVI has investment needs, so local investing in infrastructure and other needs would kill to birds with one stone, means for investing local dollars and contributing to meeting local needs.
Old heads going to new places likely to return with renewed vigor for their own old ideas.
ready some where the member for number three asked to remove the visa requirement for georgetown people how fascinating
First we can sell you intelligence to common sense through our human resources we are open to sell. We can sell you pure drinkable water, a million gallons a day. We can sell you fish, fish of every species a ton a week. While we are at it we will trade you some snakes free of cost to bite up you all rass. We can sell you timber we can build your roads, keep your financial services you want to get rich on we. Tell me tola if you all had the wealth would you trade down island. You all make me sick. Stay to rass outta me Guyana.