British High Commissioner to Guyana, Her Excellency Jane Miller, has shared that the trust the UK has placed in Guyana is tied to the steady progress both nations have been making together.
Making this remark while addressing an audience of around 300 people at the launch of BritCham Guyana last Wednesday, Her Excellency added, “UK export finance increased from £750 million to 2.1 billion…The truth is that Guyana’s economy spoke for itself. I cannot take any credit; it’s Guyana’s economic growth, and this shows the confidence that the UK has in Guyana’s economy.”
This, she explained, has been one of the reasons behind the establishment of this Chamber, along with other factors arising from the steady progress of both Guyana and the UK underscoring the long-standing need to accelerate that growth.
According to Miller, British business owners getting involved in the newly opened chamber should capitalize on networking and creating links in Guyana.
“The institutions are being strengthened in Guyana, but they’re not keeping up with this incredible economic growth; therefore, it’s bureaucratic, it can be a bit slow. So, my advice to people is to phone a friend, and this is where BritCham comes in. It becomes that friendship network; it becomes that support network for anybody that wants to work in Guyana,” she explained.
She added, “My first piece of advice: the time is now to come and see Guyana. You won’t understand the incredible opportunities Guyana holds until you see them for yourself.”
Guyana already has other chambers, such as the Georgetown Chamber of Commerce and Industry (GCCI) and Go-Invest, but BritCham will serve as an additional chamber to aid in marketing, due to the market not being always easy to navigate.
Cricket Ground in London, England
President Dr Irfaan Ali, who addressed the opening of the newly-established chamber virtually, has said the creation of this chamber comes at an essential time for Guyana, and will capture most of the possible economic opportunities due to the longstanding ties between Guyana and the UK.
Through Guyana’s long ties with England, it will be no stranger to reaping benefits.
“Guyana and the UK share history, language, legal, educational, and political systems between our two nations, and this creates a strong foundation for deeper economic engagement, particularly in trade and investment,” the President has said.
It is against this backdrop that the Head of State has emphasised the tremendous potential for the United Kingdom in becoming a major trade and investment partner for Guyana, while outlining additional steps the chamber must seek to implement.
“The United Kingdom-Guyana Chamber of Commerce is therefore a timely and necessary step to foster closer economic ties between our two nations. The Chamber must become a catalyst to propel trade and investment relations to new heights. It must serve as a platform for businesses from both sides to explore opportunities, forge partnerships, and create lasting economic bonds,” he declared.
Meanwhile, Head of the Guyana Office for Investment (GO-Invest) Dr Peter Ramsaroop, who also gave remarks, told business owners at the event to seek out other sectors for investment, not only the oil and gas sector. On this point, he emphasised how sectors like manufacturing can be beneficial.
“Don’t focus on oil and gas alone…the manufacturing sector is going to be the next big wave for Guyana. We’re going to be producing a billion barrels of oil by 2027, and it’s going to keep climbing after that. In the near future, we have not even announced the monetization of gas and what that will bring to the future of our country. While it may have taken Qatar, Dubai, or Singapore 50 years, it may take Guyana just 15,” he posited.
Some 40 Guyana-based companies went to London for the launch. This, he said, signals the serious commitment to boosting UK-Guyana business ties.
BritCham Guyana also soft-launched their new app, which is a collaboration with BritCham member Guyana-Business.com, it will allow persons in attendance to communicate directly with all ticketed attendees and discuss projects together.
The trade of goods and services between Guyana and the United Kingdom has tripled since 2022, with the UK currently being regarded as the largest funder of projects in the country.
Trade in goods and services (exports plus imports) between the UK and Guyana was £1.8 billion in the four quarters to the end of Q4 2023, an increase of 51.2 per cent or £620 million in current prices from the four quarters to the end of Q4 2022.
In the four quarters to the end of Q4 2023, total UK exports to Guyana amounted to £1.4 billion (an increase of 171.3 per cent or £867 million in current prices, compared to the four quarters to the end of Q4 2022).
Of all UK exports to Guyana in the four quarters to the end of Q4 2023, £150 million (10.9 per cent) were goods and £1.2 billion (89.1 per cent) were services. This means the UK reported a total trade surplus of £916 million with Guyana, compared to a trade deficit of £198 million in the four quarters to the end of Q4 2022.
In the four quarters to the end of Q4 2023, the UK had a trade-in-goods deficit of £271 million with Guyana, compared to a trade-in-goods deficit of £564 million in the four quarters to the end of Q4 2022.
Meanwhile, in the four quarters to the end of Q4 2023, the UK reported a trade-in-services surplus of £1.2 billion with Guyana, compared to a trade-in-services surplus of £366 million in the four quarters to the end of Q4 2022.
