With an already strong diplomatic and trade relationship, the British Government is looking to further expand ties with Guyana especially in the area of renewable energy and is offering its expertise to support local initiatives.
This is according to His Majesty’s Trade Commissioner (HMTC) to Latin America & the Caribbean, Jonathan Knott, who is currently leading a delegation from the United Kingdom (UK) to Guyana to explore business opportunities here.
During a networking reception held by the British High Commission in Georgetown on Tuesday evening, Knott explained to reporters on the sidelines that they are looking at opportunities for collaboration in the areas where Guyana is keen on developing such as transport links, infrastructure, health and education, and especially energy.
In fact, he noted the availability of British experts to assist Guyana in developing its renewable energy.
“We’re interested in supporting what Guyana would like to do in its energy grid to make sure it’s robust, to make sure it’s fit for purpose as the country growths at the rate that it’s growing. We’re also interested in renewable energy and whether there is an opportunity to introduce those sources in Guyana as well because there is a lot of British expertise there,” Knott stated.
According to the British official, while there has been much advancements in the Guyana-UK relationship in recent years, there is much more to be done to further strengthen these ties.
Back in November 2022, the British Government lifted the visa-requirement for Guyanese travelling to the UK and a few months later, British Airways commenced flights to Guyana in March 2023.
Currently, Guyana is the UK’s largest trading partner in the Caribbean, accounting for some 33.4 per cent of all our trade in the region.
Trade in goods and services between Guyana and the UK was £1.9 billion at the end of Q1 2024, an increase of 17.7 per cent or £282 million. This includes UK exports to Guyana amounting to £1.4 billion in in Q1 2024, a growth of 102.3 per cent or £699 million, while total UK imports from Guyana amounted to £490 million during this period – a decrease of 46.0 per cent or £417 million.
Finance Minister Dr. Ashni Singh lauded the British Government for initiatives taken to improve economic and commercial ties between the two countries.
Key among these, he pointed out, is the increase in the credit lending sum to Guyana. In February of this year, the UK Export Finance (UKEF) announced the increase of the credit ceiling from £750 million to £2.1 billion for both government and private sector in Guyana.
“That represents hundreds of millions of pounds in business opportunities for British companies and we want as many British companies as possible to avail themselves of the room that is allowed by that increased ceiling to do transactions and to demonstrate there are good business opportunities in Guyana,” the minister stated.
Dr. Singh went onto underscore the importance of these visits by foreign trade missions in exposing potential investors to the opportunities that exists in Guyana and to connect them with local partners. Already, he added, these visits have produced tangible results with several Memorandums of Understanding (MoUs) signed and Joint Ventures (JVs) formed.
“We want more British companies in Guyana, doing business in Guyana, forming partnerships with Guyanese companies and delivering good quality goods and services, competitively priced as we advanced this incredibly exciting period of transition in Guyana. Guyana is open for business… In literally every single category of goods and services that you can think of, demand currently outstrips supply in Guyana, and there is room for new entrance to come into Guyana and to produce more, and to produce more competitively… There is no shortage of investment opportunities in Guyana,” the finance minister stated.
Meanwhile, the British Trade official outlined that the UK Government and businesses have a tremendous appetite for partnership with their Guyanese counterparts. He further stated that UK has proven to be a good partner for Guyana and Guyanese businesses.
“I think our offer is excellent. I went to other people’s office [and] we think ours is competitive and with a quality that’s really high. And so, part of my job is to ensure the buyers whether from the government or private sector are aware of that offer. Together with the UK Export Finance as well, I think it makes a really competitive package.”
“Also, we’re looking at how British companies can work in consortium with companies from other countries. There shouldn’t be any exclusivity about a single deal and really, that’s about making the best possible offer to Guyana,” Knott stated.
