China-Guyana trade near one billion US dollars so far this year

By Rumi Samuel Published on August 24, 2022
China-Guyana trade near one billion US dollars so far this year

Trade between Guyana and China is estimated at US$950 million for the first half of this year, as government and the private sector engage Chinese investors to secure lucrative investments 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 per cent increase in trade between the two countries.

In 2021, trade between Guyana and China stood at US$710 million, and the CCPIT official said that of the near one billion US trade so far this year, Chinese imports from Guyana totalled 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 out 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, however, that many Chinese investors have already capitalised on these opportunities.

He told the seminar that this year, a Chinese company was awarded significant contracts for constructing the new Demerara River Crossing.

“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, Oneidge Walrond, said that the Chinese contribution to Guyana’s development has been “particularly visible” 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).

Rumi Samuel

Rumi Samuel

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