February 26, 2024

Trade between China and Guyana near one billion US dollars so far in 2022

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China-Guyana trade, experts have confirmed, has totaled an estimated US$950 million for the first half of this year.

Speaking at a virtual China- Guyana investment opportunities seminar held on Monday, Vice Chairman of the China Council for the Promotion of International Trade (CCPIT), Zhang Shaogang, said the trade so far this year represents a 223 percent increase in trade between the two countries.

This comes on the heels of the collaboration between the government and the private sector to engage Chinese investors in a bid to secure lucrative investment and partnerships in the future.

China’s Customs Authority confirmed that trade between the two countries in 2021 stood at US$710 million. 

Chief executive officer of Guyana Office for Investment (GO-Invest) Dr. Peter Ramsaroop said the country’s diversification plans meant that investors can choose their investment opportunities from a wide array of sectors.

In his opinion, Vice President of the Private Sector Commission (PSC), Ryan Alexander, said recent legal developments in Guyana should not dissuade Chinese investors them from getting into the market.

“The Local Content (law) is not to out foreign investors,” he said, adding that “it creates an environment which ensures economic viability for investors while ensuring that Guyanese also benefit from the growing oil and gas economy.”

“We are excited to continue that relationship. There have been significant investments in Guyana from China, and we are looking forward to building stronger relationships in many of our projects coming up.”

Tourism, Industry and Commerce Minister, Oneidge Walrond, commended the Chinese contribution to Guyana’s development, saying it has been “particularly visible” and that Guyana’s potential is brimming with opportunities for future commercial interests.

The officials listed renewable energy, tourism and hospitality, information and communication technology (ICT), agriculture, manufacturing, and infrastructural projects, among which some have been instrumental in the China-Guyana trade.

 

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