Guyana and Canada have entered into an Memorandum of Understanding (MoU) which will pave the way for greater economic cooperation and commercial relations between the two nations.
The MoU was signed by Finance Minister, Dr Ashni Singh and the Canadian Minister of International Trade, Export Promotion, Small Business & Economic Development, Mary Ng on Tuesday.
Dr. Singh told Ng that her visit to Guyana comes at “the most opportune time” as the government sees “incredible opportunities” for Canadian companies to invest locally.
“I wish to say that given where Guyana is economically and given the sharp and incredible economic transformation that we are currently embarking on in Guyana, we see this as a special opportunity for our economic relations with all of our friendly partners,” Dr. Singh said.
In referencing the strong relationship Guyana has shared with Canada, Dr. Singh made mention of numerous Canadian companies which have operated in Guyana in various industries and the fact that many Guyanese call Canada their home.
“The government has created an economic climate that is attractive and hospitable to Canadian companies and would like to see more Canadian companies investing in Guyana, and doing business with Guyana and in Guyana,” the Finance Minister noted.
He shared that the government was “very happy” to be able to conclude the MoU and anticipate that the MoU will lead to a greater presence of Canadian investors in Guyana and doing business in Guyana.
“We look forward to greater and closer economic and commercial relations in every other regard, Guyanese doing business in Canada and closer economic ties in absolutely respect and in every sector of the economy,” he said.
“We see this really as an important step being taken that will lay the foundation for closer economic and commercial ties for Guyana and Canada,” Dr. Singh added, noting that the signing is just one step in the journey comprising many more steps.
Ng said the MoU will help to support the expansion of commercial relationships between Canadian companies in Guyana.
“The people of Guyana can have confidence that Canada is committed to supporting your country’s fast economic transformation and Canada shares Guyana’s ambition for a green economic development,” She said.
“We believe Canada companies are well positioned to be a part of that journey along with Guyana in green infrastructure, green technology and this MoU really is just going to help strengthen our partnerships,” she added.
The Minister is leading a virtual trade mission which comprises a team of 170 Canadian companies and investors who are scoping out investment opportunities and are looking to expand their operations to Guyana and the wider Caribbean.
“As governments we want to develop these modalities to help our investors and our businesses find those opportunities in each other’s markets, to build on what is already strong and to forge in areas where there are real opportunities,” she said.
Ng noted that the signing of the MoU should symbolise the confidence of Guyana and Canada working together towards a sustainable and economic recovery from COVID-19 and towards a greater economic relationship between the two countries.
The Canadian trade Minister’s visit is meant to “strengthen Canada’s trade relationships in the Caribbean and open new doors for Canadian businesses and exporters” a media advisory from the Government of Canada stated.
