Embassy backs Chinese investments in Guyana as trade surges to US$710M
Trade between Guyana and China topped US$710 million (or about GY $148.6 billion), at the end of 2021- a figure that is just a fraction of the increases recorded over the past five years, Chinese Ambassador Guo Haiyan highlighted on Monday.
Later this month, on June 27, China and Guyana will commemorate 50 years of bilateral relations. The Ambassador said that during that period, bilateral trade and economic relations were among the key areas of cooperation.
So good has been the economic relationship between Guyana and China that trade has been “steadily increasing” and topped US$710 million at the end of last year, Haiyan said.
Importantly, however, the Ambassador highlighted, “with the rapid development of the oil and gas industry, trade between Guyana and China has grown by 213 per cent over the past five years.”
This has been attributed to the increasing number of Chinese investors getting involved in Guyana’s oil and gas sector and other spinoff developments.
China National Offshore Oil Corporation (CNOOC), for example, is one of the co-venturers in oil development at Guyana’s prolific Stabroek Block.
And with the two countries also enjoying good political ties, the Ambassador said that Chinese companies have been encouraged to invest in Guyana, following all rules and guidelines.
“They know Guyana is a friend of the country (China) and now the economic development is increasing so more and more Chinese investors are interested here and more companies are coming here,” the Ambassador said.
The Ambassador also knocked concerns of Chinese investors engaging in corrupt practices in Guyana.
According to her, Chinese companies follow local laws, international practices and marketing rules, and they participate in projects in open and fair processes- a requirement by both the People’s Republic of China and the Cooperative Republic of Guyana.
Importantly though, bilateral trade extends beyond oil and gas development and spin-off sectors. Ambassador Haiyan related that Chinese companies have been making their mark in mining, infrastructural work and even processing.
And the country, she said, stands ready to help Guyana with its ongoing diversification plans.
Already, the embassy plans to facilitate a trade seminar between Guyana’s private sector bodies and Chinese investors later this year. This is expected to promote further business opportunities.
The Ambassador also posited that Guyana and China, both countries with many common traits and goals, have a bright future together. She committed the embassy’s support in helping to foster those relations.
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