See full statement from the Ministry of Finance below:
(Georgetown, Ministry of Finance, June 26, 2022:) Senior Finance Minister Dr. Ashni K. Singh has indicated that the Government of Guyana and the Private Sector will be participating in the Saudi-Caribbean Investment Forum from 6th to 8th July 2022, hosted by Caribbean Association of Investment Promotion Agencies (CAIPA) in Punta Cana, Dominican Republic. This forum will provide opportunities for Guyana to deepen its relationship with the Kingdom of Saudi Arabia, as participants will meet with prospective Saudi investors to present their projects.
Representatives from Guyana, including a high-level Government team and representatives of the Private Sector will attend the three-day investment forum, which will facilitate meetings with Saudi investors to present projects and to attract investors. Priority sectors of focus include logistics and transportation, renewable energy, infrastructure, hotel and resort development and agribusiness.
In February of this year, President Ali welcomed a visiting high-level delegation from the Kingdom of Saudi Arabia led by His Excellency Adel Ahmed Al-Jubeir, Minister of State, Foreign Affairs and Members of the Saudi Arabia Council of Ministers. Among the key issues discussed were the partnership and collaboration among the two countries in areas of oil and gas, climate change and Guyana’s transformative agenda and investment opportunities.
Guyana is undergoing an incredible transformation, driven by its oil and gas sector, opening many opportunities in both oil and non-oil sectors and improving access to resources that will serve to accelerate its growth and development. Building on the 19.9 percent growth last year, Guyana is expected to be the fastest growing economy in the world in 2022, with a projected GDP growth rate of 47.5 percent. This incredible economic outlook brings tremendous opportunities, including prospects for greater cooperation with global and regional partners, both Government and Private Sector. This also brings challenges that must be addressed to ensure that Guyana maximises its benefits while avoiding the pitfalls that can accompany a resource boom. In this regard, the country can also benefit from the experiences and expertise of its bilateral partners who have had similar experiences and challenges.
Guyana established formal diplomatic relations with the Kingdom of Saudi Arabia on February 22, 2012.