Trade between Guyana and India tripled at the end of last year, when compared to the volume of trade recorded at the end of 2021, according to India’s President Droupadi Murmu.
President Murmu met with Guyana’s Vice-President Dr. Bharrat Jagdeo on Friday, as part of his week-long official visit to the South-Asian country.
According to a release from India’s External Affairs Ministry, the President highlighted the increasing trade between the two countries.
“In 2021 to 2022, despite the pandemic, bilateral trade witnessed a growth of over 300 per cent,” the release stated.
It added that the President stressed on the need to further diversify bilateral trade.
According to information provided by the Indian High Commission in Guyana, there has been significant trade between the two countries.
Total trade at the end of 2020 totalled US$32.16 million. Of that amount, US$25.21 million accounted for India’s exports to Guyana, while India’s imports from Guyana totalled US$6.95 million that year.
Guyana’s imports include pharmaceutical products, equipment and machinery, apparel and clothing accessories, coffee and tea. Meanwhile, wood and wood products account for a substantial amount of India’s imports from Guyana.
Importantly, though, India has imported oil produced in Guyana’s prolific Stabroek Block. And the country has been seeking a long-term supply deal with Guyana.
Outside of trade, the President also reportedly told Dr. Jagdeo that India “attaches very high importance” to the long-standing relationship with Guyana.
“Even though India and Guyana are separated geographically by a large distance, both have many aspects in common, such as a colonial past, predominantly agricultural and rural based economies, and multicultural societies,” the release further stated.
The President also said that development partnership is a major pillar of India-Guyana relations. According to her, more than 640 Guyanese Government officials have been trained under the Indian Technical and Economic Cooperation Programme (ITEC) programme so far.