Guyana/UK trade rapidly increasing, now at £1.2B for 2022

By Sharda Bacchus

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Twenty-five per cent of the trade in the Caribbean occurs between Guyana and the United Kingdom (UK) and last year, the exchange of goods and services between the two countries amounted to approximately £1.2B.

The disclosure was made by the British High Commissioner to Guyana, Jane Miller during her remarks at a ceremony Thursday night to celebrate the Coronation of King Charles III and Queen Camilla.

The figure, according to High Commissioner Miller, is an increase of £840M in 2021, thereby positioning Guyana as the largest trade partner with the UK in the Caribbean.

“One of the areas I am particularly proud of this year is our work on business and trade…Trade in goods and services to the UK and Guyana is approximately $1.2B pounds this year [2022]. Which is an increase of $840M pounds in 2021,” the British High Commissioner said.

As she reflected on the longstanding relationship between the two countries, Miller said the British interest is “huge” in Guyana, noting that the feedback from businesses here has been “amazing.”

“We continue to advocate and support countries to improve efficiency, transparency, quality and innovation and those that want a long-term relationship with Guyana’s development,” the British Diplomat said.

Over the past few months, High Commissioner Miller said two UK trade missions have visited Guyana and have either developed partnership agreements with local companies or established their presences here.

“The interest in Guyana is not only because of the opportunities but because of the confidence in the business environment.”
And, according to the British High Commissioner, the establishment of the British Business Chamber of Commerce – Guyana (BritCham) will improve the quality of business opportunities across the two countries.

In addition, she said the UK continues to support Guyana in a number of key areas such as forest activities, climate change, human rights and the LGBTQ community.

“The success of our partnership is underpinned by our values…The UK is committed to upholding human rights and supporting the development of free and democratic society in Guyana…The UK actively supports civil society organisations, the media and human rights defenders to help ensure the rights of all Guyanese are respected and protected,” High Commissioner Miller noted.

Meanwhile, Minister of Parliamentary Affairs and Governance, Gail Teixeira, noted that trade in the UK has been “all-time high.”
According to Teixeira, Guyana has been “relentless” in its efforts to foster its business-friendly climate to attract more foreign direct investments.

“The investments between Guyana’s economy are very promising….This is the kind of relationship that Guyana needs to see happening in other countries and it is my ultimate goal to ensure Guyana achieves this level of proactiveness with its partners,” she said.

Given Guyana’s economic trajectory, Teixeira said Guyana is “well placed” for partnerships of its “own unique” approaches to global issues.
“The opportunities exist and we are ready to go forward and focus on areas such as food and energy security as well as tourism and many others. This is an excellent time to be part of Guyana’s transformation,” she said.