Growth & Jobs | Jamaica seeks to expand trade with Guyana amid economic boom
Delegation dispatched to seize business opportunities in CARICOM neighbour
Published:Tuesday | October 4, 2022 | 12:06 AM
JAMAICA HAS dispatched a delegation comprising public- and private-sector interests to scout for business opportunities amid the projected economic boom in Guyana.
The International Monetary Fund (IMF) has projected overall real GDP growth for the Guyanese economy to be 57.8 per cent in 2022. The massive GDP growth is expected to be fuelled by developments in the CARICOM country’s nascent oil and gas sector. However, the IMF projected that the non-oil economy will record impressive growth as well at 7.7 per cent. This will be driven mainly by rebounds in rice production, gold mining, and the continued expansion in construction activity, wholesale/retail trade and repairs.
The Jamaican delegation, which is visiting the Guyanese capital from October 2 - 7, is led by Industry, Investment and Commerce Minister Aubyn Hill.
According to Hill: “Jamaica and Guyana have a shared history of good bilateral relations. With both our nations currently experiencing economic growth, strategically there are many mutual benefits to be explored on this mission to Guyana, where regional collaboration and partnership will be central to the business engagements of the mission.”
Key areas identified by Hill for collaboration include agribusiness, financial services, infrastructure, manufacturing and professional services.
“The mission will cement business-to-business partnerships that will drive cross-border transactions in both investments and trade, of mutual benefit to Jamaica and Guyana,” he said.
During a briefing session held prior to the departure of the delegation to Guyana, Hill emphasised the urgent need to grow Jamaica’s export trade to boost economic growth.
Steven Gooden, CEO of NCB Capital Markets Limited, which supported the Guyana mission, said: “This mission to Guyana is indicative of the kind of public-private sector engagements needed to drive nation-building and grow the Jamaican economy. Ultimately, the commercial benefits will be widespread. Collaboration with our Guyanese counterparts will also enhance commerce, investments, and trade in the Caribbean. NCB Capital Markets Limited is delighted to play a part in this undertaking and looks forward to the significant benefits it will yield for both regions.”
Diane Edwards, president of JAMPRO, said: “This mission is outcome-oriented, ensuring that focus is given to enable tangible benefits from the mission through strong business matchmaking activities to seal revenue opportunities for the future. The great regional challenge for 2022 is to consolidate the economic recovery of the region and lay the foundations for more inclusive inter-Caribbean growth.”