President of the Georgetown Chamber of Commerce and Industry (GCCI), Mr. Deodat Indar, delivered featured remarks to members of the Barbados Chamber of Commerce and Industry (BCCI) on February 27, 2019 at its “Doing Business in Guyana” Breakfast Meeting.
The event was as a collaborative effort between the BCCI and the GCCI with the aim of strengthening bilateral trade between the two sister CARICOM States – Guyana and Barbados. The event also served as an opportunity for the two business support organizations to examine areas of mutual interest with a view to establishing strategic partnerships within the private sector.
The GCCI President delivered a comprehensive presentation to members of the BCCI which outlined critical information pertaining to the work of the GCCI and its counterpart, the Private Sector Commission of Guyana (PSC); Guyana’s economy; tips for navigating Guyana’s business environment; relevant laws and taxes; an overview of the oil and gas sector; and, most importantly, opportunities for investment.
He also urged the BCCI to take advantage of opportunities for investment in Guyana as the country’s economy is positioned to grow exponentially in the next two decades with the expansion of the oil and gas sector. According to Indar, areas for collaboration between Barbados and Guyana exist within the industries of tourism, manufacturing, agriculture, renewable energy and services, noting that Barbados is well positioned to provide training in the hospitality Sector to Guyanese, which would substantially benefit the tourism and oil and gas sectors here in Guyana.
Minister in the Ministry of Foreign Trade of Barbados, Honourable Sandra Husbands, stated that that the Barbados government is adamant about pursuing bilateral agreements with Guyana, and pledged the support of the Ministry in that regard.
In his remarks, Executive Director of the BCCI, Carlos Wharton, noted that Barbados stands to benefit from improved trade relations with Guyana, particularly in the area of food imports. Wharton stated that Barbados imports the majority of its foods from extra regional sources, and improved trade with Guyana would provide an opportunity for the reduction of the country’s food import bill. In a quest to expand and deepen bilateral trade, the BCCI and the GCCI have agreed to a MoU to formalise their partnership so that their members can quickly commence working together.
The BCCI has also signaled its intention to organise a trade mission to Guyana in the coming months. The GCCI was well received by the BCCI and the Government of Barbados. Both Chambers have expressed optimism as they seek to further establish linkages, and deepen trade and investment between the two countries.