High Interest In Doing Business With Guyana at World Trade Centers Association Forum In New York

NEW YORK – There has been significant interest in doing business with Guyana among attendees at the World Trade Centers Association (WTCA) Members’ Forum in New York.

World Trade Center Georgetown, Guyana is among the latest centers to be set up. The center was highlighted at the opening ceremony by WTCA Chairman, John Drew. Drew indicated that the license holder, Demerara Distillers Limited comes to the organization with enlightened vision. Plus, interesting perspectives at a time when businesses face significant challenges. Especially, with global trade and supply chain issues.

Guyana’s Growing Economy

DDL Chairman Komal Samaroo in his profile of Guyana to delegates representing more than 50 countries pointed out that Guyana is today the fastest growing economy. The growth in 2022 is projected at 47.5 per cent. This is fueled mainly by its emerging oil and gas sector.

“It is against the backdrop of Guyana’s rapidly expanding and transformational economy that DDL took the decision to pursue a license for a WTC in Georgetown, Guyana. Growth in the economy has opened new opportunities for expanding trade and increasing investment, Samaroo said.

He added that “DDL firmly believes that the World Trade Center in Guyana will play a critical role in creating the necessary links and contacts to expand, for mutual benefit, Guyana’s global trade and investment opportunities.”

Trade and Investment Relationships

World Trade Center Georgetown has joined the Latin American Council of the WTCA which has the potential of opening new trade and investment relationships with businesses in this region. This takes on particular importance given the recent trend of moving towards near sourcing and onshoring of supplies, occasioned by disruptions in traditional supply sources.

The DDL delegation held a meeting with former Columbia Trade Minister Carlos Ronderos who now coordinates the work of the WTCA Latin America group. There is to be follow up on new strategic initiatives to enhance trade between Guyana and key countries in Latin America. Mr. Ronderos is expected to visit Guyana early next year.

Discussions were also held with a team from WTC Toronto, Canada about standardized training and education modules that would better prepare Guyanese companies to be trade ready and to take advantage of export opportunities.

The DDL team also held bilateral meetings with delegations from Brazil, Uruguay, Mexico, India, France and Ireland.

The forum heard a presentation on Africa from the chairman of World Trade Center Accra, Ghana. They will host next year’s WTCA General Assembly, April 23-26.