Guyana Seeks to Expand Trade and Economic Activities with the United States
Dr. Ashni Singh
The Government of Guyana is seeking to expand its current trade and economic activities with the United States to bolster several vital sectors.
Finance Minister Dr. Ashni Singh recently traveled to the United States to meet with several high-ranking officials. Both countries have been partnering in several areas, such as economic growth, trade and development, and security.
Meetings with High-Ranking Officials
A release from the Finance Ministry on the weekend said Singh met with the Deputy Assistant Secretary of the United States (US) Department of Treasury, Michael Kaplan, where he updated Kaplan on recent economic developments and prospects in Guyana and explored opportunities for the two countries to collaborate on matters of shared interest.
The release added that Singh reiterated Guyana’s commitment to facilitating increased opportunities for US companies to do business there.
The Finance Minister also met with Jose W. Fernandez, the United States Under Secretary of State for Economic Growth, Energy, and the Environment, and Geoffrey R. Pyatt, the Assistant Secretary of the Bureau of Energy Resources.
During those meetings, the discussion focused on avenues for closer cooperation in advancing the agenda for economic growth, including energy security, human capital development, and pandemic preparedness in the context of the Economic and Health Dialogue of the Americas.
Gas to Energy Project
The Government has also been looking to the US EXIM Bank for support on the Gas to Energy project.
The Government is still awaiting approval for its US$646M loan request from the EXIM bank.
“Guyana makes further steps into commencing its major Gas to Energy project, Dr. Singh met with the Senior Advisor to the President and Chair, Larry T. Decker, and other senior and technical officials of the Export-Import (EXIM) Bank of the United States (US) in Washington DC. where discussions surrounding the Bank’s support towards the transformational project, which, when completed, is expected to significantly reduce electricity costs, increase the competitiveness of other industries, and reduce the nation’s reliance on heavy fossil fuels.
During that meeting, Singh also expressed appreciation to the Bank for their continued support of Guyana and reiterated that the Government dramatically values “its relationship with the Bank,” the release stated.
Trade and Investment Partnership
The Finance Minister also met with the Assistant United States Trade Representative for the Western Hemisphere, Daniel Watson, where discussions centered on enhancing the trade and investment partnership between the US and Guyana, with the Finance Minister emphasizing that the US continues to be one of Guyana’s most significant trading partners, and reiterated Government commitment to maintaining a solid institutional environment, and a favorable macroeconomic environment conducive to US companies doing business in Guyana.
Conclusion
Guyana’s efforts to expand its trade and economic activities with the United States are expected to have a positive impact on the country’s economy and growth.
FAQs
* What is the purpose of Guyana’s trade and economic activities with the United States?
+ To bolster several vital sectors and promote economic growth.
* What are the key areas of focus for the trade and investment partnership between the US and Guyana?
+ Economic growth, trade and development, and security.
* What is the Gas to Energy project, and what is its expected impact on Guyana’s economy?
+ The project aims to reduce electricity costs, increase the competitiveness of other industries, and reduce the nation’s reliance on heavy fossil fuels.