|TT Chamber’s first Trade Mission to Guyana |
Thursday, July 6 2017
Last month, from June 12 to 13, the TT Chamber embarked upon a Trade Mission to Guyana. The main objective of the initiative was to seek out strategic business relationships to promote the mutual growth and development of both the Trinidad and Tobago and Guyana economies through increased trade and commerce.
Guyana is an emerging economy, rich in natural resources, and strategically located between the Caribbean and South America, with access to key export markets, affordable labour and English as the official language. All things considered, the TT Chamber has found favourable conditions for doing business in Guyana, given the stable macroeconomic policies, attractive investment incentives, and a regulatory environment that does not discriminate against foreign investors.
Thirty-eight TT delegates from 25 companies took part in the Mission, representing the following sectors: ICT, Real Estate Development, Manufacturing, Business Support Services, Financial Services and Educational Services.
The two-day mission was structured in such a way to allow participants to not only engage in Business to Business (B2B) meetings with prospective business alliances, but also, to give them a better understanding of the wider trading and commerce opportunities available in Guyana.
On Day 1 of the visit Guyana’s Minister of Business, the Honourable Dominic Gaskin delivered the Feature Address at the opening ceremony, pledging his government’s and the private sector’s support of trade between the two countries.
The B2B meetings which were arranged by the Chamber, in collaboration with Action COACH Guyana, matched respective TT business representatives with Guyanese companies, based on their specific interest and needs in that market.
Over 100 B2B meetings were hosted over the two days – linking our 25 participating firms with over 60 Guyanese counterparts – fostering potential and actual linkages between the two CARICOM countries.
Trade Mission delegates gained a deeper understanding of the regulatory framework of the Guyanese market through several company site visits.
They met with the heads of the Guyana National Bureau of Standards, GoInvest and the Guyana Chamber of Commerce and Industry. The TT Chamber extends its gratitude to the President of the Georgetown Chamber, for his resourcefulness and responsiveness.
A valuable mix of insights about the general landscape for operating a business in Guyana, advice from key regulatory organizations and personal anecdotal references were at the delegates disposal. For many the mission represented their first interface with Guyana in a bid to explore untapped potential in one of the Caribbean’s fastest-growing economies. Minister of Business Dominic Gaskin gave all assurances that his government, working along with the World Bank, would continue to improve on Guyana’s ranking in the Global Index with respect to conducti ng business. The future looks quite promising for business in Guyana! The TT Chamber would like to thank our corporate sponsors for making it all possible: Republic Bank (Guyana) Limited, exporTT, Caribbean Airlines Limited and the Pegasus Hotel (Guyana); and of course, TT business people who made the trip with us