The growing potential for Indo-Guyanese trade ties took a step forward with a high-level business delegation meeting the Prime Minister of Guyana.
The talks between top officials of Engineers India Ltd (EIL) along with EKAA Hrim Earth Resources and Indo Guyana Chamber of Commerce (IGCC) and Prime Minister Brigadier (Ret’d) Mark Anthony Phillips, aimed at strengthening the investment and trade potential between India and Guyana and enhancing the economic and cultural relations between the two countries.
EIL Director Atul Gupta, Executive Director Subhas Balakumar, and Country Manager Vaishagh Menon, along with officials from EKAA Hrim Earth Resources and IGCC met the Prime Minister on July 13 at the Office of the Prime Minister, Georgetown, Guyana.
During the meeting, IGCC Joint Secretary Sreebalakumar highlighted areas of co-operation between the countries for all-round expansion and underscored the growing potential of public-private sector participation to further strengthen economic development.
The meeting comes amidst growing international interest in Guyana that is rapidly evolving into a global investment hub. According to the IMF, Guyana’s economy registered an estimated annual GDP growth of a remarkable 62.3% in the year 2022.
By the end of 2023, Guyana is expected to mark an extraordinary milestone with a projected 100% increase in its Gross Domestic Product (GDP). Under the leadership of President Dr Mohamed Irfaan Ali, the government of Guyana has laid out an ambitious master plan for a steady economic development and cultural and social transformation.
In light of this promising development, IGCC Secretary Saju Bhaskar drew attention to the rich history of cooperation and partnership that India and Guyana shared.
Saju Bhaskar, who is President and Founder of the Texila American University Consortium, said: “As Guyana is on the verge of becoming one of the largest per capita oil producers in the world by 2030 and is among the fastest-growing economies in the world, the growing collaboration between India and Guyana can be beneficial for both countries.
“We firmly believe that IGCC can play a critical role in boosting trade and investment between the two countries andserve as a platform forbusinesses in Guyana and India to connect, network, operate and support the economic growth of the two countries,” he said.