GUYANA will remain engaged with the US Government to maintain and foster a more conducive trade environment with the North American nation and the Caribbean, Vice-President, Bharrat Jagdeo has said.
The Vice-President made those remarks during a recent press conference when questioned on the tariffs that the US, under the Donald Trump administration, is imposing on a few major countries.
He said: “We have to remain engaged with the US government in ensuring that there is, for the Caribbean countries, particularly, a favourable environment for our trade with the US.”
Jagdeo related that the tightening of global trade could have negative effects but in some cases, positives.
However, he made it clear that the Guyana government is examining these events and maintaining its strong ties with the US.
On that note, the Vice-president said the recent meeting between Guyana’s President, Dr Irfaan Ali and US Secretary of State, Marco Rubio was crucial in establishing the Caribbean’s position.
Shortly after the inauguration of the 47th President of the US, Donald J Trump, President Ali emphasised the importance of further strengthening the long-standing relations between Guyana and the US.
In fact, last month President Ali and the US Secretary of State, during a call, discussed regional issues and importantly, under the new Trump administration, the US reaffirmed its support for Guyana’s territorial integrity.
While opposition voices have called for Guyana to transition to a ‘demand-driven’ economy, Jagdeo explained, using economics, that this is difficult for a small country such as ours.
He further explained: “The United States of America, because of its huge processing power, could drive their prosperity and economic growth from internal demand. Even China at the beginning could not have done this. But over the years, China has reoriented from a lot of its export orientation to bolstering domestic demand. And China is a country that has (about) 1.4 billion people. So, they may be able to get more of their prosperity from internal demand.
“Small countries cannot do that. They rely heavily on export markets for their products to enhance prosperity. That is why we have to keep our rates competitive.”
Notably, US companies have invested over US$15 billion into Guyana over the last four years, solidifying the South American nation’s status as a top destination for international investments.
Former US Assistant Secretary of State for Western Hemisphere Affairs, Brian Nichols, had highlighted this achievement during a press briefing last year, reaffirming the tangible outcomes of the strategic partnership between the two countries.
“The strategic elevation of our relationship with Guyana, the fastest-growing economy in the world, provides further proof that these partnerships produce results,” Nichols said while commending the bilateral efforts that have strengthened Guyana’s economy and defence capabilities.
The multibillion-dollar investment is part of a broader collaboration between the US and Guyana, which includes partnerships with US companies, robust defence co-operation through the US Southern Command, and support for key sectors such as oil and gas, tourism, and infrastructure.
Since 2021, US companies have been involved in major projects, from ExxonMobil’s offshore oil developments to luxury hotel investments such as Four Points by Sheraton, and Hyatt Place.
These initiatives align with Guyana’s rapid economic transformation, and are supported by the People’s Progressive Party/Civic (PPP/C)-led government’s push to develop a diverse range of industries, including healthcare, education, and renewable energy.
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Publish date : 2025-02-10 19:35:00
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