October 15-17: Guyana, Suriname parade their petro credentials on the global investment stage

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If the issue of jurisdiction over the Corentyne river has a tendency to surface, sometimes at the most awkward moments, what is now the ‘common denominator between the Guyana and Suriname is their discovery of world class oil deposits, a matter of a few years apart and the role that has played in developing a common agenda between the two countries.

The focus these days, for both countries, is on seeking to maximize the use of their oil resources to present an enhanced socio-economic image to the international community, but before that, to alter the impoverished condition that the two have to endure for years.

Guyana having been the first of the two to reap the benefits of its oil bonanza can be said to be ahead in the race for petro prosperity, though there is manifest evidence that Suriname, since the French Company TOTAL confirmed that Suriname, too, was ‘in the running’ for ‘big time’ returns from the oil and gas industry, has begun to chomp at the bit of ‘going places.’

Suriname President Chandrikapersad Santokhi Setting aside the sense of diligence on the parts of the political administrations in both Georgetown and Paramaribo and Georgetown in responding to their respective oil bonanzas, the private sector, on both sides have been ‘piggy-backing on the wider momentum arising out of the two countries’ petro fortunes.

For both countries there is much to be gained from the recently announced October 15-17 Inter-national Business Confer-ence scheduled to be held at the Marriott Hotel in Georgetown from October 15th-17th.

The significance of the forum reposes in the fact that what are now the two leading investment destinations in the region are sitting down together, along with their private sectors to attempt to take the process forward.

Recently, Head of the Guyana office for Invest-ment (GOINVEST) Dr. Peter Ramsaroop announc-ed that more than 550 businesses from both countries and further afield have registered for the Conference out of which is expected to come some of more significant business and investment-related decisions to have come out of deliberations on this nature at the level of the private sector..

While the state authorities in both Georgetown and Paramaribo will have a vested interest in the proceedings, the organizers would appear to have gone to some trouble to underline the fact that the October 15-17 event will be a largely private sector affair, understandably so, with the various private sector bodies in both Georgetown and Paramari-bo keen to use the opportunity to secure he attention of the international business community.

Dr. Ramsaroop is quoted as saying that the forum promises to provide networking opportunities, market intelligence and unmatched exposure to business prospects in Guyana. He also asserted that “from a Guyana perspective” the forum “fits I with the country’s goal of making Guyana “a conference destination, to [build capacity] …and [to find opportunities within] all of the transformation projects that are happening within Guyana.”

Suriname, one expects, will also been keen to have its own entrepreneurial image burnished by its ‘front burner’ participation in the event.

From the perspectives of both countries the staging of the forum promises to open up unprecedented networking opportunities within and outside the region, to create a sound market intelligence regime and to provide opportunities for easy access to business opportunities in both Georgetown and Paramaribo.

Building bridges between Guyana and Suriname arising out of their shared interest in using their petro resources to attract development-related initiatives to both countries would be one of the key hoped-for outcomes to the forum. Simultaneously, the attendant business-to-business collaboration that is expected to derive from the forum is expected to have a knock-on effect on bilateral relations between the two countries at the levels of both their individual Chambers of Commerce as well as at the business to business level.

As hosts to the forthcoming forum, Dr. Ramsammy reportedly used the preliminary event to blow Guyana’ trumpet as a hub for economic activity in Latin America and the Caribbean region emphasising that this is a key factor to make Guyana a haven for quality investments.

“We’d like to tell the world that it’s not just about Guyana. The fact that we are sitting close to Northern Brazil which is landlocked, we’re actually a part of CARICOM…so investments across the region is important,” the GO-INVEST Head is quoted as saying.

At the same forum Suriname’s Ambassador to Guyana, Liselle Blankendal reportedly highlighted the strong relationship between the two countries, asserting that the forthcoming event will serve to consolidate what is already a firm foundation.

“The IBC plays a critical role as a platform for fostering international partnerships, attracting investment opportunities…[and] it serves as a vital meeting point for diverse stakeholders – government officials, industry leaders, entrepreneurs and inves-tors who come together to share insights, explore synergy and create avenues for sustainable development,” the Ambassador explained.

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