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by pltm
(PLTM) - Deputy Premier and Minister for Financial Services, Trade & Labour, Hon. Lorna Smith has announced plans to lead a trade mission to Guyana as part of the Territory's diversification plans for business development and growth in financial services and other sectors.
Pointing out that Guyana has emerged as an economic powerhouse, achieving an impressive overall economic growth rate of 62.3% in 2022, Hon. Smith explained that the window for tremendous growth and the potential to make significant impacts in various sectors is wide open due to its infrastructure and technological advancements that lag behind those of more developed nations in the region by nearly 30 years.
"This gap therefore provides an opportunity for businesses to contribute to and benefit from Guyana's rapid transformation, driven by its augmented budget and its flourishing economy," Hon. Smith said during the House of Assembly sitting on Thursday, June 29.
Overall, Hon. Smith said, there is tremendous international interest from parties with capital who wish to invest in projects that will benefit Guyana while yielding impressive returns on investment.
"The BVI's proposed trade Mission to Guyana aims to seize this unique opportunity and establish stronger ties with Guyana, identify mutual growth opportunities, and to foster collaborative and prosperous relationships," Hon. Smith stated.
She explained that the potential benefits of the trade mission could significantly impact BVI businesses, especially in the financial services industry, agriculture and the broader economy, cementing a partnership that promises mutual prosperity and advancement for both territories. According to Hon. Smith, the proposed trade mission to Guyana represents a pivotal opportunity for the BVI to expand its reach in the financial services industry and establish stronger ties with a rapidly growing economy.
"By leveraging the BVI's expertise and track record track record, the Territory can foster fruitful partnerships and position itself as an ideal facilitator for cross-border trade and investment. Madam Speaker, we see this trade mission as having great potential to drive a significant growth for the BVI and foster a mutually beneficial relationship with Guyana," Hon. Smith said.
With reliable and efficient corporate structures supported by professional and legal expertise, Hon. Smith stated that the BVI is well positioned to contribute to the flourishing economic activity in Guyana and noted the significant cultural connection that exists between the BVI and Guyana.
According to Hon. Smith, Guyanese individuals form the third largest immigrant group in the BVI, constituting a significant portion of the BVI's workforce.
With projections from the IMF indicating that Guyana's GDP is expected to grow by 37% in 2023, driven by the discovery of over 11 billion barrels of recoverable oil since 2015, the country is currently attracting significant international attention, regularly hosting delegations from various nations, including the UK, Canada, on trade missions.
"Guyana has garnered global attention and is now recognised as the most promising investment destination in the Western Hemisphere," Hon. Smith stated.
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