Durrant Pate/Contributor

Guyanese and Jamaican private sector interests have pledged to increase trade and investment activities between their respective countries following the conclusion of a Jamaican trade mission to the South American petrostate this week.

The announcement was made in a joint press release issued by both parties to the Guyanese media, which did not fully illuminate what type of products might be going in each direction.

In 2022, Jamaica exported $26.6 million worth of products to Guyana. The main products that Jamaica exported to Guyana were refined petroleum ($15.1 million), flavoured water ($1.1 million) and vermouth, which is an aromatised fortified wine, flavoured with various botanicals and sometimes coloured ($1.02M).

Trade between both countries

Guyana exported $101 million to Jamaica with the main products exported to Jamaica being rice ($58.9 million), non-fillet frozen fish ($24.3 million) and fish fillets ($8.34 million). During the last 26 years, Guyanese exports to Jamaica have increased at an annualised rate of 10.8 per cent, from $7.08 million in 1996 to $101 million in 2022.

During the trade million, Guyanese Foreign Secretary Robert Persaud met with Jamaica’s Industry Minister Aubyn Hill, who led the Jamaican export and investment mission in Guyana from May 12-15.

Minister Hill was accompanied by representatives from the Jamaica Promotions Corporation (JAMPRO), Jamaica Special Economic Zone Authority (JSEZA) and Jamaica National Agency for Accreditation.

During the meeting, the two sides underscored the importance of enhancing trade and investment opportunities between Guyana and Jamaica and stressed the need for greater collaboration and cooperation between the private sectors of both countries.

‘Positive step in the right direction’

The visit by Minister Hill and his delegation is seen as a positive step in the right direction in light of Guyana’s economic trajectory explained Foreign Secretary Persaud. Persaud assured that his government is open for investment and is keen on expanding its trade relations with countries in the CARICOM region.

This, to strengthen regional trade and achieve food security. During his visit, Hill met with government ministers, officials and members of the private sector to discuss areas of future collaboration in export, trade and investment.

The next stop in this two-nation tour is Suriname where some 32 business persons indicated interest in the mission. This will be the first ministerial mission to Suriname.

The business missions to Guyana and Suriname is part of an ongoing strategy to lead export-focused ministerial missions to lessen Jamaica’s import-export trade gap and bolster further economic growth.

The Jamaican delegation spans small- and large-scale companies across priority sectors including manufacturing, agro-processing/agribusiness, mining, technology and the services industry.