President at GuyExpo in Bridgetown...
Huge investment potentials between Guyana & Barbados
By Shirley Thomas
Guyana Chronicle
March 1, 2004
President Bharrat Jagdeo has said he feels there are huge potentials for bilateral trade and investment between Guyana and Barbados, and has urged the two nations to work towards building a new beginning.
And Prime Minister of Barbados, Mr. Owen Arthur who seems equally optimistic about the new path ahead for the two nations, last week promised to lead a trade mission to Guyana to look at investment possibilities here.
Prime Minister Arthur referred to Guyana as a friendly nation and said he thinks that whatever differences existed between the two countries, such as difficulty experienced by Guyanese at Barbadian ports of entry, should be resolved.
These sentiments were expressed by the two leaders over the weekend when the Guyana Office for Investment (GO-INVEST) held a massive three-day exhibition of Guyanese products at the Grand Barbados Beach Resort, Aquatic Gap, St. Michael, Barbados.
President Jagdeo, who delivered the feature address at the opening of the Trade exposition, was eminently delighted and satisfied with the high quality and the competitiveness of the items showcasing Guyanese skills and ingenuity.
He also gratefully acknowledged the massive show of support for the event by the hundreds of persons who daily visited and viewed the exhibits and indicated their interest in forging business alliances very soon.
Of the Barbadian delegation's impending visit to Guyana, President Jagdeo told the Barbadian Head of State: "We have an exciting path together... Our two countries have a tremendous potential to overcome the past and look to the future. I want to assure you that if you come to Guyana you will be warmly welcomed by the government."
President Jagdeo also urged Guyanese to play their part in improving relations between the two sister Caribbean countries.
Barbadian government officials and Executives of the Barbadian and Guyanese private sector among others at the opening of Guyana's three day trade Exposition in Barbados,
Alluding to the Economic Zone treaty signed between Guyana and Barbados President Jagdeo is looking forward to the two countries building 'a new beginning', adding: "I think there are huge potentials for bilateral trade and investment between the two nations."
President Jagdeo explained that the treaty had been in negotiations for the past two years and he and Prime Minister Arthur signed the agreement. He outlined that the cooperation treaty is based on international law - the law of the sea.
He said that the treaty provides for an overlapping in maritime areas between Guyana and Barbados, and there will be several regimes of co-operation. For example there is a joint fisheries licensing arrangement; a joint commission for the exploration of non-living resources such as oil; security arrangement which will allow for a joint policing area against drug-trafficking and other matters.
The Guyanese Head of State made it clear that the economic zone agreement between Guyana and Barbados had nothing to do with the current issue between Trinidadian and Barbados.
"There is no conspiracy between Guyana and Barbados to harm Trinidad's interests," President Jagdeo affirmed.
On the other hand, Go-Invest has plans to take a similar Trade exposition to Trinidad and Tobago in the near future. Honorary Consul to Trinidad and Tobago, Mr. Ernie Ross, said he was extremely impressed with what he had seen, and the overwhelming support the exposition attracted.
For him, the chances of having Guyana's products marketed in Trinidad and Tobago are very high. He disclosed that, on return to Trinidad he will be meeting with a group of Trinidadian businessmen to sensitize and prepare them.
Recalling the last furniture exhibition Guyana staged in Trinidad, Mr Ross said that he is of the view that, what Guyana needs to hone in on is its entrepreneurial skills - marketing and advertising for example, in order to get the best out of the effort.
Meanwhile, Prime Minister Owen Arthur's who also addressed the opening ceremony gave a commitment to encouraging Barbadians to treat Guyanese better, and removing obstacles, which affect Guyanese travelling to Barbados.
The Prime Minister said he hoped that the trade fair would be successful, and that it would open the eyes of Barbadians to what Guyana has to offer. "I now get the feel and sense the energy of what is now happening in Guyana in terms of new products..." he said.
Noting that there are several opportunities for investment in the private sector business in both Guyana and Barbados, the Prime Minister who described Guyana as the "the economy of the future of the Caribbean", said that these should, by and large, redound to the benefit of the consumers, in terms of better products and prices.
He noted that the relationship his country shared with Guyana is based on respect for Guyana's territorial integrity and respect for the people of Guyana. "At the end of the day we have one goal to consider... respect for territorial integrity," he stated.
The Prime Minister urged that, whether the investment identified are products or services, it is important to ensure that relationships built can stimulate investment to promote production and to build better economies.
Throughout the three days of the exposition, from ten hours to 22:00 hours there was a constant flow of keenly enthusiastic viewers drawn from among the Barbadians nationals, tourists, sister CARICOM nationals and Guyanese living in Barbados as well.
The support was overwhelming and Prime Minister Owen Arthur, key Barbadian political figures and members of the business community were among those lending support to the venture.
During meetings between the two leaders, several initiatives were discussed, and Prime Minister, Owen Arthur readily promised to lead a mission to Guyana to look at investment possibilities there.
The Prime Minister of Barbados also assured President Jagdeo that all systems will be put in place to ensure Guyanese products entering Barbados do so hassle free.
On Saturday President Jagdeo met with another group of businessmen in Barbados, who expressed an interest in setting up a distribution company here in Guyana very soon.
President Jagdeo is optimistic that this can come on stream almost immediately, adding that already people are making contact, and this did a lot for Guyana, in terms of image.