On October 19, 2024, I along with our Chairperson Lou Vouloukos and Director Usha Srinivasan, had the honor of attending the Canada Guyana Chamber of Commerce Gala, a significant event that underscored the strengthening economic relationship between Canada and Guyana. For reference, Guyana is a commonwealth republic that is in the Northeast of South America. Considered a Caribbean nation, Guyana is positioned for astounding growth due to its newfound oil and gas revenues. The evening was filled with engaging discussions about Guyana’s impressive economic growth and the potential for future collaboration.
From a personal perspective, I am of Guyanese lineage and attended the event with the perspective of learning more about their economic impact to Canada and more so, what significance that impact would have to the Brampton business community.
Guyana’s Economic Growth in 2023
Guyana has experienced remarkable economic growth over the past year, driven primarily by its burgeoning oil and gas sector. According to the World Bank, the country’s GDP grew by an astonishing 47.2% in 2023, making it one of the fastest-growing economies globally. Here’s a breakdown of growth across key sectors:
- Oil and Gas: The primary driver of growth, with a projected contribution of over 40% to the GDP.
- Agriculture: Experienced a 6% increase, with significant exports of rice and sugar.
- Construction: Grew by 8%, reflecting substantial investments in infrastructure development.
- Services: Increased by 5%, spurred by advancements in tourism and financial services.
These statistics indicate not only the rapid growth of the economy but also its potential for diversification and resilience.
Guyana: Canada’s Leading Trading Partner
One of the most astounding facts of the evening was that Guyana is now Canada’s leading trading partner in the Caribbean, with bilateral trade exceeding CAD 1 billion in 2023. This robust trade relationship reflects the increasing interest of Canadian businesses in Guyana’s energy and agriculture sectors, as well as the potential for mutual growth.
Future Growth Prospects
Looking ahead, the economic outlook for Guyana remains highly optimistic. The International Monetary Fund (IMF) forecasts continued growth of approximately 30% for 2024, driven largely by ongoing investments in oil production and diversification efforts. As Guyana seeks to balance its resource-driven growth with sustainable practices, opportunities in renewable energy, agriculture, and technology will likely expand, providing a fertile ground for investment.
Advocacy for Free Trade Agreements
Both Guyana and CARICOM (Caribbean Community and Common Market) are actively advocating for a free trade agreement with Canada. Such an agreement would not only enhance trade and investment flows between Guyana and Canada but also create pathways for Canadian businesses to access emerging markets in the Caribbean region. This strategic move could significantly benefit both economies and foster stronger bilateral relations.
Strengthening Ties through Advocacy
The Brampton Board of Trade is interested in learning about the vital role we can play in advocating for continued ties between Canada and Guyana. I believe that the end goal is to have the establishment of a free trade agreement between Guyana and Canada, as well as other leading Caribbean nations and Canada. However, we need to explore how we can get there and what the benefits of having such an agreement would mean to Canada, but more specifically to the Brampton business community. Will Brampton businesses have access to more resources, more agricultural goods from Guyana, or more investment opportunities in the country? Having ongoing discussions with the CGCC and the Brampton Board of Trade will help to answer these questions. However, we should be supporting local businesses in accessing new markets and encouraging economic cooperation. This gala served as a powerful reminder of the opportunities that lie ahead, and it is our collective responsibility to champion these initiatives.
In conclusion, the Canada Guyana Chamber of Commerce Gala was a celebration of the promising economic landscape of Guyana and a call to action for deeper bilateral relations. By working together, we can pave the way for a prosperous future that benefits both Canada and Guyana, and our Brampton business community.
