GMSA President Clinton Williams, High Commissioner David Devine and PSC Chairman Ramesh Dookhoo
Canadian High Commissioner to Guyana David Devine said his aim is to promote Guyana as an investment destination with indications that Canadian exploratory ventures can be three times more than what it is currently over the next few years. Devine was speaking at a business luncheon hosted by the Guyana Manufacturing and Services Association (GMSA) at Regency Suites on November 10.
The high commissioner revealed that as early as February, the Canadian government hopes to establish a mission of key firms interested in partnering in order to build on a key longstanding relationship.
He noted that another Canadian company, CGX, has invested close to C$200 million over the last decade in building infrastructure, conducting exploration, and leading oil exploration opportunities.
In the mining sector, Devine related that Canada has more than 25 firms here exploring the riches that will benefit both economies; he expressed hope that these benefits can be reaped soon.
He mentioned Sandsprings Resources Limited, which signed a US$700 million mineral agreement with Guyana which is expected to run for a 17-year span employing more than 1000 people and producing 250,000 ounces of gold per year. The Canadian official mentioned that additional announcements will be made by Canadian firms of large-scale mining investments which can present exciting prospects in the near future.
Devine pointed out that on the economic side, a partnership between Guyana and Canadian oil and gas services companies will mean a transfer of expertise and information into the Guyanese economy.
The high commissioner explained that with this investment will come, enhanced trade links which will ensure the continued expansion of a dynamic partnership between the two countries.
Devine said that as developing nations find new ways to grow and prosper in a highly competitive world, the future of Guyana seems poised to further take off, with bright prospects in oil and gas, agriculture, mining, services industries and exploration over the next five to 10 years.
However, this transformation will likely be faster than any that has likely occurred before, placing the GMSA in a pivotal role to address the speed of this change, govern how business is conducted, and ensure a prosperous Guyana.
Government has a mechanism to put in place the means to make it happen, but needs to receive assistance from practitioners, business people who work in sectors that are most effective, Devine said. “I see Guyana at a very similar stage in development as the East Coast of Canada a number of years ago, particularly in the area of access to land. Today less than 20 years later, that province remarkably has a highest GDP growth in the country.”
Devine noted that St John’s, the capital of Newfoundland, eastern Canada, which has the same size as Georgetown, is one of 16 world energy cities and has the second highest GDP per capita and the second lowest unemployment rate of any city.
Meanwhile, Guyana Manufacturing & Services Association President Clinton Williams said that Guyana’s cooperation with Canada continues to flourish, with the country’s exports to Canada in 2010 totalling Gy$300 million.
