China invested US$180M in Guyana last year – Hinds

Acting President Samuel Hinds on Tuesday evening revealed that Chinese investment in Guyana’s economy for the fiscal year 2013 has tipped the scales at US$180 million.

Hinds was at the time speaking at a reception held at the Chinese Embassy on Mandela Avenue, to mark the observance of the 65th Anniversary of the founding of the People’s Republic of China. He pointed out that this comes as China has managed to maintain a “steady growth momentum” and is now considered to be a “haven of economic stability”.

The acting president noted that China has been a “good friend” of Guyana and over the years, the two countries have enjoyed growing mutually beneficial relations. He said that “Guyana’s infrastructural development continues apace with solid support” from China and Chinese investors.

“Chinese companies have invested in Guyana’s infrastructure and in its forestry and mining sector among other areas, thereby contributing significantly to Guyana’s development and the economic prosperity of our people,” Hinds noted.

China’s Ambassador to Guyana, Zhang Limin noted that since the establishment of diplomatic ties between Guyana and China in 1972, the friendly cooperation has seen significant development. “We have become sincere friends and reliable partners. There were frequent high-level exchanges between our two countries,” Zhang said.

He pointed out that bilateral trade and investment volume has increased year by year, covering areas of natural resources and construction among other things. The Ambassador noted “these projects have played an important role in economic and social development and environment protection of Guyana. Chinese entrepreneurs travelled distances to invest in Guyana, and they have the full support from Guyanese Government and local communities.”

He pointed out too that China is the largest developing country in the world, and this has come about through more than 30 years of rapid development since its reform and opening up policy.

“China has become the largest economy in the world and people’s livelihood has improved greatly; however, we have to keep a sombre mind, that with a big population of 1.3 billion, the per capita Gross Domestic Product (GDP) only ranks around 80 in the world,” Zhang said.

The Government of Guyana has been spending huge sums of money to create a country with a much improved infrastructure base, to propel rapid economic growth and enable better lives for citizens. At the same time, it has been putting in other services to attract both foreign and direct investment which aid in economic development and wealth creation and job opportunities.

But while the country has been experiencing year after year of economic growth, there seems to be a pattern emerging – a coordinated attack on investments in the country.

President Donald Ramotar, in a recent interview with the National Communications Network, said: “That pattern has been shown from the beginning of last year; it’s not a one-off act. How do you explain the non-support of the Amalia Falls, the Specialty Hospital, the expansion of the CJIA (Cheddi Jagan International Airport)?”

Citing the many attempts to vilify any investment plan involving the Chinese as another “clear pattern of attack”, President Ramotar said: “This is extremely worrying, because China has proven to be a very reliable developmental partner, not only to us in Guyana, but to the Caribbean.”

As the president was at pains to explain, whenever queries arise about any investment, the government and investors are, and remain, prepared to provide answers to those enquires. And the fact that comprehensive measures were taken by government to provide details, some of which were highly confidential, to Opposition politicians, who still decided to oppose the investments, raises questions about the true purpose of their actions.