Ottawa, CANADA – The Government of Canada, through the Canadian Commercial Corporation (CCC) has signed a Memorandum of Understanding (MOU) with Guyana to facilitate cooperation, participation in discussions and exchange of information related to the procurement of Canadian goods and services.
Signed between Senior Minister within the Office of the President with responsibility for Finance, Dr. Ashni Singh, and Canada’s minister of international trade, Hon. Mary Ng, this MOU represents an opportunity to enhance the commercial and diplomatic relationship between the two countries, for Canadian exporters to increase their presence in Guyana and for Guyana to benefit from Canadian expertise.
“We are very happy that we have been able to conclude this MOU, and we anticipate that will lead to a greater presence of Canadian companies in Guyana and doing business with Guyana. Similarly, we look forward to greater economic and commercial relations in every other regard including Guyanese companies doing business with Canada,” said Dr. Singh.
“The signing of an MOU between CCC and the Government of Guyana reflects the strong commercial relationship between our nations and the opportunities in our trade ties,” said Hon. Ng.
During the trip to Guyana, Minister Ng also met with President Mohamed Irfaan Ali and cabinet ministers for the Ministry of Agriculture, the Ministry of Tourism, Industry and Commerce, and the Ministry of Public Works to discuss next steps to strengthen the trade and investment relationship between Canada and Guyana.
CCC’s involvement in the MOU will enable the Government of Guyana to bring Canadian technology and expertise to the country via government to government contracting and further support its strategic investments in infrastructure and information and communications technologies.
The Canada-Guyana MOU is also good news for Canadian businesses as it will allow them to engage in new business and contract relationships with governments of all levels within Guyana with the support of the Government of Canada.
Guyana has the fastest-growing economy of Latin America and Caribbean (LAC) region. According to the World Bank, Guyana’s economy grew by 72 percent between 2019 to 2021. Guyana’s growth projections are expected to remain positive largely due to the development of a nascent oil and gas sector and spin-off developments, as well as growth in non-oil sectors such as agriculture.
Canada and Guyana enjoy a 58-year relationship and Guyana is Canada’s third largest merchandise trading partners among the Caribbean Community. Canadian mining companies are actively invested in Guyana. Canadian companies are also interested in Guyana’s oil and gas market and there have been several joint ventures and partnerships between Canadian and Guyanese companies in this area. A Canada-Guyana Chamber of Commerce was launched in Georgetown in 2020 to promote trade and investment between the two nations.
Contact us to learn about how you can participate in trade between Canada and Guyana with the support of the Government of Canada.
Quick facts
- Guyana is the third largest of Canada’s merchandise trading partners among the Caribbean Community. In 2021, merchandise trade totaled $238.2 million.
- Exports from Guyana for 2021 are valued at $28.6 million, imports from Canada are valued at $199.6 million.
About CCC
We are Canada’s government to government contracting agency. We help build successful commercial relationships between Canadian businesses and governments around the world through our government to government contracting approach. We are also the Government of Canada’s designated contracting authority for U.S. DoD requirements from Canada. To learn more about how we have facilitated billions in trade between Canadian businesses and governments in over 30 countries, visit www.ccc.ca/en/.
