Guyana, Dominican Republic to benefit tremendously with signing of six agreements

The governments of Guyana and the Dominican Republic signed six agreements aimed at enhancing collaboration in several areas and building on available opportunities.

President Dr. Mohamed Irfaan Ali and a delegation from the local private sector witnessed the signing which took place in the Dominican Republic.

The agreements within the oil and gas industry will see the establishment of an oil refinery and petrochemical plant, and a study for participation in Guyana’s oil exploration block.

Dr. Peter Ramsaroop, Chief Investment Officer, and Biviana Riveiro, Executive Director of PRODOMINICANA, formally signed the initial memorandum of understanding (MOU) between the two investment agencies.

This agreement is aimed at bilateral investment relations. The primary goal is to facilitate foreign direct investment by providing practical investment information to companies, acknowledging that both countries are open to foreign investment, as outlined in their laws, procedures, and international agreements.

Other representatives of both countries signed the other agreements.

President Ali noted that both countries will tremendously benefit from each other, as opportunities will be sourced for both sides and will position them strategically.  

“These MOUs that we signed today will be positioning us as two countries, demonstrating our collective resolve in addressing some of the major crises that our region and the world are facing today. The food crisis, the energy crisis and the climate crisis,” he underscored.

A number of high valued jobs are also expected to be created.

The MOU for the establishment of the petrochemical plant will enable the two countries to target the market in Brazil.

Further, the head of state noted that Guyana is eyeing the exportation of its aquaculture products to the Dominican Republic.

“Our local private sector will benefit enormously from this because they will get access to capital, technology, knowledge…they get access to big market or huge market,” he stated.  

The two countries also aim to enhance their cooperation and will team up to market their tourism products.

President Ali said Guyana will not limit its partnership with the country, since other areas for collaboration also exist.

As two nations known for their commitment to growth and regional collaboration, these MOUs serve as testament to their shared goals of fostering mutual investment opportunities and economic development. The specifics of the agreements will further support joint initiatives and endeavours that advance the interests of both countries.