Maximum benefits for local businesses involved in China’s trade fair anticipated by Minister Bharrat

The mutual benefit of Guyana and China’s economy gains were highlighted on Monday at the
opening of the 130th Canton Fair. The Canton Fair is China’s import and export fair, primarily
organized by China Foreign Trade Centre (CFTC). It was noted that the fair has been adjusted
from three phases to one phase and is now being held both online and offline for five days
(October 15 to 19).
Chinese Officials at this morning’s ceremony, touted the need for China and Guyana to work
even closer and “vigorously” for the growth of economy of both countries. Natural Resources
Minister Vickram Bharrat who is the acting Tourism Industry, and Commerce minister, echoed
these sentiments.
He said that China and Guyana have shared a very lengthy, fruitful and cordial relationship,
dating back to the 1970s. Bharrat noted that China is a main importer of bauxite from Guyana
and one of the largest importers of Guyanese timber. Further, Minister Bharrat said that the
Chinese state-owned company CNOOC owns a considerable share in the Stabroek Block. He
also pointed to the interests of several Chinese companies vying to build Guyana’s new
Demerara Harbour Bridge. The Natural Resource Minister said that events such as the Canton
Fair, further build on the good relationship of the two countries. He commended the coordinators
of the fair for their persistence in making it a reality, even during the global pandemic.
The Minister stressed that given the threats presented by the pandemic, “We have to find ways to
co-exist and to spur economic activity and growth. To achieve this, we must engender a resolute
approach to business.” Minister Bharrat added that the wheels of industry continue to turn during
the pandemic therefore, he welcomed the opportunity for Guyanese businesses to interact
directly with Chinese suppliers without having to set foot on an aircraft.
He noted that Guyana’s economic outlook remains excellent and referenced the recently
published mid-year report which confirmed economic growth in the first half of this year as
14%. The Minister said that given the transformative agenda of President Irfaan Ali government,
this growth trajectory will continue. He projected that as the economy continues to blossom,
demand for products will increase commensurately. The Minister stressed government’s
commitment to 50,000 house lots for Guyanese over the next five years. This, he posited, will
result in greater demand for steel, cement, zinc sheets and other hardware supplies. He said too
that as income increases, there will be greater demand for vehicles and clothing. Therefore, “It is
important that we establish a framework for these types of conversations and the birthing of
business relationships.”
The Minister said that during this fair, local businesses will be given opportunities to better
understand how to trade with Chinese suppliers as well as learn more about potential business
partners. Minister Bharrat urged all businesses to maximise the opportunity to secure the best
possible arrangements. “You have the assurance that this government will continue to work
towards facilitating that enabling environment for private sector growth,” Minister Bharrat said.
He however cautioned that government continues to place significant emphasis on consumer