Latest update April 19th, 2024 12:59 AM
Mar 03, 2012 News
The Chinese government has granted Guyana a further 45 million Chinese Yuan
(US$7.1 million) in aid as it looks to boost investment and increase trade.
Yesterday, Zhong Shan, the Vice Minister within China’s Commerce Ministry, signed two agreements with Finance Minister Ashni Singh to give effect to the aid. Officials said that 15 million Chinese Yuan will go towards the provision of fire-fighting equipment while the other 30 million Chinese Yuan will go towards projects that are still to be determined.
On his visit to Guyana, Shan, who also serves as China’s Deputy International Trade representative, met with President Donald Ramotar and held formal talks with the Finance Minister and other key officials.
Since it established relations with Guyana four decades ago, China has provided a total of 1.4 billion Chinese Yuan for development in various areas, Shan stated.
He said that among the main reasons for his visit was seeing an expansion of trade and investment between Guyana and China.
Shan said that the Chinese government is encouraging companies with good technologies and the capital to invest in Guyana. He suggested that Chinese companies employ the best technologies in building roads and bridges, and in mining and new energy.
He also noted that the Chinese would be interested in cooperating with Guyana in finance, tourism and agriculture.
Shan said that the Chinese market is opportune for Guyanese products and he announced that China is ready to import all products from Guyana.
In the next four years, the diplomat said China would import US$8 trillion worth in goods from around the world and Guyana could take a bite out of that market.
Total investment from China has been over US$100 million in the fields of mining and forestry and several other investment projects are being explored. At the start of last year, Chinese Ambassador Yu Wenzhe estimated that such investments could amount to almost US$1 billion.
For the first 10 months of 2010, bilateral trade amounted to US$80 million.
The trade volume decreased by 20.9 percent in the year of 2009 due to the international financial crisis, but it bounced back in 2010.
Business exchange and contact between the two countries has also gained a steady rising momentum.
In 2010, the Guangzhou Trade Fair attracted a Guyanese delegation of 34 entrepreneurs.
Please share this to every Guyanese including your house cats.
Apr 19, 2024
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