Guyana, India to talk soon on US$50M credit line
Guyana will soon be able to tap into a US$50M credit line from India, according to that country’s High Commissioner, Puran Mal Meena.
The envoy made the disclosure during a business luncheon at the Regency Hotel, Brickdam, hosted by the Guyana Manufacturing Services Association (GMSA), a private sector group.
However, Guyana will have to utilise its current credit lines before talks on the US$50M can commence.
Speaking on India’s growing economy and its relations to Guyana, the official noted that
India was one of the first countries to establish diplomatic relations with Guyana. Bank of Baroda was the first foreign bank to open its branch in Guyana, he said.
A credit line was extended by India in 2004 with the construction of the Guyana National Stadium and solar traffic lights in Georgetown, some of the projects to benefit.
He noted that the supply of irrigation and drainage pumps and construction of the specialty hospital at Turkeyen, East Coast Demerara, are among the newer projects both countries are working on.
There has been training for Guyanese under technical programmes and donations for disaster relief.
Under the Indian Technical and Economic Cooperation programme, Guyana also had the services of Indian experts in the field of agriculture, in spice development and coconut production, among other services.
“We provide full hospitality to the nominees for such training including airfare, living allowance, accommodation. This year we have offered 25 seats to the nominees of Government of Guyana in our technical institutes. We feel that if fully utilised, this might provide a significant pool of skilled technical experts in Guyana who may contribute effectively in developing the technical and economic potential of Guyana. At a multilateral level, India and Guyana are contributing to bring about improvement in the climate change-related effects,” the High Commissioner said of India’s contribution to Guyana.
This year, under the Commonwealth scholarship programme of the Government of India,
10 Guyanese nationals have proceeded to India for their PhD and Post Graduate programmes. “The programmes cover a wide range of disciplines like education, business administration,
structural engineering, horticulture, agriculture, basic sciences, banking and financial
services, management and cyber technology.”
Regarding trade between the two countries, this increased to about US$30M million between 2011 and this year.
According to the High Commissioner, the major products traded are pharmaceuticals, electronic and engineering goods, iron and steel products, plastics, chemicals and wood and wood products. Bank of Baroda has since opened its second branch in Mon Repos, East Coast of Demerara. “Some Indian companies have expressed their interest in investment in the mining and agricultural sectors in Guyana,” the diplomat revealed.
Among those at the luncheon yesterday were several business executives and other diplomats.
“Other possible areas of cooperation would be in the forestry sector, training and cooperation in small business sector, energy and renewable energy, road construction, tourism, water resource management, construction, gems and jewellery, engineering, oil and gas exploration and mining.”
India is said to be the largest democracy in the world with a population exceeding 1.25B.
It’s projected growth has been revised upwards to 6.7% for the current financial year, 2012-2013. The country’s exports is said to stand at US$303B with engineering goods, software, chemicals and petroleum products, textiles, gems and jewellery and leather products being the main contributors to the GDP and to exports.
Meanwhile, according to GMSA’s President, Mohindra Chand, the business luncheons of the organization have seen presentations from representatives of countries from around the world.
He noted that India’s economy has grown tremendously in recent years.