Jan 29, 2011 News
Chinese companies are getting ready to invest some US$1 billion in various projects in Guyana, Chinese Ambassador, Yu Wenzhe has said.
To date, the total investment from China is over US$100 million in the field of mining and forestry, Ambassador Yu said, and other investment projects currently in the pipe line are worth more than US$1 billion.
The Ambassador was the featured speaker at a luncheon organized by the Guyana Manufacturers and Services Association and held at the Regency Suites Hotel in Georgetown.
He said that trade between Guyana and China continues to deepen and two-way investment is growing steadily. For the first 10 months of last year, this bilateral trade amounted to US$80 million, the Ambassador said.
Ambassador Yu said over the years the scale of Guyana/China trade as well as investment cooperation has been deepening and expanding with ever increasing sectors and varied approaches in cooperation.
Though the trade volume decreased by 20.9% in the year of 2009 as affected by the international financial crisis, the Ambassador said economic and trade cooperation showed strong resilience against the slow recovery of world economy and has recorded a fast rebound, out stepping the pre-crisis level.
According to statistics, Yu said bilateral trade in the first 10 months of 2010 registered a 14% increase. According to the Ambassador, business exchange and contact between the two countries has gained a steady rising momentum.
He cited attendance at the Guangzhou Trade Fair as an example. In 2010, a Guyanese delegation of 34 entrepreneurs attended the fair — a 180 per cent increase in comparison with the previous year.
In addition, there has been growth in investment between the two countries.
Ambassador Yu said that in recent years, Chinese companies have demonstrated increasing interest in making investment in Guyana.
“I am confident that with China-Guyana friendships and our concerted efforts, our business cooperation will reach a new height,” he declared.
“The Chinese Government will continue to encourage and support Chinese entrepreneurs to come to Guyana looking for business and investment opportunities.”
He said China has, to the best of its ability, helped and assisted Guyana in social and economic development.
Over the past 40 years, China has provided about 40 aid funds in the form of grants, interest- free loans and concessional loans to Guyana and written off nine mature debts.
He said, too, that China is grateful to the Government and people of Guyana for the valuable support rendered to us in many areas.
The Ambassador said China-Guyana economic and trade cooperation are based on the principle of equality and mutual benefit, seeking win-win cooperation and common development.
He noted that the friendship between Guyana and China provide a solid foundation for closer economic and trade cooperation.
According to Yu, great potential remains to be tapped and said the business community of the two countries could explore ways and means to further promote opportunities of win-win cooperation.
He said opportunities could be found in China’s massive consumer market. The Chinese government has finalized its 12th Five Year Plan, which determines China’s development landscape for the next five years.
He gave assurance that the Chinese government will work hard to boost domestic demand and modify economic structure.
“I wish that Guyanese businesses will find growth out of the huge demand of the Chinese market.”
On the Guyana Government’s plan to pursue a low carbon development strategy and to transform and diversify the economy, Ambassador Yu said that with their advanced technologies and experiences, Chinese companies could work with Guyanese friends to expand our mutually beneficial cooperation in areas such as finance, agriculture, clean energy, labour, mining and resources and oil exploration, making new contributions to healthy and sustainable economic development for our two countries.
“I believe that we can reinforce our competence through joint venture, service outsourcing, and equipment import,” the Ambassador declared.
He said that the Chinese embassy will continue to do its best to facilitate cooperation and to serve as a bridge between companies of our two countries, but the specific cooperative projects need to be discussed and finalized by enterprises themselves.
To some extent, Ambassador Yu said, business relation is the most important relation and that Guyanese business leaders have a strong influence over the future landscape of China-Guyana business ties.
“I firmly believe that with our joint efforts, the China-Guyana trade and investment cooperation will enjoy an even brighter future.”
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