Guyana firmly positioned as global trade hub

The commissioning of the World Trade Center Georgetown (WTCG) on Friday marks a significant step in Guyana’s evolution from a developing economy into a global player.

This is according to President Dr Mohamed Irfaan Ali, who delivered the feature address at the opening of the new seven-storey edifice.

Located in Kingston, Georgetown, the WTCG offers approximately 37,500 square feet of modern office space. It is the first, and currently the only, World Trade Center in the CARICOM region, positioning Guyana to increase its prominence in global commerce.

President Ali described the WTCG as a signal to the international community that Guyana is ready to play in any league.

“… We must be humble in our development, but we must be ready to show the world that we would embrace the highest standard and we will play in any league that is necessary for the continued growth and advancement of our country,” he said, expressing optimism about the centre’s role in shaping a new economic culture.

The WTCG is expected to be a key driver in Guyana’s ambitions to become a hub for regional and international trade and investment. President Ali said its impact will extend beyond national borders to the wider CARICOM community.

To support this vision, the government is developing an export-ready ecosystem. President Ali cited a major agreement with international company Bloomberg Greens, which will help Guyana’s agro-processing sector meet global standards.

“What Bloomberg Greens will do is to rapidly take our standards to the US standards, so that everything that we do in terms of processing, and value added for agricultural commodity, will immediately be ready for the …global market,” he said.

The partnership will result in the development of a modern agro-processing and food hub at Yarrowkabra, along the Linden-Soesdyke Highway. The facility will meet international standards from the outset, enabling small farmers and processors to participate directly in export-driven supply chains. It is expected to integrate Guyana’s domestic production with markets in Brazil, CARICOM, and beyond.

The WTCG will serve as the anchor for these broader initiatives by offering local businesses access to global networks, capital, and partnerships. President Ali expressed confidence in its ability to elevate small and medium-sized enterprises.

“Let it be a centre of creating, facilitating and empowering not just top corporations, but small businesses trying to take their first step into export markets,” he said.

President Ali also highlighted the government’s commitment to supporting trade expansion through financial system reforms and digital transformation to boost transparency and accountability.

In addition, he announced plans to overhaul the country’s aviation sector, aiming to make it one of the most modern in the region within the next two years, through updated legislation and regulatory frameworks.

The licence for the Georgetown Trade Centre was acquired by Demerara Distillers Limited (DDL) in May 2022. Speaking at the event, DDL’s Chairman, Komal Samaroo, said the WTCG has since reached out to support Guyana’s creative industries.

A study that was completed last year recommended that Guyana’s copyright and intellectual property laws be updated. Samaroo said these activities reflect only a snapshot of the work done.

He also reiterated that the centre is poised to serve businesses across Guyana, especially in the small, medium, and micro-enterprise sectors.

The trade centre will officially open on 21 October, preceding the annual WTCA Members Forum in New York City, which is scheduled to open on 28 October.

WTC Georgetown’s programmes are designed to stimulate and strengthen trade relations between Guyana and the rest of the world. Its main objective is to identify, analyse, and help develop multi-sector business opportunities to promote foreign trade and investment. It will connect Guyanese enterprises to more than 300 trade centres in about 102 countries.

Senior Minister in the Office of the President with responsibility for Finance and the Public Service, Dr Ashni Singh; Minister of Tourism, Industry and Commerce, Oneidge Walrond; National Security Advisor, Gerry Goveia; Chief Investment Officer of the Guyana Office for Investment, Dr Peter Ramsaroop; and members of the diplomatic corps were among the dignitaries attending the commissioning ceremony. (DPI)

President Dr Irfaan Ali speaks at the opening (DPI photo)