PSC seeks tax treaty to strengthen business ties with DR

The Private Sector Commission (PSC) is advocating for the establishment of a tax treaty to facilitate smoother business transactions between Guyana and the Dominican Republic (DR).

In a statement, the PSC said a dedicated working group has been formed to identify opportunities and challenges in trade, investment, and economic collaboration between the two nations.

The PSC also confirmed the conclusion of a high-level meeting with Dominican Republic President Luis Abinader, where discussions focused on enhancing regional trade and finalising the proposed tax treaty. Investment opportunities in Guyana, including agro-processing, mega farming, deep-water port development, and the establishment of a urea plant, were key topics.

The meeting also explored strategies to develop back-to-back tourism products, opportunities for Guyanese businesses to invest in the DR, and infrastructural projects that create backhaul opportunities for construction materials.

President Abinader initiated the formation of a working group comprising representatives from both countries’ private sectors. According to the PSC, the group will serve as a platform for fostering business engagements, addressing regulatory barriers, and improving market access.

Abinader reaffirmed his commitment to supporting the initiative, pledging his administration’s assistance in fostering meaningful partnerships and driving economic growth.

The PSC also emphasised its commitment to expanding economic cooperation with regional partners and turning discussions into concrete business opportunities.

Guyana and the Dominican Republic have already agreed to collaborate on various initiatives. In 2023, both countries signed a Memorandum of Understanding to explore partnerships in the energy sector. They have also discussed promoting their nations as a joint tourism product and partnering on petrochemical fertilisers and the establishment of an oil refinery.

A decision on some of these initiatives is expected soon.

The local delegation included representatives from the PSC, the Guyana Manufacturing and Services Association, the Shipping Association of Guyana, the Women’s Chamber of Commerce, the Georgetown Chamber of Commerce and Industry, the Guyana Oil and Gas Energy Chamber, and other business organisations.