Canada was once Guyana’s largest trading partner, but as the South American nation rapidly expands its economy, President Dr. Irfaan Ali believes Canadian investors are not capitalising on available opportunities.
At a Guyana-Canada Business Forum held in Canada, President Ali outlined the key sectors his government is prioritising — from healthcare to energy — and noted that Guyana has attracted significant international interest as it seeks to diversify and modernise its economy. However, he made clear that there is room for a far greater Canadian presence.
"When you look at the power of Canada in hydroelectricity, in grid transformation, the development of smart grids, the development of transmission [systems]— you have enormous experience, you have tremendous liquidity waiting to be deployed — yet in all of the Expressions of Interest [for energy projects], you can't find one Canadian firm," the President said.
He further noted that four foreign companies, including two from the United States of America, have expressed interest in investing in the second power plant slated for the Wales Gas-to-Energy project. Again, however, he flagged the absence of Canadian participation.
“These are areas that you have invested in. You have a competitive advantage, you are strong in these areas,” he contended.
The development of a pharmaceutical industry is another area President Ali believes Canada can provide much-needed support in. Yet, he said, there is interest from the Middle East and the European Union (EU), not Canada.
As Guyana forges ahead with rapid development driven by growth in its oil and gas sector, President Ali remains optimistic that more Canadian firms will seek out opportunities and partnerships. Already, he has engaged Canadian Prime Minister, Mark Carney and the two leaders reportedly discussed opportunities to increase Canadian investment in Guyana in a range of sectors, including energy, technology, agriculture, and mining.
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