Guyana Singled Out As ‘High Potential Business Partner’ For European Companies  

 

• Guyana’s promising business openings with its newfound oil wealth have resulted in an influx of foreign investors scoping opportunities to make a big investment in the country. Those breaks have mostly been seized by investors from the United States of America, Canada, the United Kingdom, China and other big countries across Europe with new interest from Africa, Asia and the Middle East.
• However, the tiny European nation of Austria has its sights set on the opportunities in Guyana. Dr Andreas Schmid, the Austrian Trade Commissioner to Guyana, has announced his plans to organize a trade trip for Austrian businesses to visit Guyana in 2023, saying that "Guyana is a high potential commercial partner for Austrian enterprises.”
• Dr Schmid stated that Austria is not keen on the opportunities in the oil and gas sector, but noted that Guyana "is truly on a growth path with sustainable development. As a result, Austria serves as a capable partner in assisting the expanding economy because the nation has a dependable market and technological partners in a variety of industries”, the Trade Commissioner stated.
• Although bilateral trade exchanges between the two states have been small in the past and further setback by the COVID-19 pandemic, the Trade Commissioner believes that projects such as the hospital and the first-time import of Guyanese oil to Austria in 2021 were a positive outlook for improved bilateral trade.
• Guyana’s bilateral trade has also increased in recent years with other countries such as the USA, Canada, China, and India. There have been other trade missions, including one from Canada earlier this year, and the establishment of several joint business chambers with the support of governments to increase business activities.

(Source: Newsroom)