Guyana Eyes Brazil Market with A Planned Petrochemical Plant

• Guyana will soon be positioned to become a supplier of agrochemicals and the country has already set its sights on a lucrative market in Brazil.
• On Tuesday, August 8, during a bilateral meeting in the Dominican Republic, representatives from Guyana’s private sector signed several Memoranda of Understanding (MoUs); one of the agreements is for the establishment of a petrochemical plant in Guyana.
• President Dr. Irfaan Ali who led the private sector delegation at a conference shortly after the agreement was signed said that once the project comes to fruition, Guyana could supply agrochemicals to its neighbouring country Brazil.
• Agrochemicals are pesticides, herbicides, or fertilisers used for the management of ecosystems in the agriculture sector. Notably, the agrochemical market in Brazil was valued at US $13.5 billion in 2019.
• “Northern Brazil is a high consumer of agrochemicals and they require it from all over the globe. It would take them a very long time for transport and logistics. With an investment like that in Guyana, in 48 hours, we can be in the market,” Ali said.
• According to President Ali, as the two countries continue to solidify their partnerships, the people of the respective nations are set to benefit. “The value creation in these agreements is enormous.” The agreement is set to lead to job creation, particularly in specialized and highly skilled jobs which would lead to higher wages for some citizens.

(Source: Guyana Chronicle)