In efforts to strengthen relations among Caricom countries, Guyana and Trinidad and Tobago have been urged to take advantage of the market opportunities available in the two countries.
This was the collective call by officials from Trinidad and Guyana as the Trinidad and Tobago Manufacturers’ Association (TTMA) held a seminar aimed at strengthening and forging new bilateral relations between the two countries.
The seminar was held at the Princess Hotel, Providence, East Bank Demerara where the foreign delegation here for GuyExpo met and engaged local stakeholders.
According to TTMA Chief Executive Officer Ramesh Ramdeen, Guyana has a significant amount of goods that can be sold to TT, notably food produce.
“Trinidad and Tobago imports about TT$4 billion and there is no reason why Guyana, and I have always advocated that Guyana supposed to be feeding the entire Caribbean Region. In terms of large manufacturing, in terms of electrical products, we can sell to Guyana and Guyana can sell to us. We can source raw materials, we can source finished products from Guyana and also we can sell some raw materials and finished products to Guyana,” Ramdeen noted.
Foreign Affairs and Trade Minister Carolyn Rodrigues-Birkett pointed out that Caricom has to be self-supportive and build relationships among its member states. He stated that bring his delegation here is not just about looking for market opportunities, but investing in Guyana to build its economy.
President of the TTMA Lok Jack noted that Guyana should be considered the food basket of the Caribbean as he recoginised the need for the agro-processing sector in Guyana to expand.
He went on to say that while there are some issues within Caricom regarding agro-processing, the demand is still there.
“So we are here to find out what are the issues in exporting food to Trinidad and Tobago or the wider Caricom; how can we lend the expertise; how can we help; how can we participate; and how can we move together to help build Guyana and get investment going here,” Lok Jack stated.
Meanwhile, Foreign Affairs and Trade Minister Carolyn Rodrigues-Birkett acknowledged the marketing opportunities available within Caricom for Guyana to tap into.
She said with Trinidad being Guyana’s closest island neighbour, this should foster a stronger bond between the two countries.
“We have the largest land mass in Caricom and Trinidad is one of the large economies in the Region and so our economic relations should be, in my view, one of the most robust in Caricom and so I’m therefore impressed with this collaboration today because it will benefit both of our countries,” the Minister said.
Minister Rodrigues-Birkett pointed out that Trinidad is Guyana’s number one trading partner in Caricom, number three globally and number four among its top five export destinations.
She noted that during the period 2010 to 2014, Trinidad exported to Guyana an average of $330.6 million in products per year while Guyana exported a mere $36.5 million to the twin island republic.
“These figures demonstrate there is a massive trade imbalance between the two countries, and of course in Trinidad and Tobago’s favour,” she mentioned.
Some of the products that Guyana is importing from Trinidad and Tobago are oil and gas, which accounts for 73 per cent of all imports, while the top five imports are cement, cigarettes, beers, aerated beverages, and bars and steel rods.
On the other hand, Trinidad’s top five imported products from Guyana include rice, cane sugar, fish, timber and rum. It also imported a lot of gold bars last year from Guyana.
The agriculture trade opportunities between the two countries have been identified by Agriculture Minister, Dr Leslie Ramsammy.
He noted that if Guyana starts to plant some of the produce imported in the Region, it would be able to tap into markets available in other Caribbean countries.
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