Guyana, India advance economic partnership with new agreements, investment opportunities

Guyana’s strong economic growth and expanding investment opportunities make the country an attractive destination for investors and businesses.

This is according to High Commissioner of India to Guyana, Chinmoy Naik.

“Given the economic growth rates of Guyana, this is the place to be. This is the place where investors should come. This is the place where trade and businessmen should come,” he said.

The high commissioner was speaking on Friday evening at the commissioning of Bank of Baroda’s new premises in Georgetown, where he highlighted the expanding economic partnership between Guyana and India.

He noted that recent agreements and growing investment opportunities reflect both countries’ commitment to strengthening bilateral cooperation and supporting Guyana’s development.

Commissioner Naik said the commissioning comes at a timely moment, following the recent visit of India’s Minister of External Affairs, Dr Subrahmanyam Jaishankar, and bilateral discussions with President Dr Mohamed Irfaan Ali.

“As part of our bilateral partnership, we want to work more with His Excellency and his administration to see how we can contribute more to the development and growth of Guyana,” he said.

During those recent engagement, three memoranda of understanding were signed covering the introduction of a Unified Payments Interface (UPI)-like payment system, Quick Impact Projects and cooperation in small and medium-sized enterprises.

The high commissioner also remarked on the announcement of a US$500 million line of credit, describing it as a significant development in the countries’ growing relationship.

“This is, I think, a very big deal, and this is not the last one. We’ll have many more coming up, but what it shows is that we are moving in the right direction,” Commissioner Naik said.

Commissioner Naik noted that Indian companies are already involved in Guyana’s road construction, mining and trading sectors, adding that stronger banking and financial services could encourage further investment.

“With more presence, with more branches, and seeing this kind of investment, long-term commitment, they would be encouraged to come here and invest more,” he said.

The high commissioner said Bank of Baroda’s continued presence in Guyana will help facilitate growing trade, investment and innovation between the two countries.

Meanwhile, Managing Director and Chief Executive Officer of Bank of Baroda, Dr Debadatta Chand, reaffirmed the institution’s long-term commitment to Guyana, reassuring that the bank intends to expand its support for agriculture, agro-processing, renewable energy and small and medium-sized enterprises.

The bank, which commenced operations in Guyana in 1966, also plans to strengthen its digital banking, trade financing and remittance services, while supporting financial inclusion and the country’s expanding economy.

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