Guyana’s economy is undergoing a dramatic transformation, primarily driven by the discovery and exploitation of significant offshore oil reserves. Dominican businesses are seeking to be part of the new prosperity and are investing in large businesses and increasing exports.
During a recent meeting, the Guyanese Chamber of Commerce in the Dominican Republic (GuyanaCham) reaffirmed its commitment to strengthening trade ties between the two nations during the business meeting “Guyana and the Dominican Republic: Strengthening Ties to Promote Sustained Growth.”
The event, attended by Vice President Raquel Peña, along with prominent ministers, ambassadors, business leaders, and GuyanaCham members, focused on investment opportunities in key sectors such as energy, manufacturing, agriculture, and tourism, aligning with agreements signed by both nations in 2023.
Vice President Peña highlighted the transformative alliance between Guyana and the Dominican Republic, which has generated increased trade, investment, employment, and improved quality of life for citizens, fostering sustained growth for both nations. She revealed that in 2024, trade between the two countries surpassed US$97 million, with Dominican exports to Guyana rising from US$15 million in 2019 to over US$64 million last year. The Dominican Republic is exporting fertilizers, raw iron bars and cement, among other products.
Furthermore, Peña noted a 100% increase in Guyanese tourist arrivals to the Dominican Republic and emphasized ongoing efforts to reduce tariff barriers and explore a Bilateral Free Trade Agreement. “We are separated by more than 1,500 kilometers, but we are two nations united by a common vision,” she stated.
Miguel Ángel González, president of GuyanaCham, underscored the chamber’s role in developing joint initiatives and the impact of cooperation in key sectors. He cited milestones such as accompanying President Abinader on a historic business delegation to Guyana and facilitating a reciprocal visit by the Guyanese president and business leaders to the Dominican Republic. These visits led to significant agreements, including the establishment of an air route with Sky High and contracts with the Guyanese government and private sector.
Guyana’s Chief Investment Officer, Dr. Peter Ramsaroop, emphasized the countries’ role in regional economic transformation. “This business meeting reaffirms the commitment of Presidents Mohamed Irfaan Ali and Luis Abinader to build a sustainable and resilient future. The identified areas of cooperation – energy, manufacturing, agriculture, and tourism – reflect the potential of this strategic alliance,” he said.
Isabel Puig, executive director of GuyanaCham, highlighted the entity’s sustained growth since its 2023 inception, noting the significance of President Abinader’s recent visit to Guyana and the chamber’s increasing membership. “In our first anniversary, GuyanaCham has made significant strides, including the historic visit of President Luis Abinader to Guyana. With nearly 60 active members, we continue to grow, reflecting the interest and confidence in our mission to strengthen cooperation and business opportunities between both countries,” Puig stated.
The event featured official messages from Presidents Luis Abinader and Mohamed Irfaan Ali, and a posthumous tribute to businessman Juan Octavio Guiliani for his contributions to trade relations between Guyana and the Dominican Republic.
The meeting also served as a platform to reaffirm collaboration in key areas such as food security, energy production, and industrialization. Both countries are currently working on projects to develop a petrochemical plant in Guyana and create agro-industrial initiatives to leverage Guyana’s agricultural potential for the region’s benefit.
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Presidency
31 March 2025