Friday, March 1, 2024
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HomeBusinessEconomyGuyana – Dominican Republic signs six bilateral agreements

Guyana – Dominican Republic signs six bilateral agreements

GUYANA / DOMINICAN REPUBLIC (DPI) – His Excellency President Dr Irfaan Ali says that the Memorandums of Understanding (MoU) signed between Guyana and the Dominican Republic, on Tuesday will create strong and significant value for both countries, ultimately positioning them as leaders in food and energy security beyond the Caribbean region.

President Ali, who is leading a delegation to the Dominican Republic for an official visit, said the MoUs allow the states to demonstrate their “collective resolve in addressing some of the major crises our region and the world is facing today.”

The MoUs will see bilateral engagements and collaboration in areas of agriculture, tourism, and in the oil and gas industry, including the establishment of an oil refinery, a petrochemical plant and a study for participation in Guyana’s Oil Exploration Block.

He emphasized that the MoUs offer prospects of tremendous value creation that will benefit the citizens of both nations.

“The value creations in these agreements are enormous. The value creation, of course, would lead to job creation. And not only the issue of job creation should be looked at in the value of jobs. But we’re talking about specialized jobs, more highly skilled jobs, that will be created out of these joint initiatives,” president Ali underscored.

This partnership, according to the Head of State, will see the transfer of technology, knowledge, and the integration of markets, food systems and agriculture portfolios. He explained that “there’ll be no conversation on food security, especially in this region, without the two countries being a part of it.”

Similarly, on the energy security front, the Guyanese Head of State said the collaboration between the two countries will allow them to be leaders, forging an alliance through which investment and expertise from the Dominican Republic will finance and support the necessary infrastructure in Guyana.

Explaining the potential benefits of the agreements, President Ali said the energy market will not only be between the two countries and the Caribbean region but will expand to northern Brazil, where there is a substantial market.

“So now, with the technology you have, with the capital you have, and with these MoUs, that possibility becomes very real…”

Meanwhile, the president highlighted that alongside efforts towards achieving these goals, discussions have also focused on security cooperation between the two nations. The Guyana Defence Force and the Guyana Police Force have initiated engagements with their Dominican Republic counterparts to explore opportunities for increased collaboration.

His Excellency was keen to point out that even as several areas for partnerships have been identified, this “relationship is one that will expand – it is one that will grow stronger and stronger.”

He revealed that there has been a significant increase in trade as imports of products between the two countries have been climbing, signalling a positive in the partnership.

Relationship

President Ali noted that the relationship between Guyana and the Dominican Republic “is built on sustainability, resilience, and a thorough understanding as to the challenges we both face, now and in the future, as to countries, but more importantly, as a region.”

The identification of the common values, understanding and the need for advancing development, His Excellency said, are pillars which have led to this accelerated partnership through which the people of both countries stand to benefit enormously.

President Ali highlighted that the Guyanese private sector will benefit significantly from the new partnerships, adding that with the agreements in place, Guyanese businesses will have new access to capital, technology, knowledge, and access to big markets and other opportunities. Another plus for the local private sector, His Excellency said, is “the commitment of both sides to remove all barriers and advance this relationship…”

“… In this new emerging relationship, it is important that we, at the level of government, send the right signal ensuring that both at the government level and the private sector level, we demonstrate a relationship that is built on trust, confidence, and tone that we set is imperative for the joint collaboration of our private sectors,” president Ali stressed.

Working groups have been established with the aim of advancing the objectives set out in the agreements.

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