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|Great potential for more American business, investment here|
|Written by Telesha Persaud|
|Tuesday, 03 April 2012 20:44|
-US Ambassador Brent Hardt
UNITED States (US) Ambassador to Guyana, Brent Hardt believes that there is a lot more untapped potential which could bring American business and investment to Guyana, and has thus pledged to work with this country in supporting this kind of growth. Hardt made this disclosure while delivering the feature address at the 122nd Annual General Meeting of the Georgetown Chamber of Commerce and Industry (GCCI) Incorporated, at Duke Lodge, Kingston, Georgetown.
In 2011, Guyana traded more with the United States than with any other country in the world. It exported US$424.5M of goods to the US, while importing US$363.5M of US goods – a trade surplus for Guyana.
Guyanese products such as apparel knit with American-made material, sugar, seafood, fruit, and other agricultural products continue to enjoy duty-free access to the US market under the Caribbean Basin Trade Partnership Act, which was extended to 2020.
American companies such as Atlantic Tele-Network, part owner of Guyana Telephone and Telephone; Seaboard Corporation, the owner of the National Milling Company of Guyana; and Delta Airlines are some of the US based companies currently operating in Guyana.
“Other American franchises such as Pizza Hut, United Parcel Service, and Federal Express show that Guyanese entrepreneurs and American business can partner productively,” Hardt observed.
As Guyana develops its oil and gas resources in the Guyana-Suriname basin, Hardt noted that the US is already working in partnership to prepare the ground for solid and sustainable development of these resources by providing technical assistance under the Energy Governance Capacity Initiative (EGCI).He explained that EGCI supports the development of effective revenue management and oil industry oversight.
One month ago, Hardt said the U.S Embassy facilitated a workshop on managing offshore oil and gas resources, which focused on balancing revenue streams, while maximizing the potential of the oil reservoir.
“Guyanese and U.S government representatives participated in a very productive exchange of ideas on how to manage this potential resource. In the long term, if oil and gas are found, this partnership can help shape policy and operational framework to ensure that this potentially high value sector contributes to broad-based economic growth and prosperity,” he said.
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