President challenges EU trade mission to invest here

President challenges EU trade mission to invest here

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President Irfaan Ali yesterday said that Guyana is a great business-oriented environment for European countries to invest in and capitalize on opportunities, in the wake of the country’s rapid economic development over the past year.

He made the pitch during the inaugural European Union (EU) Global Gate-way Economic Mission at the Marriott Hotel, Kingston, Georgetown, where 23 companies are scouting for opportunities here. The EU trade mission include companies such as Nokia and Siemens.

Ali noted that Guyana’s total trade with the EU, between January 2017 and September 2023, amounted to US$11 billion. Importantly, the President disclosed that this trade increased by 778% between 2021 and 2022, an increase from US$614 million to US$5.4 billion, largely on account of the oil and gas sector.

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