Estimates by the Economic Commission for Latin America and the Caribbean (ECLAC) show Guyana’s economy expanding by 46%, making it one of the few countries in the Latin American and Caribbean region to show economic growth. ECLAC is a regional commission that was founded to contribute to Latin America’s economic development where it coordinates actions for its promotion and strengthens the countries’ economic relations with each other and with the rest of the world. The key to Guyana’s economic growth is its oil and gas activity.
Against such a backdrop, the Chinese government noted that Guyana’s economic boom, driven by the oil and gas sector, has resulted in a doubling of bilateral trade in the past two years. According to the most recent data, the bilateral trade volume between China and Guyana in 2021 was USD$710 million, which represented an increase of 23.7 percent compared to 2020. China’s Ambassador to Guyana, Guio Haiyan, highlighted China’s contribution to infrastructure improvement with ongoing works at MovieTowne and the new Pegasus Hotel. According to the ambassador, President Irfaan Ali and Xi Jinping held a telephone conversation last year where they discussed strengthening cooperation on various agreements, including trade. The two countries will seek ways to reduce or eliminate tariffs, import quotas, export restrictions, and other trade barriers to promote trade and investment.