Saturday, January 29, 2011

Chinese to invest US$1 billion in Guyana – Ambassador Yu

Chinese Ambassador Yu Wenzhe

Chinese companies are getting ready to invest some US$1 billion in various projects in Guyana, Chinese Ambassador, Yu Wenzhe has said.
To date, the total investment from China is over US$100 million in the field of mining and forestry, Ambassador Yu said, and other investment projects currently in the pipe line are worth more than US$1 billion.
The Ambassador was the featured speaker at a luncheon organized by the Guyana Manufacturers and Services Association and held at the Regency Suites Hotel in Georgetown.
He said that trade between Guyana and China continues to deepen and two-way investment is growing steadily. For the first 10 months of last year, this bilateral trade amounted to US$80 million, the Ambassador said.
Ambassador Yu said over the years the scale of Guyana/China trade as well as investment cooperation has been deepening and expanding with ever increasing sectors and varied approaches in cooperation.
Though the trade volume decreased by 20.9% in the year of 2009 as affected by the international financial crisis, the Ambassador said economic and trade cooperation showed strong resilience against the slow recovery of world economy and has recorded a fast rebound, out stepping the pre-crisis level.
According to statistics, Yu said bilateral trade in the first 10 months of 2010 registered a 14% increase. According to the Ambassador, business exchange and contact between the two countries has gained a steady rising momentum.
He cited attendance at the Guangzhou Trade Fair as an example. In 2010, a Guyanese delegation of 34 entrepreneurs attended the fair — a 180 per cent increase in comparison with the previous year.
In addition, there has been growth in investment between the two countries.
Ambassador Yu said that in recent years, Chinese companies have demonstrated increasing interest in making investment in Guyana.
“I am confident that with China-Guyana friendships and our concerted efforts, our business cooperation will reach a new height,” he declared.
“The Chinese Government will continue to encourage and support Chinese entrepreneurs to come to Guyana looking for business and investment opportunities.”
He said China has, to the best of its ability, helped and assisted Guyana in social and economic development.
Over the past 40 years, China has provided about 40 aid funds in the form of grants, interest- free loans and concessional loans to Guyana and written off nine mature debts.
He said, too, that China is grateful to the Government and people of Guyana for the valuable support rendered to us in many areas.
The Ambassador said China-Guyana economic and trade cooperation are based on the principle of equality and mutual benefit, seeking win-win cooperation and common development.
He noted that the friendship between Guyana and China provide a solid foundation for closer economic and trade cooperation.


  1. The strong ties and trade that continue to blossom between Guyana and china has made such positive effect into the Chinese that they will be investing $1.billion into various projects in Guyana.

  2. The Relationship and ties that the president manage to develop with countries around the world has shown positive effects and development in the country

  3. Based upon intense observation, I strongly believe that if it wasn't for the astute leadership and vision of His Excellency Dr. Bharrat Jagdeo and his Government, Guyana would have never met the heights of development in which it is today... The Government continuously acts as a catalyst for fostering relations with the “well off” countries and encourages investments... Guyana is well on its way to being a developed nation and this is just another stepping stone…Well done!