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India eyes textiles, auto and pharma trade with Guyana

Updated: Jan 13, 2023 10:19:04am

India eyes textiles, auto and pharma trade with Guyana

New Delhi, Jan 13 (KNN) Significant amount of potential exists in further expanding India’s trade and economic cooperation with Guyana in sectors like textiles, engineering, transport and automobiles, pharma, AYUSH, IT, chemicals etc, said Dr Rajkumar Ranjan Singh, Minister of State for External Affairs on Thursday.


Addressing the ‘Business Meeting in honour of the President of Guyana and the accompanying delegation’, organized by FICCI jointly with other business Chambers (CII, ASSOCHAM), he said, “Our growing collaboration over the years has been marked by strengthening of bilateral relations on several fronts. We look forward to further diversifying and strengthening our relations.”

Singh stated that trade and economic cooperation is vital component of our relation, and India sees great complementarities in areas like energy, health and pharma, development partnerships and education.

Speaking on the occasion, President of Guyana Dr Mohamed Irfaan Ali stated that Guyana is blessed with immense natural resources. He cited that the world is going through food, energy, climate and human resources crisis and India has the potential to utilize the geographic position of Guyana to provide solutions for mutual benefit.

Highlighting the potential sectors for investment, President Dr Ali said that Guyana has a large forest reserve which present opportunities for large scale down stream processing companies, reforestation programs and forest plantation plans.

Apart from these, other areas for potential investment includes geo-chemicals sector, tourism and wellness tourism, manufacturing, agriculture, agro-processing, industrial development, infrastructure, IT.

He also stated that the government is working on building an economy and an eco-system that will stand on many legs and investments in education and healthcare.

“The opportunities are enormous and investments in health, education and ICT sector carry zero corporate tax. We are building an economy in the next 7-8 years that will be functional, sustainable, highly competitive and resilient”, he highlighted.

Dr KJ Srinivasa, Indian High Commissioner in Guyana said it is time to retrospect, evaluate and have a relook at our economic ties.

“There are a lot of opportunities for both the nations to benefit from by increasing the investments in potential sectors”, he added.  (KNN Bureau)


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