Guyanese President Irfaan Ali delivers a video speech at the opening ceremony of the fifth China International Import Expo held in Shanghai on Nov 4, 2022.

With China and Guyana working to create more favorable conditions for deepening bilateral economic and trade ties, government officials and business leaders are confident the two nations will have ample opportunities to broaden their partnership across diverse domains.

Officials from both sides predict many new opportunities will spring from the tangible growth of the Belt and Road Initiative, Guyana's fast-growing oil and gas industry, its surging demand for modern infrastructure facilities, and continuous efforts by Chinese companies to expand their market presence in the South American nation.

During his visit to China in late July, Guyanese President Irfaan Ali said his country is willing to further strengthen cooperation with China in areas such as agriculture and energy, and that enhanced people-to-people exchanges will help to achieve mutual development and progress.

Addressing the High-level Dialogue of the Guyana-China Joint Business Development Council in Beijing on July 31, Ali said the Guyanese government places high importance on attracting foreign investments, promoting foreign trade, enhancing infrastructure development and boosting the competitiveness of its manufacturing industry.

President Ali said Guyana possesses abundant resources in forestry, minerals, energy, agriculture and tourism and is eager to further strengthen practical cooperation with China in economic and trade fields, aiming for mutual benefit and win-win outcomes.

The dialogue was organized by the China Council for the Promotion of International Trade, the country's top foreign trade and investment promotion agency. President Ali said Guyana welcomes Chinese companies to invest and engage in business activities in the regional market, as well as to expand into other South American countries through collaboration with Guyana.

Driven by strong momentum in the oil and gas industry, Guyana's development prospects are promising. The country saw its economy grow at a remarkable rate of 62.3 percent in 2022, making it the fastest-growing economy globally. According to information released by the Guyanese government, the economy is projected to maintain an average annual growth rate of 25 percent through 2026.

Ren Hongbin, chairman of the Beijing-based CCPIT, said China and Guyana have strong economic compatibility, with both sides hoping their companies will tap into the potential for trade growth, unleash the momentum for investment cooperation and improve infrastructure connectivity.

Driven by their highly complementary industrial structures, reciprocal trade between China and Guyana expanded by 164.9 percent year-on-year to $1.88 billion in 2022, according to data from the Chinese Ministry of Foreign Affairs. Guyana mainly exports crude oil, aquatic products, sugar, timber and rum, while China ships construction machinery, motorcycles, manufacturing equipment, steel, electronics, textiles, garments and household appliances.

After delivering a service infrastructure expansion project at Cheddi Jagan International Airport in Timehri, Guyana, last year, China Harbour Engineering Company, a subsidiary of State-owned China Communications Construction, announced earlier this year that it is building a $50-million hotel for Trinuyana Investments, a consortium of Guyanese and Trinidadian investors. Located close to Eugene F. Correia International Airport in Georgetown, the hotel will boast 150 rooms and is expected to be completed in the fourth quarter of 2024.