The Georgetown Chamber of Commerce and Industry (GCCI) and the Dominican Republic Chamber of Commerce in Guyana (DRCham Guyana) recently took a significant step towards enhancing business relations and economic cooperation between the Dominican Republic and Guyana via the signing a Memorandum of Understanding (MoU). This agreement aims to foster the development of business relations, bilateral trade, and investment between the two nations.
The MoU was signed by Kester Hutson, President of the GCCI, and Miguel Angel Gonzalez Gottlieb, President of DRCham Guyana, at the DRCham Guyana headquarters in Kingston, Georgetown. This initiative underscores a mutual commitment to diversifying commercial exchanges and fostering economic cooperation on a mutually beneficial basis for the members of both chambers.
Hutson emphasized the potential impact of this agreement, stating, “This MoU represents a pivotal moment for both the Dominican Republic and Guyana as we seek to enhance our business relations and create new opportunities for trade and investment. Our collaboration will open doors to significant economic growth and development for both nations.”
Further, the MoU outlines a framework for the exchange of information regarding cooperation opportunities related to products and services, promotional and marketing initiatives, as well as legislative and regulatory landscapes within the respective jurisdictions. Additionally, it aims to facilitate networking opportunities among businesses in both countries, fostering stronger bilateral ties.
The signing of this MoU comes on the heels of a broader initiative to strengthen business relations between Guyana and the Dominican Republic. Earlier this year, the Dominican Republic Chamber of Commerce in Guyana was officially launched at the Guyana Energy Conference and Supply Chain Expo, held at the Marriott Hotel. This event marked a significant milestone in the bilateral relations between the two nations, signaling a robust commitment to enhancing trade and investment ties.
The establishment of DRCham Guyana followed the launch of a similar initiative by the Guyanese private sector in the Dominican Republic just a month prior. This reciprocal establishment of chambers of commerce aimed to facilitate better business relations and create a more integrated economic environment for companies from both countries.
Dominican Republic’s Ambassador to Guyana, Ernesto Torres Pereyra, had highlighted the strategic importance of these chambers during the launching ceremony. He noted that the chambers were created to forge stronger business relations and attract significant investments from both countries. “We are already seeing the benefits of this initiative, including the introduction of direct flights, Presidential visits, and the signing of Memorandas of Understanding (MoUs),” Ambassador Pereyra remarked.
The chambers of commerce in both countries are focused on promoting key sectors such as agriculture, tourism, oil, and energy.
As both chambers continue to implement the provisions of the MoU, businesses in the Dominican Republic and Guyana can look forward to a more collaborative and supportive environment, designed to unlock new opportunities and drive economic growth.
