China-Guyana relations flourish with expanded, deepened cooperation
Published: Mar 02, 2023 07:48 PM
Recent years have seen steadily advancing and ever closer economic and trade cooperation between China and Guyana, with remarkable achievements in trade, investment, and infrastructure serving as a major driving force. 

Though the world economy and international trade were hit hard by the severe impact of COVID-19, China-Guyana economic and trade ties maintained resilience, dynamism, and robustness. According to data from China Customs, the bilateral trade volume of goods increased by 213 percent between 2018 and 2022, with an average annual growth rate of more than 42.5 percent. 

At the end of 2019, Guyana produced its first ever barrel of oil, ushering in a new phase in economic development. In 2020, while most economies were hit hard by the pandemic, Guyana bucked the trend and grew by 43 percent, making it the fastest growing country in the world.

China's investment in Guyana is also growing rapidly, making contributions to Guyana's economic development. The conference center donated by the Chinese government and the roads, hotels, and airport built by Chinese enterprises have been contributing to the socio-economic transformation of Guyana. 

Ferries, water plants, broadband networks, and other projects have improved the local people's livelihoods.

In 2018, the Chinese and Guyanese governments signed a Memorandum of Understanding on the BRI, which injected new momentum into practical cooperation between the two sides.

On June 20, 2022, Chinese Ambassador to Guyana Guo Haiyan stressed that China and Guyana, two developing countries, shared many similarities in their respective development philosophies, and development goals and interests, at a briefing on the 50th anniversary of the establishment of diplomatic relations between China and Guyana.

Guo said that China is willing to strengthen exchanges and cooperation with Guyana on people-centered development, green and sustainable development, and promote the coordination between China's "14th Five year plan and Vision for 2035," "Dual-Carbon Goal," and Guyana's "One Guyana" and "Low-Carbon Development Strategy 2030," share development experience, and help each other to achieve these development goals. 

China is willing to make full use of the BRI, as well as other multilateral and bilateral cooperation platforms, to push China-Guyana cooperation to a higher level, said Guo.

Global Times