Initial US$25M investment targeted under Guyana/T&T agri-initiative
Georgetown, GINA, November 13, 2007.
Guyana is likely to benefit from an initial investment of approximately US$25M to kick start an agricultural initiative being pursued by Trinidad and Tobago to support food security in that country while at the same time increasing Guyana’s export of agricultural produce.
The Government of Guyana had submitted a concept note on the proposed initiative that includes making land available for agricultural opportunities to be developed with T&T investments. Joint ventures between T&T investors and local farmers were put forward in the proposal.
This is intended to advance local agricultural production and secure more export markets that will result in increased income of farmers and revenue for the country. Guyana can also benefit from the introduction of advanced technology which is necessary to boost its agriculture sector.
This was highlighted today by Minister of Agriculture Robert Persaud during his meeting with a team of technical personnel from T&T who are currently conducting an assessment of the investment opportunities that exist in Guyana. The meeting took place at the Minister’s office, Vlissengen Road and Regent Street, Georgetown.
The team comprises senior lecturer and Chairman of the National Agricultural Marketing and Development Corporation Dr. Ranjit Singh, Coordinator of the Project Unit in the Ministry of Finance Kamal Mankee and Chief Technical Officer in the Ministry of Agriculture, Land and Marine Resources Patrick Cambridge.
Minister Persaud noted that the initiative is intended to accelerate the export of agricultural items that were included in a list that was submitted several months ago to T&T to help satisfy that country’s food demands and address the issue of high food price.
The initiative is intended to expand the agro-industrial sector in Guyana with focus on agro-processing and agro-energy activities. Several locations have been identified for the investments opportunities while farmers, who have not yet utilised the resources available for advanced agricultural development, have been selected to pursue the initiative.
The Intermediate and Rupununi savannahs, North West District and Hope Estate have been proposed while farmers from Pomeroon, Essequibo Coast, Parika, West Watooka and Crabwood Creek have been identified for possible joint ventures.
Mankee said based on the team’s assessment, a report will be submitted and recommendations made for review by the T&T Cabinet after which arrangements will be finalised to start the initiative. This is expected to commence within the next six to nine months or possibly earlier, he added.
He explained that the US$25M will be an initial investment that will continuously increase as the initiative is implemented. Fruits and vegetables, livestock, small ruminants and beef are among the areas that have been initially targeted for investment.
The initiative, according to Dr. Singh, will be directly private/market driven and it is expected that quality and competitiveness will be the main thrust of Guyanese farmers taking into consideration issues such as globalisation. He expressed satisfaction that Government through the NGMC is placing significant emphasis on this area.
Dr. Singh further noted that the mission is primarily to seek clarification on areas of concerns and noted that many of the questions have been answered. The team has visited various and has met several stakeholders.
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