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Exporting to Guyana
A guide for British businesses who are interested in developing their overseas trade and doing business in Guyana. Guyana export overview Guyana is the fastest growing economy in the Caribbean Community (CARICOM). It is expected to be among the top growing economies in the Latin America region in 2014.
Benefits for UK businesses exporting to Guyana include:
- Double taxation agreement with the UK
- Competitive fiscal incentives for investors to key sectors
- Unrestricted repatriation of profits, capital and dividends
- Legislation based on UK common law
- Direct sea-freight link to the UK
- English established as official language
- Low-cost and flexible workforce
Challenges doing business in Guyana
There aren’t many restrictions to trading with Guyana. However, there can be some challenges. These include:
- scores very poorly in the corruption index
- crime and security issues
- low labour productivity and skills shortages
You should ensure you take the necessary steps to comply with the requirements of the UK Bribery Act.
Guyana’s growth performance is mainly due to prudent macroeconomic management and large scale investments in capital projects. In addition to this, Guyana has a buoyant construction, gold and rice industry.
Guyana has an Economic Partnership Agreement with the European Union ( EU).
It also has a number of free trade agreements with CARICOM markets as well as Brazil, China, Turkey, Venezuela and Argentina.
UK and Guyana trade
In 2013 the UK exports in goods to Guyana were worth £26.3 million.
The top 10 UK exports to Guyana are:
- Vehicles and vehicle parts
- Industrial and construction machinery
- Pharmaceutical products
- Milk and cream
- Retreaded or used tyres as rubber
- Tableware, kitchenware and other household items
- Books, brochures and similar printed material
- Electrical generating sets and rotary converters