Guyana, new Dubai of the Hemisphere – Brazil’s Economy Minister

Hon. Paulo Guedes, Economy Minister of Brazil
Hon. Paulo Guedes, Economy Minister of Brazil

Guyana is being hailed as the new Dubai of the region with its new found oil and natural gas wealth. To date the country has had approximately 19 deep water discoveries since it first struck oil in May 2015.

According to the Hon. Paulo Roberto Nunes Guedes, the Economy Minister of Brazil, his country is both happy and ready to continue and begin new forms of trade relations with Guyana.

“We would like to participate in the shock of cheap energy.” Mr. Guedes was quoted by DPI as saying on Tuesday during a videoconference of Brazil’s National Congress Mixed Commission on Covid-19.

That public hearing with Parliamentarians debated the performance of the Federal Government in wake of the COVID-19 pandemic, especially reduction of economic activities.

Present during the Live Broadcast was the Hon. Francisco de Assis Rodrigues (Chico Rodrigues), Senator of the State of Roraima.

Boa Vista, the capital of the State of Roraima, is where most Guyanese live and work and where most trade with Guyana and Brazilian businesses takes place. Guyana’s Consulate is also located in Boa Vista.

According to DPI, during the videoconference, Minister Guedes and Senator Rodrigues discussed the Manaus Free Trade Zone (MFTZ), which was conceived and regulated in Brazil 50 years ago as a free import and export trade area with special tax incentives. They noted the Roraima Project and its possibility for trade, disclosing that Brazil is giving 100 percent support to Guyana for construction of a road from Boa Vista to Georgetown.

“We are together with you in this Roraima project and I always say this is going to have 100 percent support from the Government of Brazil.” Minister Guedes committed to the Roraima Senator.

According to DPI, Guedes added that Brazil’s Government will work with all international financial organizations to see the project to fruition.

“We want to make this road from Boa Vista to Georgetown, it has 100 percent support from us Senator Rodrigues, we will work with BNDES (The Brazilian Development Bank) to raise international funding, with the IMF, World Bank, the Inter-American Development Bank and BRICS Banks as well,” he added.

The Economy Minister reiterated that his Government wanted to bring all the resources to make transcontinental infrastructure possible.

“We want gas from Bolivia and we want gas in Argentina. We would like to participate in the shock of cheap energy. We want the Boa Vista-Georgetown road, we want to do this together, we want this road, we will support, because this will lead to another route to the Atlantic, and if you go left you route to Asia,” Minister Guedes noted.

Through this project, there will also be construction of a port and energy collaborations, DPI reported.