Guyana was among countries in the Caribbean last week that welcomed a large group of Saudi Arabian investors with plans to forge stronger partnerships for investment in trade and business with the Middle Eastern country.

“We cannot wait to catch up with anyone. If you are ready to be our partner … let us take the conversation forward,” Guyana’s President Dr Mohamed Irfaan Ali said in his invitation to the Saudi’s at an investment engagement, promising the removal of bureaucratic red tapes if the country agrees to invest.

“We want to partner with you, we want to partner with the world, but you must understand that we also want to move quickly. We have an obligation to the people of this country to deliver to them as fast as we can,” he further said, urging Saudi Arabia to utilise funds from its Investment and Development Fund to engage new projects.

“This Government that I am a part of is not wedded to any preferential partner, whether they are from east, west, north or south. Our only objective is to get the best possible outcome for the people of this country because they deserve it,” Ali stated.

The countries which share a common interest in oil production believe they can partner to strengthen this industry across both regions. President Ali said that while Guyana is open for investment, partnerships between the two countries must be a ‘win-win’ situation for both states.

“We are prepared to make the land available for you to establish your embassy in this region in Guyana, and I expect in the next quarter that we must have positive movement on this. We are ready for you to have your permanent footprint here,” he said.

The over 65-member Saudi delegation comprising private and public sector interest, which was led by minister of investor outreach Badr Al Badr, was on tour across the region following the completion of the two-day inaugural Saudi-Caribbean Investment Forum held in Punta Canta, Dominican Republic.

The team during an earlier stop in Jamaica also expressed interest in partnering with that country in a number of areas. The team after being formally welcomed at a business luncheon in Kingston was taken on a tour across a number of investment projects in high growth potential industries. The areas that were promoted for strong investment included tourism, logistics, real estate and agriculture.

Badr said that with the Caribbean becoming a priority zone for investments and partnership with his kingdom, there were a number of opportunities on which it could partner with these states, as his country also looks to create greater wealth for its over 34 million inhabitants.

As the largest producer of oil in the Middle East, Saudi Arabia is now ranked as the 16th largest economy in the world growing at an average 4 per cent rate over the last 25 years. This year, the Saudi Arabian economy is projected to grow within the range of 9 per cent.