Joint product development key to deepening Guyana-DR ties – Ramsaroop

Chief Investment Officer and Member of Parliament, Peter Ramsaroop, on Thursday delivered remarks at the Dominican Republic: Export Powerhouse of the Caribbean Conference, held as part of Dominican Week hosted by the Embassy of the Dominican Republic in Guyana.

In a clear call to action, Ramsaroop urged stakeholders from both countries to move beyond traditional trade and actively pursue joint product development, positioning collaboration as the next phase of Guyana–Dominican Republic economic relations.

He highlighted that while the Dominican Republic brings strong manufacturing capacity, technical expertise, and established export networks, Guyana offers an abundance of raw materials, rapidly expanding industrial capacity, and a policy environment designed to support large-scale production.

“Guyana is on the rise. The question is—where do you fit?” he said, challenging participants to identify opportunities for deeper integration. “This is not about shifting operations. It’s about expanding possibilities and creating products that neither of us could fully realise alone.”

Ramsaroop emphasised that Guyana’s ongoing energy transformation will play a critical role in enabling this shift. With the country moving to significantly lower energy costs through natural gas development, he noted that manufacturing in Guyana will become increasingly competitive, creating a strong foundation for joint ventures.

These conditions, he explained, open the door for Guyanese and Dominican companies to combine inputs, leveraging Guyana’s raw materials alongside Dominican expertise to develop new, value-added products for regional and international markets.

He pointed to opportunities across agro-processing, construction materials, and light manufacturing, while also encouraging innovative partnerships that rethink how Caribbean products are designed, produced, and exported.

“What if we develop a joint product built from our combined strengths, and scale it across CARICOM and beyond?” he questioned. “That is how we move from trade imbalances to shared growth.”

Ramsaroop further underscored the Government’s role in facilitating this transition, noting Guyana’s investor-friendly framework, including tax-free incentives in key sectors and full repatriation of profits, as well as its commitment to building the infrastructure needed to support industrial expansion.

He encouraged companies to form partnerships and consortia, stressing that collaboration, rather than competition, will define the region’s success in an increasingly complex global environment.

The conference forms part of ongoing efforts to deepen economic co-operation between Guyana and the Dominican Republic, with a strong focus on unlocking new opportunities through joint investment, innovation, and product development.