US raises concerns over China's growing financial footprint in the Caribbean
Key Points(5)
- <!-- wp:paragraph --> <p>Outgoing U.S.
- Embassy is making active efforts to ensure that American companies provide value for money, thereby strengthening the U.S.
- companies</strong></h2> <!-- /wp:heading --> <!-- wp:paragraph --> <p>According to the outgoing ambassador, U.S.
- administration’s concerns, some experts believe there is little to worry about. </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>R.
- Evan Ellis, a Latin Research Professor at the U.S.
Outgoing U.S. Ambassador to Guyana Sarah-Ann Lynch has expressed that the Biden administration is concerned about what she says is China’s expanding financial footprint in Guyana and the wider Caribbean.
Balancing trade relations
While acknowledging the growth in China’s financial activities, Lynch also pointed out the U.S.'s robust trade relations with Guyana.
She shared that over recent years, bilateral trade between the two nations has tripled.
She also noted that the U.S. Embassy is making active efforts to ensure that American companies provide value for money, thereby strengthening the U.S. financial presence in the region.
Global interest in Guyanese sectors
She noted that beyond the United States and China, various countries have shown interest in exploring investment opportunities in Guyana, spanning sectors like agriculture, Information Technology, tourism, and manufacturing.
Lynch encourages Guyanese companies to explore partnerships with American firms, citing the inherent advantages such ventures can offer.
Unique benefits of partnering with U.S. companies
According to the outgoing ambassador, U.S. companies bring distinct strengths when they invest overseas.
“US companies bring some unique things to any country in which they invest, and that’s quality, excellence on time on budget projects and high standards of safety so I think all those things are important for Guyanese local companies to think about when they’re considering which US companies they want to partner with and it’s important for the Guyanese people to know that US companies what they bring to the table,” she said.
China's infrastructural investments
Chinese firms have been significantly involved in various construction projects in Guyana.
Among their contributions are the new Demerara Harbour Bridge, roads, electricity substations, and the building that hosts the Marriott Hotel.
They have also been responsible for the upgrade of the Cheddi Jagan International Airport in Timehri and the Arthur Chung Conference Centre.
More on China and Caribbean relations
- Jamaica, China unite to bolster bilateral relations
- China to upgrade CCTV security system in Suriname
- China and Trinidad and Tobago seeking to strengthen trade and investment relationship
- Guyana signs air agreement with China
Guyana's Belt and Road Initiative commitment
Guyanese President Irfaan Ali demonstrated some time ago a commitment to strengthening ties with China by pledging to finalize a Joint Action Plan promoting the Belt and Road Initiative.
This development further emphasizes the deepening relationship between Guyana and China.
Contrasting views on Guyana-China relations
Despite the U.S. administration’s concerns, some experts believe there is little to worry about.
R. Evan Ellis, a Latin Research Professor at the U.S. Army War College, opined that the U.S. should focus on constructively engaging with Guyana, especially as the country transforms due to newfound oil wealth.
Ambassador Lynch's next assignment
Lynch is set to take up a new role at the United States’ Southern Command (SOUTHCOM) in Florida.
She will be succeeded by Nicole Theriot, who will be faced with navigating the complex geopolitical landscape that includes China’s increasing influence in the region.
