The first Indian prime minister to visit Guyana in 56 years, Prime Minister Narendra Modi, arrived in the South American nation on Wednesday. In a show of unheard-of affection, Guyanese President Mohamed Irfaan Ali and more than a dozen cabinet colleagues welcomed him at the Georgetown airport. When he arrived, the two leaders greeted each other and hugged.
PM Modi To Take Part In 2nd India-CARICOM Summit
PM Modi is scheduled to speak at a special session of the Guyana parliament after receiving a ceremonial welcome and Guard of Honor in Georgetown. Along with leaders from Caribbean partner countries, he will also take part in the 2nd India-CARICOM Summit.
The visit, which was made at Guyanese President Irfaan Ali’s invitation, demonstrates how India and Guyana are growing closer. President Ali’s position as principal guest at the Pravasi Bharatiya Divas in January 2023 was cited by the ministry of external affairs as evidence of the increasing engagement.
The Guyana Economics
One of the most important growth regions for non-OPEC oil production is thought to be Guyana. Guyana is predicted to become a major contributor to the world’s oil supply by 2026, surpassing neighboring Venezuela in oil production. For important exports from India, the growing GDP and unexpected wealth may potentially present a profitable market.
In recent years, Guyana’s GDP per capita has grown at the fastest rate in the world. After growing by 62% in 2022 and 30% in the two years prior, the GDP expanded by 33% in 2023.
The discovery of 11 billion barrels of oil in Guyana by a company in 2015 put the nation on a course for double-digit growth and a brighter future. The new oil equivalent finds made up 32% of all oil discovered and 18% of all oil and gas discoveries worldwide. According to the OPEC World Oil Outlook 2022, Guyana’s output is expected to increase significantly, with the country’s liquid supply expected to increase from 0.1 million barrels per day in 2021 to 0.9 million barrels per day in 2027.
Guyana presents a favorable opportunity for India, the third-largest importer and user of oil in the world, as it seeks to diversify its crude sources.
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