Guyana and the Dominican Republic have signed six Memorandums of Understandings (MOU) to expand cooperation on energy, agriculture, infrastructure, tourism and security.
The cooperation agreements were signed yesterday during a ceremony held in the Ambassadors Hall of the National Palace in the Dominican Republic.
Guyanese President Dr Mohammed Irfaan Ali and a delegation are visiting the Spanish speaking country for a two day state visit.
One agreement would see the Dominican Republic fund an oil refinery that can process at least 50,000 barrels of oil per day.
The DR would own 51 per cent of the refinery’s shareholdings.
Another MOU looks at the feasibility of the Dominican Republic operating one of Guyana’s lucrative offshore oil blocks.
In agriculture, both countries are looking to establish a plant to produce urea to meet their needs. Added to that, both sides have agreed to invest in poultry, corn and soybean production to help guarantee food security.
Dominican Republic President, Luis Abinader, hailed the agreement as a historic development for both countries.
“Dominican and Guyanese ties are strengthened through these opportunities and today both Guyana and the Dominican Republic are making history and it is a milestone of collaboration for the Caribbean region that is unprecedented,” Abinader said in brief remarks after the MOUs were signed.
A statement from Abinader’s office said Ali expressed confidence that the MOUs will place both countries in a strong position to combat global challenges.
The statement noted that Ali highlighted the agreements are a win-win for the private sectors of both countries as it allows entrepreneurs to fill gaps that exist in each economy.
