India and Guyana have recently strengthened their bilateral relations by signing 10 Memorandums of Understanding (MoUs) during Prime Minister Narendra Modi's state visit to Guyana, marking the first visit by an Indian Prime Minister in 56 years. This significant event took place on November 20, 2024, and involved agreements across various sectors, including agriculture, hydrocarbons, digital payments, and defence.

Hydrocarbons

An MoU was established to enhance cooperation in the hydrocarbons sector, focusing on joint efforts in crude sourcing, natural gas collaboration, infrastructure development, and capacity building across the hydrocarbon value chain.

Agriculture

The agreement on Bilateral Cooperation in Agriculture aims to promote joint activities and facilitate the exchange of scientific materials and expertise to advance agricultural development.

Digital Payments

A significant aspect of the agreements includes the deployment of a UPI-like real-time payment system in Guyana, aimed at transforming digital transactions within the region. On the digital front, the INDIA STACK MoU lays the groundwork for collaboration in digital transformation through capacity building, training programmes, and pilot projects. Furthermore, an agreement between NPCI International Payments Ltd and Guyana's Ministry of Foreign Affairs aims to deploy a UPI-like real-time payment system, transforming digital transactions in the region.

Health Sector

MoUs were signed to improve medicine regulation through the recognition of Indian Pharmacopoeia Regulation and to implement the Janaushadhi Scheme for providing affordable medicines to CARICOM countries.

Cultural Exchange

A Cultural Exchange Programme covering 2024-2027 was also signed, emphasizing cooperation in various cultural fields such as theatre, music, fine arts, literature, libraries, and museums.

Defence Cooperation

An MoU between Guyana’s National Defence Institute and India’s Rashtriya Raksha University aims to enhance education, research, and training in national security and defence studies.

During a joint press conference with Guyanese President Mohamed Irfaan Ali, PM Modi highlighted the importance of this visit as a milestone in enhancing bilateral ties. He expressed gratitude for the warm welcome he received and emphasized India's commitment to supporting Guyana's development across various sectors including education, human capital development, and technology transfer. President Ali also acknowledged Modi's impactful leadership and expressed optimism about future collaborations between the two nations.

These agreements signify a robust partnership between India and Guyana aimed at fostering economic growth and cooperation across multiple sectors.