GuySuCo CoI: Main buyer calls for reduced production costs
The meeting between the Commissioners and Tate and Lyle principals.
The Guyana Sugar Company (GuySuCo) Commission of Inquiry (COI) recently met with Tate and Lyle Sugars – one of the main buyers of GuySuCo’s sugar – in an effort to gather information on the future of the sector as the commission continues to meet with key stakeholders to forge the way ahead for the sugar industry.
The commission met with several principals of the company including, Vice President Duncan Tate, Allan Wood and Mac McLachlan.
According to a press statement, Tate and Lyle officials reflected on their long productive association with Guyana and stated their continued interest in buying Guyana sugar.
However, recent developments in Europe have made the sugar market very volatile and that the primary consideration is market price.
With the removal of preferential prices which ACP countries like Guyana enjoyed, the developing situation dictates that producers have to be more efficient and that demands disciplined management.
They noted that the price situation will become even more complex for Guyana when the cap on beet sugar production is deregulated.”
“They advised that the EU will be dominated by beet and cane sugar will have to compete with beet. Even in countries that are major producers of cane sugar, some factories have been closing…they emphasized that the cost of production must be brought down to be competitive. Tate and Lyle officials indicated their willingness to provide technical advice to GuySuCo,” the release stated.