Jagdeo intends to deepen friendly ties with neighboring states—Brazil, Suriname, and Venezuela. Jagdeo also aims to quicken the process of political and economic union within CARICOM and recognizes the need to maintain close ties with the international community. To that end, he was striving to strengthen relations with the United States, Canada, Britain, India, and China. During 2002, Jagdeo held the chairmanship of CARICOM, turning over the position to Pierre Charles, prime minister of Dominica, on 14 February 2003. On 29 January 2002, Jagdeo and Suriname president Ronald Venetiaan signed a joint declaration for cooperation in joint exploration in oil mining in offshore waters.
Although the economic indicators in Guyana have been impressive, foreign investment has come mainly from outside the Caribbean region. Asian-based logging companies have taken an interest in Guyana's forestry sector while American and Canadian groups are heading towards the mining and other extractive industries. Caribbean interest has been limited to Trinidad and Tobago, Barbados, and Jamaica. To encourage other Caribbean countries to invest in Guyana, Jagdeo intends to develop attractive investment and incentive packages.