Investment climate in Guyana ‘open’

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Ministerial delegation visits Kuwait

The Guyana ministerial delegation members with some of the Kuwaiti officials.

KUWAIT CITY, Sept 23: A ministerial delegation from the Cooperative Republic of Guyana is visiting Kuwait from Sept 22-24 led by Minister of Finance Winston Jordan and includes the Minister of Public Infrastructure David Anthony Patterson and Head of Debt Management at the Ministry of Finance, Donna Marie Yearwood.

Speaking on the sidelines of a luncheon hosted by the Guyanese Ambassador to Kuwait, HE Prof Dr Shamir Ally, the Minister of Finance, Winston Jordan, described the investment climate in Guyana as open with good incentives and concessions available to investors, and drew attention to the key industries crucial to its economy as well as the potential of recent discoveries in oil and gas that is hoped will open up a range of investment opportunities in the sector and help transform the economy. He also highlighted the challenges faced by the country as it is vulnerable to shifts in global markets affecting its exports and shared that one of the reasons for the delegation’s visit to Kuwait was debt forgiveness for a loan given to Guyana by Kuwait in the 1970s in the wake of high oil prices.

Jordan pointed to the harmony enjoyed by the different ethnicities and religious groups in the country, where the population is made up of six main ethnic groups: Amerindians, Africans, Indians, Europeans, Portuguese and Chinese. Of the 800,000 Guyanese, 12% are Muslims, 30% Hindus and 58% Christians, in its pluralist society all major festivals are marked as national holidays including Eid Al Fitr and Eid Al Adha.

The Minister of Public Infrastructure Patterson stated that Guyana is open for business and spoke of the opportunities available to foreign investors. He shared that the tropical country located on the North-East coast of South America between Venezuela, Brazil and Suriname, is the continent’s only country with English as its official language. He deemed that having English as the language of business gave it a strategic advantage.

Abundance
He pointed to the abundance of natural minerals, and the discovery of oil offshore where exploration and production are about to start in the first quarter of 2020. He also drew attention to the country’s green agenda and its goal to be powered 100% by renewable energy.

“We will be doing a very unique experiment whereby we will be using resources from oil and hydrocarbons to project ourselves in a renewable state.” As Guyana is fashioning a green economy characterized by a low-carbon and low-emission path to economic development that opens up investment opportunities in sectors such as agroprocessing, aquaculture, eco, and sports tourism, energy conservation, renewable energy development, and solid waste management, he commended the solar initiatives undertaken by Kuwait and expressed his hope that it would be one area of potential future partnership between the two countries.

The Guyanese Embassy in Kuwait was formally established on January 20, 2011, and represents Guyana’s interests in the GCC and OIC countries as well.

The Guyanese Ambassador to Kuwait also serves as the Deputy Chairman of the Board of Directors at Guyana Office for Investment (GO-Invest) and Alternate Governor to the Islamic Development Bank. GO-Invest is the primary service provider to local and foreign investors and exporters.

Through its two main divisions of export promotion and investment facilitation, it acts as an interface between government agencies and investors, assisting and providing information helping foreign investor identify local partners and offer advice on investment opportunities.

Sectors primed for investment include agriculture and agroprocessing, manufacturing, forestry, mining, tourism, energy, information, and communication technology, and services. The Guyanese economy has shown moderate economic growth in recent years based on its agriculture and extractive industries.

The economy is dependent on the export of six commodities – sugar, gold, bauxite, timber, rice, and fisheries. Remittances to Guyana contribute to 25% of its GDP. Guyana boasts extensive arable lands and freshwater resources apt for large, medium and small-scale agriculture and abundant natural resources.

The country is also a gateway to the large markets of South America and its membership in CARICOM allows producers access to other member states’ markets.

By Cinatra Fernandes

This news has been read 9705 times!

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