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Kuwaiti’s Prime Minister pays whistle stop visit to Guyana
– Major trade agreements signed, debt write-off talks ongoing
Guyana yesterday signed five agreements with Kuwait, paving the way for the two countries to increase trade ties and develop open air aviation services in the former.
The agreements were inked during a high-level, whirlwind visit yesterday by Kuwaiti’s Prime Minister, Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah, who arrived to a red-carpet welcome with a delegation of over 50 persons, in two aircraft.
Kuwaiti’s PM, Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah (fifth from right), in a red carpet welcome yesterday at the CJIA. Also in picture are President Bharrat Jagdeo and other top officials.
The official, along with almost 20 of the Middle East country’s advisors and private sector officials, is on a Caribbean and Latin America tour to boost Kuwait’s profile in the regions.
The local team led by President Bharrat Jagdeo, and including several Ministers, met the officials at Cheddi Jagan International Airport after which the procession was escorted to the Office of the President for a meeting and the signing of the agreements.
One of the agreements is for an end to Double Taxation Agreement — avoiding tax being levied twice on the remuneration or any other money earned by a Guyanese or Kuwaiti in the respective countries.
Minister of Finance, Dr. Ashni Singh, and his counterpart, Mustaf Jasem Al Shamali, signed that agreement.
Minister of Foreign Affairs, Carolyn Rodrigues-Birkett, and Ahmad AL-Haroun, Minister of Trade and Industry signed a Bilateral Trade Agreement to explore increasing trade.
Rodrigues-Birkett also signed another agreement that will establish a Joint Commission to ensure that the other accords are implemented.
Minister of Transport and Hydraulics, Robeson Benn, also signed an agreement with Bader Buotaiban, General Director of Civil Aviation of the Sate of Kuwait, for possible open air services.
Following the signings, the delegations were hosted at a dinner at the State House. The Kuwaitis left not long after. All told the visit lasted no more than four hours.
A major goal of the bilateral tax treaties is to remove impediments to international trade and investment by abating the risk of double taxation that can occur when both contracting states impose tax on the same income.
A bilateral tax treaty generally increases the extent to which exporters residing in one contracting state can engage in trading activity in the other contracting state without attracting tax liability in that latter.
During President Jagdeo’s visit earlier this year, Kuwait agreed to give Guyana US$10 million for infrastructure projects. That will most likely go towards developing new housing areas on the East Bank, where the government recently acquired 2,000 acres of land from the Guyana Sugar Corporation to develop 10,000 new house lots.
Kuwait is an open economy which holds about 10 per cent of world’s oil reserves. Petroleum accounts for nearly half of GDP, 95 per cent of export revenues, and 80 per cent of government income.
Guyana started diplomatic relations with Kuwait in 1995.
Guyana also owes Kuwait over US$50M and talks are underway to seek a possible write off.
Yesterday, there was heavy security at the airport and along key roadways with traffic halted on key roadways, and commuters hardest hit on the East Bank Demerara.
Traffic in the city ground to a halt, much to the frustration of commuters. Traffic jams were everywhere along roads leading out of the city. But by 20:30 hours, things had returned to normalcy with the departure of the Kuwaitis.
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