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PSC meets Kuwait’s investment representatives
Representatives of the Private Sector Commission meet with Kuwaiti business officials on Monday at the Princess Hotel.
Guyana’s private sector is exploring business opportunities with Kuwait, the Private Sector Commission (PSC) has disclosed.
A high-level group, part of a delegation that came on Monday with Kuwaiti Prime Minister, Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah, met representative of the PSC at the Princess Hotel.
A brief presentation on tax laws, incentive regimes, land ownership policy, the macro-economy and the investment opportunities in various sectors were covered by the Chairman of the PSC, Ramesh Dookhoo, PSC said.
“The team discussed the possibilities for information sharing in the areas of tourism, manufacturing, banking, construction, agriculture, mining and commerce.”
According to PSC, President of the Tourism and Hospitality Association of Guyana (THAG), Paul Stephenson also made presentations, describing Guyana’s tourism product to the visitors and presented them with a special package covering pertinent information on the tourism sector.
“Our guests were particularly interested in our riding the storm of the global economic crisis and were presented with the facts surrounding the comparatively minimal impacts on Guyana.
“The Guyanese delegation then alluded to the fact that our currency is stable and that it appreciated in a small way against the US dollar, which is our intervention currency. Our successes in ICT, manufacturing, construction and agriculture were also discussed.”
PSC said that it stressed the need for more airlines coming to Guyana, as well as improvements in the shipping and transportation sectors.
“The Kuwait delegation was very satisfied with the information received and expressed their enthusiasm for wanting to invest in Guyana. They stated that trade to Kuwait would be very trouble-free and that they are no taxes on food but a standard five per cent tax stands on other services.
“The delegation was presented with an information package with a multitude of information about investing and doing business in Guyana.”
To kick start possible investments, PSC said that it was agreed that the secretariats of the private sector of the two countries will start off by sharing business propositions/opportunities available in Guyana which will be posted on the website of the Chamber of Commerce of Kuwait where it will be made available to 23,000 members.
Interested business can also contact the PSC for possible opportunities with Kuwait, the Commission urged.
The local private sector team was headed by Dookhoo and included PSC’s Executive Director, Roubinder Rambarran; Vice Chairman of the PSC, Yog Mahadeo; President of the Guyana Manufacturing and Services Association (GMSA) and PSC Trade and Investment Chair, Clinton Williams; Vice President of the Guyana Gold and Diamond Miners Association (GGDMA), Charles Da Silva; President of the Guyana Association of Bankers (GAB), John Tracey and Senior Vice President of the Guyana Chamber of Commerce (GCCI), Eon Ceasar.
For Kuwait, the team included Chairman of Kuwait Travel and Tourism Agencies Association, Khalid Moh’d Al Hamad; Nasser B. Al-Sharan of the Kuwait Industries Union as well as Asaad A. Albanwan, President of the Kuwait Union of Investment Companies.
On Monday, Guyana 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 the Kuwaiti’s Prime Minister and a delegation of about 60 persons, who arrived to a red-carpet welcome.
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.
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