July 21, 2010

A Private Sector team headed by Chairman of the Private Sector Commission (PSC), Mr. Ramesh Dookhoo met with a Private Sector delegation from Kuwait on Monday, July 19 at the Princess Hotel. The Kuwait Delegation led by Chairman of the Kuwait Chamber of Commerce came on a one-day visit to Guyana to discuss possible avenues of partnering and to discover possible investment opportunities. Chairman of Kuwait Travel and Tourism Agencies Association, Mr. Khalid Moh’d Al Hamad; Mr. Nasser B. Al-Sharan of the Kuwait Industries Union as well as Asaad A. Albanwan President of the Kuwait Union of Investment Companies also were in attendance.

The local Private Sector representatives consisted of Executive Director of the PSC, Mr. Roubinder Rambarran; Vice Chairman of the PSC, Mr. 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), Mr. Charles Da Silva; President of the Tourism and Hospitality Association of Guyana (THAG), Mr. Paul Stephenson; President of the Guyana Association of Bankers (GAB), Mr. John Tracey and Senior Vice President of the Guyana Chamber of Commerce (GCCI), Mr. Eon Ceasar.

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.

The team discussed the possibilities for information sharing in the areas of tourism, manufacturing, banking, construction, agriculture, mining and commerce. Mr. Stephenson described 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 by Chairman Dookhoo and President of the Bankers Association, Mr. John Tracey.

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.

It was mentioned that there is a great 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 5% 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.

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 23000 members.

Businesses interested in accessing information on joint ventures, strategic partnerships and other facts on Kuwait please contact Executive Director of the PSC, Mr. Roubinder Rambarran.  (Article supplied by the Private Sector Commission)