Tourism, Industry and Commerce Minister Manniram Prashad will lead a delegation from the private sector to Kuwait sometime between October 2010 and January 2011.

This announcement was made by Minister Prashad at a press conference held at the Tourism Ministry on Thursday.

Although a particular date has not yet been decided on for the visit, the minister said that the private sector of Kuwait is anxious to make investments in Guyana.

Investments in gold mining, airline service and banking are at the top on the agenda for the Kuwaitis.

“We need to facilitate joint ventures. We have to move fast because they want to do business, so we have to be proactive and go out to them,” he stated.

Minister Prashad said that during the recent visit by the Kuwaiti delegation to Guyana, he and members of the private sector held discussions with Kuwait’s industry minister and members of its private sector.

It was then that a visit to Kuwait was planned.

The minister noted that investment ideas are being sought, which will be proposed during the private sector’s visit to the technologically advanced Kuwait.

“... these people stand ready to invest,” Prashad said.

He pointed out that Guyana is a liberal country and is open to investments, which will, in turn, create employment and improve the transfer of technology.

“When investments come in and the investors take away their profits, we still stand to gain because employment opportunities are created, new skills and knowledge is achieved, and we get taxes. So it’s a spinoff effect,” Prashad said.

Vice President of the Guyana Miners Association, Charlie Da Silva, said that Guyana is a large country with natural resources, and hence a large capacity for investment.

“We have explained to the private sector officials of Kuwait that Guyana has large lands for gold mining and they were very much interested in this, since we have one of the richest qualities of gold here. Kuwait is one of the richest countries in the world...,” he noted.

Chairman of the Private Sector Commission, Ramesh Dookhoo, who also spoke at the press conference, said that the commission is seeking business opportunities which will attract support from Kuwait. He said that they are looking for areas from which they can benefit most. He added that the commission will make the best of the support that Kuwait is extending to them.

“ They are extending a hand to us and when such a nation lends a hand to us, we need to reach it. We must go out and explore the opportunities that are out there for us,” he said.

Also present at the press conference were President of the Georgetown Chamber of Commerce and Industry, Komal Ramnauth; President of the Guyana Manufacturers’ Association, Clinton Williams; and Executive Director of the Private Sector Commission, Roubinder Rambarran. The men all indicated that they are looking favourably at the opportunity.

It was also noted that Guyana’s unique tourism forms an important aspect of the investment plans of Kuwaitis.

The private sector believes that the possible investments that will be made will foster much development in Guyana.