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Guyana looks to increase interaction with Kuwait
September 30, 2018, 1:07 pm

A ministerial delegation from Guyana concluded a successful visit to Kuwait last week, holding various high-level meetings and interaction with local authorities.

The delegation led by Minister of Finance Winston Jordan included Minister of Public Infrastructure David Anthony Patterson and Head of Debt Management at the Ministry of Finance Donna Marie Yearwood. The first-ever visit by a ministerial delegation from Guyana was well received and warmly welcomed in Kuwait.

Ambassador of Guyana H.E. Prof. Dr. Shamir Ally hosted a luncheon during which a presentation on Guyana was made detailing the key industries crucial to the economy. In his address to the select gathering, Minister Jordan described the investment climate of Guyana as open with good incentives and concessions available to investors. He pointed out that the recent discovery of oil and gas would open up a range of investment opportunities in the country and help transform the economy.

For his part, the Minister for Public Infrastructure David Patterson highlighted the abundance of natural minerals and the discovery of oil offshore where exploration and production are expected to begin in the first-quarter of 2020.

Guyana is on the threshold of a great boom with the oil discovery and with an extremely bright future ahead, the country is working diligently to ensure that the economic opportunities translate into successful and sustainable investment projects capable of accelerating the development of their green economy.

The visiting ministers also sought to gain knowledge from Kuwait’s experience in building up a vast sovereign welath fund from its oil revenues, so as to ensure that Guyana prepares itself ahead of its potential oil incomes.

Guyana is a gateway to the large markets of South America. It is also a member of the Caribbean community, which allows its producers and manufacturers to benefit from access into member states markets.

In this context it is notable that Guyana and Kuwait have signed multiple bilateral agreements, including on the encouragement and reciprocal protection of investments; the  avoidance of double taxation and the prevention of fiscal evasion with respect to taxes income and capital; an agreement on economic and technical cooperation; and another one on establishing a joint commission for cooperation between the two countries.

- Staff Report

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