A South Korean trade mission is in Guyana seeking to source goods from local suppliers and also investment opportunities.
The team from the Korean Importers Association (KOIMA), comprising twelve companies, met with local producers at the Pegasus Hotel on Monday. “We are now visiting Guyana to find out any competitive items to be exported to Korea like bauxite or gold or forest products or…sugar-related products which might be competitive in our market and if necessary we are willing to make an investment in Guyana,” Dr. Wan-Hee Kim, the Chairman of KOIMA, told reporters.
Earlier, at the opening of the meeting, Jong-seon Lim, an official attached to the South Korean Embassy in Caracas, said that his country is willing to share its development experience with Guyana. South Korea is one of the largest economies in the world. He said that it is looking to cooperate in mineral resource development and hydroelectricity.
Minister of Commerce, Manniram Prashad told the team that Guyana is a country on the move and an attractive investment destination. He noted that modernisation is underway and the country does not discriminate against foreign investors. “We have experienced an increase in both domestic and foreign investment,” he stated.
He underlined the opportunities available here in areas such as mining and agriculture, stating that with the right investments Guyana can easily become the breadbasket of the Caribbean. Among other advantages of investing here, the Minister pointed to the competitive cost of labour, stating that Guyana has one of the lowest manufacturing wage rates in the Caribbean and South America. He noted too this country’s proximity to the United States. Guyana, said Prashad, provides a number of opportunities for investment in the energy sector, particularly hydro-electricity. He pointed out too that last year Guyana saw a 9% increase in tourist arrivals compared to the previous year.
Dr. Kim, who is also Guyana’s Honorary Consul to South Korea, commented that a win-win situation between the two countries can be created. He noted that there had been a decrease in Korean imports from Guyana but this is expected to increase again this year. He said that they are trying to boost the volume of bilateral trade between the two countries. He said that they are seeking reliable partners and Guyana is seen as having lots of opportunities for cooperation in the future.
He disclosed that on the visit here, they would be looking for trade opportunities in raw material, semi-finished products or components and even consumer goods. He said that they need to keep in close contact and find the right products to export to the Korean market. He explained that South Korea’s trade dependence is high and it is one of the largest economies in the world and the country has to import a lot of goods, particularly raw materials for its industries.
KOIMA Holdings was founded to handle private business and also cooperation between South Korea and other countries and Dr. Kim said that the government and the private sector should keep in close contact.
Meanwhile, South Korea’s Honorary Consul to Guyana Brian James said that the mission is important because they asking to buy products from Guyana-not sell. The mission was scheduled to meet with representatives of various companies on Monday. Guyana is the first country to be visited by the team during the mission’s tour of several countries in Central and South America.