South Korean gov’t, businesses eye investment here

–new ambassador

The government of the Republic of Korea and businesses there are examining investment possibilities in Guyana, according to newly-accredited Ambassador to Guyana Kim Joo-teck.

The new Korean Ambassador who presented his letters of Credence to President Bharrat Jagdeo Wednesday, at the Office of the President, replaces his predecessor Won-Sun Choi, the Government Information Agency (GINA) reported.

Ambassador Kim, a Harvard, Cambridge and Massachusetts University graduate is hoping to further plug the encouraging level of relations between the two countries during his tenure in Guyana, citing cooperation projects in Information Communication Technology (ICT) and agriculture.

“These areas are of personal interest to President Jagdeo…. Many countries around the world including some Latin American and Caribbean countries are working to establish… e-government infrastructure with the support of the Korean Government so these days modern countries and societies may need to improve better infrastructure for ICT… to be well connected with the rest of the world,” Ambassador Kim explained.

In July last year, a delegation comprising representatives from various public and private sector agencies in the Republic of Korea met President Jagdeo during a visit to Guyana as they brainstormed investment potentials, GINA said.

The team was led by Director General of Latin American and Caribbean Affairs Bureau in Korea’s Foreign Affairs and Trade Ministry Choo Jonh Youn who told GINA that possibilities were spotted in the mining, fisheries and agriculture sectors.

President Jagdeo had stimulated the interest of Korean investors when he met with a group while in Seoul last year for the Business for the Environment (B4E) summit after receiving the Champion of the Earth award, GINA said.

The investors, among whom were Korea Importers Association (KOIMA) Chairman Lee Ju-tae, were told by Jagdeo of Guyana’s interest in Korean businesses participating in the development of national projects to boost mutual cooperation between the two countries.

He promised them that Guyana is prepared to welcome foreign businesses that invest in the development of resource mining and entrepreneurship and made reference to Guyana’s oil fields, natural gases and oil drilling plans by international oil companies.

In 2005, Guyana and the Republic of Korea signed an agreement for the promotion and protection of investments, GINA added.

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