Nand Persaud seals Cuba rice export deal

– shipping to commence later this month

A firm contractual agreement between the state-run Cuban entity Alimport and the local rice milling giant Nand Persaud and Company paving the way for the imminent commencement of rice exports from Guyana to Cuba has now been signed and sealed, bringing to an end months of negotiations; a new chapter in trade relations between the two countries is on the horizon.

Stabroek Business was reliably informed late last week that the contract was formally executed on Monday, July 24, in Havana bringing to a close a period of negotiations in which the Guyana Embassy in Cuba played an important role.

This newspaper has learnt that a full and final agreement preceding the commencement of rice shipments to Cuba from Guyana was signed recently in Havana by Nand Persaud and Company’s Business Development and Export Manager Ashish Khandge, and that shipments to Cuba will commence next month.

The new external rice market acquisition by a local company will see the first shipment of locally produced rice, totalling 15,000 tonnes leave Guyana for Cuba. Stabroek Business understands that Nand Persaud & Company Limited will continue to supply rice to Cuba in 2018, lending continuity to its longer-term objective of meeting all of Cuba’s rice import needs. In pursuit of realization of that objective the local private sector, with the support of the Guyana Embassy in Havana, is reportedly in the process of drawing up an investment proposal with Cuba that will set into motion the setting up of a rice-milling plant and warehouse in the Port Mariel Free Zone that will significantly increase Nand Persaud’s rice exports to that country beyond the levels that have been agreed under the recently signed agreement.

Nand Persaud

There is a twofold significance in the full and final conclusion of the rice agreement with Cuba. The first reposes in the major breakthrough in Guyana’s pursuit of efforts to secure new rice markets in the wake of the closure of the market from which the local industry had benefited under the now expired PetroCaribe agreement. The second significant thing is that for Guyana, the support lent to the new rice agreement by the country’s diplomatic mission in Havana will also be seen as a practical manifestation of the aggressive pursuit of economic diplomacy which government says will be at the forefront of its foreign policy.

Guyana’s Ambassador to Cuba Halim Majeed has reiterated to this newspaper the importance of the economic diplomacy focus of the Guyana Embassy in Havana at a time when the ‘traffic’ from Georgetown to Havana associated with the strengthening of business ties has been increasing. This, he said, had been underscored by visits to Havana by various private sector officials with varied business interests and by Minister of Business Dominic Gaskin during this year.

At the end of June, the Stabroek Business had reported that Guyana was one of a number of Caricom countries that had been assertively seeking to strengthen trade and economic ties with Cuba in the wake of indications that the country is in the throes of liberalization.

This newspaper had earlier reported that Cuba was anticipating rice shipments from Guyana totalling 73,000 metric tonnes for the remainder of 2017, as well as a longer-term arrangement that involved the proposed Port Mariel operation and could see more than 400,000 tonnes of rice being exported to Cuba and other hemispheric markets.


Wardens to be deployed against gold smugglers next year – Finance Minister

The efforts of the Ministry of Natural Resources attended by external support notwithstanding, the Government of Guyana still considers the phenomenon of gold smuggling to be seriously injurious to the country’s economy and in his recent 2018 budget presentation to the National Assembly, Finance Minister Winston Jordan set out the APNU+AFC administration’s proposals for helping to address this problem.

Company to oversee Guyana’s commercial petroleum interests to be created next year

aNatural Resources Minister Raphael Trotman has disclosed three key objectives which the Government of Guyana will be pursuing in 2018 to consolidate its capacity to effectively service a modern oil and gas industry including a national oil company which will be charged with responsibility for overseeing the country’s commercial interest in the sector.

Hinterland communities promised $200m Green Enterprise Development Centre

Against the backdrop of longstanding concerns over a dire shortage of job opportunities in hinterland communities, government has disclosed plans in the 2018 budgetary proposals for a $200 million investment in the Hinterland Green Enterprise Development Centre at Bina Hill in Region Nine which, according to Finance Minister Winston Jordan, seeks to focus on areas of training “that leverages indigenous and traditional knowledge and drives upstream demand for local products and services.” The disclosure in Jordan’s 2018 budget presentation of what he describes as a “flagship initiative” comes against the backdrop of a growing clamour for the creation of job opportunities for residents of hinterland communities that go beyond their reliance on the production and sale of traditional craft and small scale agriculture.

A hinterland community readies itself for township status

These days, there are unmistakable indications that Mahdia is busying itself preparing to embrace the township status that beckons.

Lucas sees 2018 as breakout year for UG’s School of Business

Five months after the University of Guyana’s School of Entrepreneurship and Business, (SEBI) was launched, Dean of the new institution, Guyanese-born Professor Leyland Lucas has told the Stabroek Business that some of the challenges that repose in ensuring that the institution delivers on its mandate repose in the fact that “it is different.

Your browser is out-of-date!

Update your browser to view this website correctly.

We built using new technology. This makes our website faster, more feature rich and easier to use for 95% of our readers.
Unfortunately, your browser does not support some of these technologies. Click the button below and choose a modern browser to receive our intended user experience.

Update my browser now