KOIMA Chairman, Dr Wan-Hee Kim, addresses the business meeting at the Pegasus Hotel.

A KOREA Importers Association (KOIMA) trade mission, from the Republic of Korea (ROK), is in Guyana seeking business connections with Guyanese exporters and suppliers to boost trade.

Talks between the two sides opened at a business meeting in Pegasus Hotel, Kingston, Georgetown, with 25 local participants from different sectors.

KOIMA was established in 1970 under the authority of the Ministry of Knowledge Economy and KOIMA has played a crucial role in developing the Korean economy by promoting trade.

With more than 38 years experience, it is Korea’s only private sector organisation, exclusively dedicated to facilitating imports into that country.

KOIMA boasts 10,000 declared members, all of whom are knowledgeable specialists in their respective fields and they handle more than 80 per cent of ROK’s total import volume, representing some 60,000 overseas suppliers and manufacturers from about 100 countries.

Such KOIMA missions are organised five to six times a year with the purpose of recruiting reliable, complementary business partners, engaged in the foreign export industries.

Those missions are intended to diversify Korea’s sources of imported goods and they, particularly, focus on nations with which ROK has large surpluses, therefore, becoming an instrument by which KOIMA accomplishes its goal of supporting balanced trade growth.

Throughout its itinerary, a KOIMA trade mission facilitates business match makings, in which foreign suppliers are more intimately introduced to Korean buyers and contribute to strengthening bilateral relations with diverse countries.

Trade missions have been dispatched since 1970 and have developed into one of KOIMA’s primary and most successful intermediary services.

The group here is visiting Central and South America and the two-day stay in Guyana is the first stop, after which they will move to Panama, Dominican Republic and Cuba.

Ideal destination
At the opening ceremony yesterday, Minister of Tourism, Industry and Commerce, Mr. Manniram Prashad, who welcomed the delegation, said Guyana is known for its beauty, rich cultural heritage and natural attractions, which make it an ideal destination for tourists.

He said this country has an amazing blend of the Caribbean and South America, offering a distinct product.

“Guyana is a country on the move, with enormous opportunities for investors,” Prashad said, noting that modernisation is underway in all sectors and the economy is emerging as an attractive investment destination.

He said, supported by macro-economic policies, attractive investment incentives and a friendly business environment, which does not discriminate against foreign investors, Guyana provides both local and foreign investors with favourable conditions to do business.

Minister Prashad said the Government of Guyana and the Private Sector, through the Private Sector Commission (PSC), have implemented the National Competitiveness Strategy (NCS), designed to further improve the investment climate and support the expansion of non-traditional export sectors, while continuing to strengthen the various sectors for which Guyana is well known.

He said Guyana has experienced an increase in both foreign and domestic investments in tourism, mining, forestry, agriculture, aquaculture, manufacturing, Information and Communication Technology (ICT) and services.

Prashad said a large percentage involves foreign owned companies from countries such as the United States, Russia, Canada, Malaysia, France, Israel, China and Brazil.

He emphasised that Guyana’s economy consists largely of industries dependent on the utilisation of natural resources, namely agriculture, mining, fishing and timber and agriculture, predominantly rice, sugar, fishing and forestry account for nearly 35 per cent of GDP (Gross Domestic Product) while mining has been on the increase of recent.

“Most of these products are exported and economic performance relies heavily upon international market conditions and weather,” Prashad stated.

Great emphasis
He said investments and opportunities are in the areas of agriculture, including non-traditional exports, mining, manufacturing, energy and ICT, as well, and Government has placed great emphasis on diversifying the economy and exploring new sources of income, employment and export growth.

Prashad said, as a result, Guyana is undergoing an important shift from an agricultural and mining economy to one grounded in light manufacturing, including value-added wood products, agro-processing, garments and services.

He said, in the services sector, Guyana is seeing growth in tourism and information technology related fields.

Prashad said, in tourism, Guyana saw a nine per cent increase in tourist arrivals in 2009 when compared to the previous year.

“This was a commendable achievement for Guyana, since many of our sister Caribbean States saw a decline in arrivals,” he noted.

Additionally, Minister Prashad underscored that important progress has been made in recent years, in managing the process of adjustment to the new world economic environment.

“However, on the forefront of the Government of Guyana agenda is the will to improve our national competitiveness through the NCS and diversifying our economy,” he explained.

Prashad said, with its monetary and fiscal policies supported by multilateral institutions, Guyana has successfully maintained a stable and predictable macro-economic environment.

Inflation has fallen significantly to single digits and is expected to remain as such for the foreseeable future, he said, adding: “The Government of Guyana continues to work to further strengthen the economic policies by having stable macro-economic policies, increased investments in public services and improved business and investment climate to enhance national competitiveness.”

“Guyana is open to investors and visitors from all over the world, especially from Korea.

Natural setting
“On behalf of the Government and people of Guyana, I wish to extend, to you, a pleasant stay in our beautiful homeland to conduct business and, at the same time, discover something different in an immaculate natural setting,” Prashad told the guests.

Mr. Lim Jong-Seon, of the ROK Embassy in Venezuela, expressed appreciation for the delegation he said is looking for business opportunities.

Wishing the team success in their venture, he recalled that, since the 1970s, Korea has achieved dramatic economic development and is now the world’s 11th largest economy.

He said Korea is willing to share its experience in development with Guyana and took note of some areas for potential cooperation between the two countries which can benefit them.

“I am sure today’s meeting will be a good opportunity to understand each other better, whilst sharing interesting and beneficial experiences together and will strengthen the ties of friendship in the two countries.

KOIMA Chairman, Dr Wan-Hee Kim said: “I am truly grateful to the Guyana Government for inviting us and extending warm hospitality to our delegation.”

He recalled that the two countries established diplomatic relations in 1968.

Kim also alluded to the Haiti disaster and said: “Once, again, we would like to offer our deepest condolences to the numerous innocent victims.”

He said, recently, the world has been recovering from an economic situation, and, with no exception, Korea experienced hard times with a rapid decrease in export and a sudden rise in currency rate.

However, Kim observed that exchange rates are stabilising and the stock markets are in a state of recovery and that Guyana is greatly overcoming the economic challenges.

He said, with that in mind, the Korean Government and KOIMA decided to dispatch a mission to create a ‘win-win situation’ in the countries.

“Our visit in Guyana is going to be a very important moment for all of us and I will do my best to improve and balance the trade pattern with Guyana, concurrently boosting bilateral trade volume,” Kim assured.

He said: “I hope that the consultation provides you with an introduction to the Korean market and fosters mutually beneficial relations.”

He said his country’s trade dependence is more than 70 per cent and it has to import a lot of raw materials and components from overseas to boost its exports.

“So, we are travelling around the world to find reliable partners and, in Guyana, we see a lot of opportunities to cooperate in the very near future,” Kim acknowledged.

The visiting Koreans also include KOIMA Vice-President, Mr. Gyu-Hwa Jang; Vice-Chairman, Mr. Young-Chun Song; Directors, Mr. Ki-Young Cho and Mr. Kyung-Sub Kim; Executive Director, Dr. Jung-Man Oh; Assistant Manager of Trade and Commerce Team, Mr. Jae Young Lee; President of Yi Kang Industrial Ltd., Mr. Kwang-Bok Lee; Director of GMB Inc, Mr. In-Han Chi; Manager of Daewon GSI Co. Ltd, Mr. Jun-Han Kim and Ministry of Knowledge Economy, Export and Import Division, Deputy Director, Mr. Seong-Soo Kim.