Korea interested in renewable energy, infrastructure prospects here

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The Korean Trade-Investment Promotion Agency (KOTRA) is looking to connect local businesses with large companies dealing with renewable energy and a wide range of other sectors.

KOTRA is a state-funded trade and investment promotion organization operated by the Government of South Korea.

The Agency, which is participating in the ongoing Guyana Trade and Investment Exhibition (GUYTIE), is hoping to meet local business persons who are interested in joint ventures-something which the local private sector is looking to push.

Sunghee Ahn, Director of KOTRA based at the Korean Embassy in Venezuela, explained that the agency “promotes the bilateral relationship, economic relationship and in commerce between Korea and the Caribbean region.”

Though there has been an increasing number of foreign business persons entering the local market ahead of oil production in 2020, she noted that there are not many Korean businesses in Guyana and the Caribbean but her agency is looking to change this.

“We can make contact with the Korean providers who want to do business with the Guyanese companies,” Ahn said.

However, they are not interested in just the oil and gas industry but rather in the other sectors which will expand as consumption increases.

“We are also interested in infrastructure investment opportunities because we heard there will be many infrastructure needs like a deepwater port and bridge and the road that connects Brazil with Guyana so those are the sectors Korea has strengths in.”

The Private Sector Commission has repeatedly called for a deepwater port which can accommodate larger ships, thereby helping in increasing exports.

As it relates to the Brazil/Guyana road link project, reports are that officials from both countries are working to complete the terms of reference for the design.

Ahn noted that like Guyana, Korea is also working to go green, and can assist Guyana with various renewable energy equipment.

“We are very strong with wind power and hydroelectricity, etc so there can be many cooperation opportunities,” she noted.

One other area the Trade agency is interested in is the trading of spare parts for vehicles.

The Guyana Trade and Investment Exhibition seeks to facilitate business to business meetings to propel the economy.

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