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-Trotman tells new ambassadors to China, USMinister of Natural Resources, Raphael Trotman,Cheap Jerseys From China, yesterday met with the country’s new ambassadors to China and the US. He warned that Guyana will be looking to them to ensure investors are above board.Minister Raphael Trotman (l) meets with new ambassadors, Riyad Insanally and Bayney KarranPaying courtesy call on the Minister were Ambassador to the People’s Republic of China, Bayney Karran,Cheap NFL Jerseys, and Ambassador to the United States of America, Riyad Insanally.According to the Ministry,Wholesale Jerseys USA, Trotman updated the ambassadors on the current priorities of the Ministry, its ongoing engagements with Chinese and American companies, and partnership and investment opportunities that are available within the extractive industries sector.“The Minister also shared some cross-cutting areas for support which include training and capacity building,China NBA Jerseys, policy development, and the establishment of a regulatory agency for Guyana’s growing petroleum sector.”China and the US are two of Guyana’s biggest donors.The extractive industries, including gold, timber,Wholesale Jerseys, bauxite, oil and even rare earth, have been the biggest attractions for investors in the last decade but there have been problems.During the meeting the issue of proper background checks into potential investors was raised.“In response to a question from Ambassador Karran about due diligence procedures for the extractive industries sector, Minister Trotman noted the important role the Ambassadors can play in facilitating due diligence procedures that will help the Ministry to regulate investment interest in Guyana.”The Minister, the statement said,Wholesale Authentic Jerseys, reiterated the Ministry’s commitment to a culture of transparency and open governance by noting that “we are not looking for fly-by-night startups, but for credible people who are willing to invest and their investment will be protected.”Ambassador Insanally, the Ministry said, expressed support of such a role and highlighted its importance in helping the Ministry to network with credible investment partners overseas.“The Ministry will furnish the Ambassadors with general information about ongoing developments in the Natural Resources Sector, and has committed to mutual and continuous sharing of relevant information to help both Ambassadors to be better prepared to advance Guyana’s interests on foreign soil.”The issue of due diligence has been a sore one, especially during the last two previous administrations of the People’s Progressive Party/Civic (PPP/C).A number of investors were being granted forestry and mining lands and even oil exploration concessions, but quite a few have failed to invest the monies as promised in agreements with the Government of Guyana.Some of the commitments include building processing facilities.The investors were granted billions of dollars in tax breaks, waivers and other concessions, monies that Guyana could ill-afford to lose.The coalition, while it was in opposition before May 11, 2015 general elections, had vowed to ensure proper due diligence to investors are above board.Earlier this week, President David Granger told media workers that his government was seriously considering reducing the level of concessions to ensure that local businesses are not disadvantaged.A number of investors have been called in to update government on their plans.
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