Russia preparing to write off $50M Guyana debt before yearend ...

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RUSAL last year paid over $160M in taxes and royalties to government

Business leaders and others during GMSA?s business luncheon.

and is making significant impacts in this country, Russian Ambassador to Guyana, Nikolay Smirnov, said yesterday.
Speaking at the regular business luncheon of the Guyana Manufacturing and Services Association (GMSA) at the Regency Hotel, the official also announced plans by his country to write-off more than $50M debt that Guyana owes.
In the past, Russia had cancelled several millions of dollars in debt that Guyana had owed.
Speaking about bilateral relations with Guyana, the official pointed to the 2004 joint venture Russian-Guyanese company, Bauxite Company of Guyana Inc (BCGI), which since the inception of its operations has been growing in leaps and bounds.
?Local municipalities benefit from its operations. Some 500 Guyanese workers are employed by the company. More working places will be created in coming months as the company has brought a large quantity of new heavy equipment into the country.?
In September of 2011 the company sponsored a group of students from Aroaima to study at the prestigious People?s Friendship University of Russia. The new specialists will return in five years to serve Guyana?s economy, the diplomat said.
According to the official, traditional cooperation with Guyana continues in the area of education. ?Annually the Government of the Russian Federation grants scholarships to Guyanese students to study in universities. In June 2012 a group of Guyanese new doctors and economists is planning to return to Guyana to work for the benefit of this country.?
Despite the modest amount of bilateral trade, Smirnov said that Russian exports to Guyana in 2011 were worth US$1.3M and imports from Guyana, US$682,000, but this is ?growing constantly?.
?Russia is interested in further broadening cooperation with Guyana, be it cultural or economic spheres through such organizations like GMSA, Georgetown Chamber of Commerce and Industry as well as on an individual basis,? the official promised.
?Guyana in particular has made the concerns of small countries heard on the issue of climate change and it is pioneering in its partnership with Norway to build a model for cooperation between the developed and developing world in the fight against this global threat. We wish Guyana success in its endeavours.?
Regarding the region?s fight against terrorism, drug trafficking and organized crime, Russia stands ready to lend support, he said.
?In this regard I would like to note the signing between Russia and Guyana of an agreement on cooperation in fighting illegal drugs in February 2012. Russia is ready to provide to the respective law enforcement agencies of Guyana and CARICOM states technical and training support. With respect to other areas of cooperation, Russia is ready to offer modern technology in agriculture and energy sector.?
At the luncheon yesterday were several business leaders and Prime Minister Samuel Hinds, who spoke of the relationship between Guyana and Russia and the significance of RUSAL?s local operation.

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