Local companies have benefited from more than US$1.5 Billion in contracts  and procurement deals since the passage of the Local Content Act in 2021, according to the President.

Delivering the keynote address at the Local Content Summit at the Guyana Marriott on Tuesday, the President pointed out that by the end of 2024, more than 1,100 companies were added to the Local Content Register.

He said while more and more Guyanese businesses are evolving, significant partnerships are being developed with international companies in keeping with the established laws and regulations under the Local Content Act.

“We are going to be looking at how we can incentivize regulations to further support local businesses, to further empower local business, to further engineer the building of partnerships in new areas.,” the President said.

With major focus on financial literacy, the Government also intends to overhaul the country’s financial system. According to the President, there is need for a modernize financial system that meets the needs of the people of Guyana, and one that would deploy capital to support innovation, and evolving industries.

“Because if you have to mould the capital into a particular sector you have to create the enabling environment for the risks around that capital to be reduced. So, in modernizing the financial system, incentivizing the financial system is an important part of doing that, and we have capacity,” the President said.

President Ali also spoke of “in country value creation” by redirecting spending and investment into the local economy and plans to create a development fund with focus on SMEs, and one that would prioritize different sectors, and unlock opportunities.

Organiser of the Local Content Summit, Abbigale Loncke-Watson said the Summit provides an opportunity for Guyanese to connect, and gain insight into the opportunities available in the country’s booming Oil and Gas Industry, and other evolving industries.

“In 2025, there is perhaps no greater strength that being a Guyanese owned business. We are the heartbeat of this nation’s growth story, and this summit is designed to give us the tools, the knowledge and the network to thrive ,” Loncke-Watson said.

The summit was organized by MBW Inc in partnership with Prestige Management Consultants.

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