The Georgetown Chamber of Commerce & Industry (GCCI) has expressed concern over the delay in local content legislation being put forward, even as many regional and international companies are eyeing the oil industry in Guyana.
The Chamber has now drafted its own legislation for local content and has since dispatched that to the government.
The Chamber is calling for swift action as it relates to the enactment of policy or legislation on the issue of local content.
President of the Georgetown Chamber of Commerce and Industry, Deodat Indar told reporters at a Wednesday press conference that the Government has been consulting with the private sector bodies for a while on the issue, but it is time to move the process forward.
“One of the things we realise will have to be changed, is the definition for what a local company is”, Mr. Indar said, as he noted that under current legislation, by simply being resident in Guyana, a person or company could be considered local.
The Chamber of Commerce believes the local content legislation will give local businesses key consideration in providing goods and services to companies involved in the oil industry.
The proposed legislation wants to promote the development of Guyanese companies and citizens of Guyana involved in the petroleum sector.
The Georgetown Chamber of Chamber is concerned that a lot of companies that have been registered for projects and opportunities in the oil sector are foreign companies and their business dealings might have little impact on the local economy.
The Chamber also wants the Government to delay the signing of a Memorandum of Understanding with the Trinidadian Government which could pave the way for Trinidadian companies to gain better access to doing business in Guyana.
Many of the Trinidadian companies are already focused on the oil industry. Trinidad’s Prime Minister is expected in Guyana next Wednesday.