Local businesses and entrepreneurs are being urged to invest more in preparation for the start-up of Guyana’s oil and gas industry but as a caution, the Private Sector Commission says these investments should not be done blindly.
The charge came from Chairman of the Private Sector Commission, Edward Boyer during the opening of a one-day oil and gas seminar on Tuesday.
Boyer said no investment should be made because of promises of prosperity, but urged his membership to exercise due diligence and assess the investment risks.
The private sector is also being urged to become more aware of foreign competition at their doorsteps and make urgent efforts to build capacity and prepare for the oil and gas industry which will officially come on stream in 2020.
“There will be competition from our neighbors, who are oil and gas producers and we are aware of this competition at our doorsteps. However, I am sure that given the expertise and knowledge available to us we will enjoy the fruits of the new world open to us,” Boyer said.
He said the PSC intends to honour its duty to ensure that its members are aware of these opportunities.
He said an oil and gas industry would require a retooling of energies as the local private sector seek to make as much use of the local content policy as possible.
“We need to master the technologies and understand that if we are going to succeed we must open our vision and grasp at the numerous opportunities which are available.”
Mr. Boyer also told the gathering that The Local Content Policy must also be beneficial to both parties, the suppliers of goods and services and the recipient of goods and services.
“While we represent the Private Sector, we cannot work alone. We need to work hand in hand with Government to ensure that opportunities for fair competition are made possible.”
He called on entrepreneurs to understand that there is no substitute for what is required, urging them to develop the skill to understand what is required and adopt best practices.
“We need to learn about this industry as much as we can, in the little time that we have, to keep our engine of growth purring.”
Boyer said he does not believe that local businesses are lacking in opportunities to capitalize on this emerging industry, nor do they need to start from scratch.