One year after the enactment of Local Content legislation for the oil and gas sector, the Private Sector Commission has reported that more Guyanese businesses have increased their capacity to service the oil and gas sector.
Under the Local Content law, Guyanese nationals and Guyanese companies receive priority in the procurement of goods and services for the petroleum sector. More than 400 businesses have been registered with the Local Content Secretariat since the legislation was passed and enacted.
According to the Chairman of the Private Sector Commission, Paul Cheong, measures should now be implemented that will see more Guyanese owned businesses benefiting from the oil and gas sector.
In a new year’s message, he said “since the enactment of the Local Content Law, Guyanese businesses have increased their capacity to service the industry and continue to do so, so it is time for those targets to be revised to allow more local businesses to provide the goods and services required in the oil and gas sector. Over the past year, we enjoyed a close working relationship with the Local Content Secretariat, and in 2023 we anticipate continuing that relationship where we can express our concerns and share information.”
Mr. Cheong said that advocating for local content in the oil and gas sector remains high on on the agenda of the Private Sector Commission, and with efforts underway to review the one-year-old legislation, the PSC has already made a number of recommendatios.
“We acknowledge that efforts are underway to review the First Schedule of the Local Content Law and already, through our Local Content Forum held in November, businesses have put forward several recommendations they would like to see incorporated into the law. That report has been submitted to the Local Content Secretariat and the Private Sector Commission is looking forward to seeing a number of those recommendations taken on board.”
The PSC Chairman also said his organisation welcomes the Government’s commitment regarding the drafting of regulations and guidelines to accompany the Local Content Act and the PSC stands ready to work with the administration and key stakeholders to ensure that new regulations and guidelines are put in place at the earliest.
The PSC also issued a call for there to be greater monitoring and enforcement of the regulations under the current legislation.
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