In wake of concerns expressed by some members of the Caricom Private Sector Organisation(CPSO) about Guyana’s recently enacted Local Content Legislation, the Guyana Private Sector Commission has defended Guyana’s legislation and the need for the country to have a local content policy.
In a statement, the PSC said the purpose of Local Content straddles countries, regions, and continents and forms an integral part of the Petroleum Sector.
While questioning the legitimacy of the regional private sector group, the Private Sector Commission said it is satisfied that the policies expressed in Guyana’s Local Content Act are not dissimilar to those of Trinidad and Tobago’s and do not violate the revised Treaty of Chaguaramas.
It is suspected that most of the companies that are concerned about Guyana’s local content policy are Trinidadian companies that have been looking for opportunities in the oil and gas sector.
The PSC said Trinidad and Tobago has had a local content regime in place for more than 50 years, which is “predicated on maximizing citizens’ ownership, control and financing of all activities along with the energy resources sector” thus giving preference to Trinidadians.
According to the PSC, it fully endorses the aims and objectives of the Local Content Policy Act which are designed to ensure that Guyanese companies and nationals benefit from the Oil and Gas sector.
The PSC said while it welcomes foreign investors, it also urges respect for the country’s laws and sovereign space.
(Mike Charles Photo)