The Georgetown Chamber of Commerce & Industry believes there is critical need for policies and legislation to be put in place that would encourage joint ventures with foreign investors for the oil and gas sector.
At a press conference today, the President of the Chamber of Commerce, Nicholas Boyer said regulatory measures must be put in place to safeguard the oil industry.
He said local companies have created new relationships with major foreign investors as a result of the recent oil and gas conference in Houston, Texas.
Mr. Boyer said many of the foreign investors have shown an interest in doing business in Guyana, adding that Guyana must now ensure it has strict policies in place to protect itself.
“Oil is almost here and we don’t have a policy in place. We are depending on the operator’s internal policy as to how they define local content, but that is no excuse for our government to not have a policy in place”, Boyer said.
He added that investments have been made for consultants and stakeholders, but no progress has been made in terms of the production of a final policy.
It is believed that the local content policy and legislation will allow Guyanese to reap more benefits from the oil industry, especially in the field of employment and partnerships.
This year, the Chamber of Commerce partnered with GO-Invest and took close to thirty businesses to attend the conference, which is considered one of the largest gatherings of major players in the global oil industry.