The Georgetown Chamber of Commerce and Industry (GCCI) has expressed keen interest in updating the Local Content Schedule and making further input, particularly in increasing the percentage of contracts allocated to local companies.
Issues and concerns surrounding the development of Micro, Small and Medium-Sized Enterprises (MSMEs) were a topic of discussion when the GCCI met with Natural Resources Minister, Vickram Bharrat, during a courtesy visit to his Duke Street, Georgetown office on Wednesday.
A team from the GCCI, led by newly elected President Kathy Smith, also discussed the establishment of a financial institution to cater to the needs of MSMEs, as well as increasing local content utilisation.
Additionally, the GCCI President engaged the minister on concerns related to fronting and unethical practices by foreign businesses that partner with Guyanese companies, such as ‘double-dipping’—issues which she stated require penalisation.
Smith provided the minister with an overview of the recently held Annual General Meeting of the Chamber, along with the newly-elected Executive Management Committee and Council.
During her discussions with the minister, Smith further highlighted that the GCCI’s membership has significantly increased over the past several years, with many members successfully tapping into the oil and gas industry.
With regard to capacity building, Smith provided insights into the Micro and Women Entrepreneur Learning Centre, which is currently under development at the GCCI, and how it will positively impact MSMEs by providing a platform for advancement, as well as advocating for concessions for Guyanese businesses.
In response, Minister Bharrat assured the chamber that the proposed updates would be shared for further consultation.
He also stated that, in alignment with the objectives of the GCCI, the government is exploring mechanisms to support the development of MSMEs, one of which includes facilitating financing with lower interest rates and easier accessibility.
The minister, in reaffirming his commitment to continuing the collaborative relationship with the chamber, indicated that a team from the ministry would further engage the GCCI on enhancing the local content legislation.
