Local businesses are being urged to expand capacity and position themselves to benefit from rising procurement opportunities linked to the country’s growing economy and local content framework.
Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh, said more than US$2.5 billion in procurement opportunities have already been created for local companies through the local content system.
Speaking at the opening of the Local Content Summit 2026, Dr Singh encouraged businesses to scale up operations, improve profitability and explore modern financing options, including partnerships with investors and financial institutions.
According to Dr Singh, the growth of local businesses will lead to increased employment, stronger communities and broader national development.
Registration is the first step towards unlocking the opportunities created under Guyana’s Local Content framework.
Director of the Local Content Secretariat, Michael Munroe, in his address to the forum, encouraged eligible businesses to seek certification, saying it would improve access to contracts across the oil and gas sector.
He said certification would increase visibility among operators, contractors and subcontractors seeking local suppliers, while also ensuring firms benefit from protections under the Local Content Act.
Munroe encouraged companies to complete registration and take advantage of growing demand for local goods and services, stressing that success depends on strong private sector participation.
“The opportunities are there, but businesses must take the necessary steps to position themselves to benefit from them,” he said.
Private Sector Commission Chairman Gerald Gouveia, who also addressed the gathering, said local companies are seeking greater participation in a wider range of oil and gas services as the Government reviews the Local Content Act.
He said recommendations from the private sector were developed through broad consultations and reflect growing demand for access to more technical and specialised areas beyond the 40 sub-sectors currently covered by law.
Gouveia also called for earlier access to information on upcoming projects, arguing that businesses need up to a year to prepare and build capacity.
“We need more ways of telegraphing what’s to come,” he said.
The summit, held under the theme “From Policy to Prosperity: Unlocking Opportunities Through Collaboration”, brought together policymakers, investors, entrepreneurs and industry leaders to discuss expanding economic opportunities.
Participants at the Local Content Summit
