Scores of Guyanese businesses may be missing out on opportunities in the country’s oil and gas sector because business registration alone does not qualify them for contracts reserved under the Local Content Act, Director of Local Content Michael Munroe says.
Munroe made the remarks at the World Trade Centre Georgetown Emancipation Celebration Mixer on Friday, held under the theme “Breaking Barriers, Building Businesses: The Journey from Emancipation to Economic Empowerment.”
He reminded entrepreneurs that they must obtain a Local Content Certificate through the Local Content Secretariat before they can benefit from the legislation.
“It is the Local Content Certificate that gives you the added advantage of unlocking these opportunities,” he said.
Munroe explained that the Local Content Act was designed to ensure Guyanese nationals and businesses benefit from the country’s petroleum wealth, regardless of their background.
“The Local Content Act was created to provide specific opportunities for Guyanese nationals and Guyanese businesses, irrespective of your class, your colour or your creed. Just the fact that you’re Guyanese, you have a chance and an opportunity to participate in this bounty,” he said.
He urged entrepreneurs to complete the registration process, which he described as seamless and easy, through the Ministry of Natural Resources’ petroleum website.
Munroe also encouraged greater collaboration among Guyanese businesses, saying partnerships could help unlock larger opportunities in the petroleum sector while strengthening local participation in the country’s economic transformation.
