President Dr Irfaan Ali has emphasised that Guyana is not barring international investment in the oil and gas sector, but rather creating an environment that encourages partnerships between local and international companies.
At the same time, the government is ensuring that local businesses are not sidelined.
He made these remarks while delivering the keynote address at the opening of the Annual Local Content Summit.
“We are not shielding Guyana’s petroleum sector from foreign investment—not at all. That’s far from it. We are actively courting investment. Guyana has never been more open to the world, to capital, and to partnership. But our openness is not equivalent to the marginalisation of our local businesses. We are not building to be superior to anyone; we are building to be the best for our country and our people,” the President stated.
However, he made it clear that while the country welcomes partnerships, “we will not allow our private sector to be mere spectators in their own economy. We will not permit the benefits of our oil and gas resources to bypass our workers, our businesses, and our communities.”
President Ali further noted that the aim of the local content legislation is not only to ensure local businesses benefit from the oil and gas sector, but also to generate national wealth for all Guyanese citizens.
He urged employers to ensure their employees also benefit from the country’s growing prosperity.
“You must allow your employees to be part of the successes of your businesses and your enterprise—just as you want to be a success story of your country. We are in this together; we are building wealth together; we are building prosperity together,” President Ali said.
The Local Content Act of 2021 prioritises Guyanese nationals and companies in the procurement processes of the petroleum sector, with the aim of strengthening the local economy and developing local capacity. The Local Content Secretariat is responsible for overseeing the implementation of the Act.
President Dr Irfaan Ali (Moses Williams photo)
