GEORGETOWN, Guyana (Tuesday, December 1, 2020) — President, Dr. Mohamed Irfaan Ali, has claimed the government is committed to ensuring that local businesses optimise their participation and opportunities, to benefit from the emerging petroleum sector.
The President was, at the time, delivering his opening remarks at the Guyana Oil and Gas Virtual Summit, today. The two-day event will allow for virtual networking with Guyana’s key stakeholders in the energy sector.
President Ali said the PPP/C administration is “developing a Local Content Policy and Law, which will promote local participation in the sector; adding that the policy “is being developed, through a consultative process, including through the examination of best practices around the world”.
He noted that the emergence of the oil and gas sector will open vast opportunities for direct and indirect investment. For local businesses, he said, this will entail enhancing their technical skills and capacities and utilising innovative approaches to compete.
“Foreign Direct Investment (FDI) is essential for capitalising on the opportunities, which the sector promises; it is also vital in building the capacity of the local sector. Guyana therefore, welcomes foreign investments to help us acquire the capital, skills and technology to convert economic transformation into economic opportunities,” President Ali said.
The oil and gas industry will put Guyana on a greater development trajectory and calls for new ways of doing business, Dr. Ali said.
“The old culture of buying and selling must give way to one, which emphasises production of goods and services and partner with others to maximise local traction in the sector,” the President noted.
As such, Dr. Ali urged local firms to become bold and ambitious to compete in the global economy.
This year’s Summit was organised by CWC/Global Future Energy (GFEn) in collaboration with the Georgetown Chamber of Commerce and Industry (GCCI).
It is expected to set the stage for the industry’s development in 2021, where participants will be given the opportunity to network, explore the latest policies and guidelines and develop new solutions to advance projects in Guyana.