As part of the Local Content law, a Local Content Secretariat has been set up to connect local professionals and businesses with opportunities in the oil and gas industry, including drafting and enforcing bid evaluation and procurement guidelines that mandate that foreign companies include provisions for local services to be used.
This mandate by the Local Content Secretariat is a worthwhile starting point for advocating for Guyanese businesses in the sector, empowering businesses to improve to international industry standards, and realizing the benefits of the new laws in ensuring that local companies take advantage of the spaces carved out for them.
Similarly, local businesses should also be expected to help themselves and not complacently expect to benefit from the sector’s opportunities without the requisite equipping of skills, expertise, and standards.
The Local Content Bill was passed in the National Assembly on December 29, 2021, and signed into law by President Irfaan Ali on December 31, 2021. It clearly defines who is a Guyanese and what constitutes a Guyanese business. The law also outlines a schedule that sets out targets of benefits for Guyanese in 40 key sectors to be implemented by the end of 2022.
