Consultation on the revision of the Local Content Act 2021 will commence shortly, as the government seeks to strengthen the legislation to ensure Guyanese adequately reap the benefits of the booming oil and gas industry.
This disclosure was made by Attorney General and Minister of Legal Affairs, Anil Nandlall, SC, during his weekly programme ‘Issues in the News’, aired Tuesday evening.
Minister Nandlall stated that the government continues to receive numerous complaints of Guyanese not being afforded fair opportunities to participate in the new industry.
Recognising this as an issue, law revision has begun and consultations with the relevant stakeholders will begin shortly.
“I want to ensure our viewers that this is an undertaking that is ongoing and the review will include consultations, which we will embark upon shortly,” the Attorney General assured.
The historic Local Content Legislation was passed in the National Assembly on December 29, 2021, and was subsequently assented to by President Dr Mohamed Irfaan Ali on December 31, 2021.
It was designed to ensure the oil and gas industry supports an economy where small and medium-sized businesses can grow and benefit from the industry.
It also ensures that companies operating in the country hire a certain percentage of local workers and use a certain percentage of local goods and services.
However, since its passage, there have been numerous issues raised by business entities and the private sector.
“We did say that when that bill was being promulgated, that it is the first legislation of its type in the Caribbean and that we will have to go back to the drawing board very quickly to adjust it as we become acclimatise to this new and emerging sector,” Minister Nandlall pointed out.
Already, the local content raked in some US $700 million in businesses, which essentially translated into many job opportunities and a significant spill-off effect in several other sectors.
