An olive branch has been extended to companies looking to invest in the oil and gas producing nation of Guyana. However, while they are welcomed to invest, companies are being reminded that Guyanese must be able to benefit from those investments.
President Dr. Mohamed Irfaan Ali extended the invitation at the opening of the International Energy Conference and Expo.
“Local content is not about not welcoming investors. We welcome investors from Exxon, be it the international investor Hess, every single stakeholder whether you are regional or international, we welcome you. But all we are saying is that that space for technological transformation, collaboration, local growth and competitiveness, increased productivity must be built into the system to be of benefit to the people of the country,” the President said.
In December 2021, the Government of Guyana passed the historic Local Content Legislation. President Ali upon signing the Bill into law said the legislation gives Guyanese an opportunity to win.
The four-day International Energy Conference and Expo features hundreds of investors from across the world. President Ali said the event will provide government’s position on investment.
“We are going to state directly the narrative. There is no need for any interpretation, this is the narrative. We are pursuing this path; we know of the responsibility we speak about. We welcome investors but we believe that local opportunities, the private sector and every single Guyanese and regional stakeholder must be part of the prosperity and benefit from the prosperity,” President Ali stated.
Guyana’s Local Content Bill outlines 40 services that oil companies must procure from Guyanese owned companies. Government has also taken initiatives to provide training in the oil and gas sector so that Guyanese can benefit from the sector.
President Ali reiterated that while Guyana has an open-door policy for investors, their motive must be in line with Guyana’s developmental agenda.
The conference is being held under the theme ‘Charting a sustainable energy future.’ [DPI]
