Local Content Secretariat urges businesses to register to boost opportunities for foreign investment
- Exxon Mobil invests to expand locally owned O&G business VEHSI
The Local Content Secretariat is urging businesses to register with the Secretariat to allow foreign investors seeking local partnerships to reach out to them.
The landmark Local Content Act was passed in the National Assembly just last year.
The legislation makes special provisions for local stakeholders to actively participate in the oil and gas sector, as well as ensures foreign companies must employ locals who wish to work in Guyana.
Nichole Haynes, Head of the Employment Unit at the Local Content Secretariat advised that only local companies registered with the Secretariat will be counted when measuring a contractor or sub-contractor’s compliance with the targets of the local content act.
“And this is going to be our only unit of measuring whether or not Guyanese are actually being utilised. So it is imperative for you to come and get registered. If you are Guyanese, come and get your certificate to show that you (foreign companies) can utilise me and you can measure me as a supplier providing a service as a Guyanese.”
This will boost foreign investment for local businesses since overseas companies looking for partnerships in Guyana’s booming economy will be perusing the Secretariat’s list of registered businesses.
She went on to guide stakeholders present through the registration process.
350 local companies have already registered with the Secretariat.
An example of local business boosted by foreign partnership is the Vreed-en-Hoop Shore Base Inc. (VEHSI).
This is a US$300M project led by Guyanese businessmen, is a partnership between the 100% Guyanese-owned NRG Holdings and the Belgian Jan De Nul.
Nicholas Deygoo-Boyer, a Partner at the Vreed-en-Hoop Shore Base Inc, announced just earlier today that they have managed to expand their activities, having only been operational for less than a year.
“Very happy that our clients, Exxon Mobil, have come on board as an anchor tenant. To take, what was originally 20 acres – but I’d like to announce today has now been expanded to 44 acres to support their operations.”
The Guyana Supplier Forum 2022, hosted by ExxonMobil Guyana and the Center for Local Business Development, came to a close today at the Leonora Stadium, West Coast Demerara.
Chairman of the Private Sector Commission Paul Cheong, while speaking at the same event, pointed out that the Commission continues to play its part to ensure local businesses reap maximum benefits from the oil and gas sector.
He also used to occasion to inform businesses that PSC is finalising plans to convene a one-day forum to discuss Local Content issues.
This has been the first Supplier Forum since the passing of the Local Content Act in December 2021.
Valuable insights and direct access provided during the forum will help local businesses formulate strategies and plan for future investments in the O&G sector.