‘Local businesses need to act now to get into the oil and gas sector’ – Finance Minister Jordan

DPI, Guyana, Wednesday, December 13, 2017

Local entrepreneurs need to re-adjust their thinking and way of doing business. Finance Minister Winston Jordan reiterated this advice during his 2018 Budget debate presentation.

The Finance Minister stated, “I went to various places whether is it the GSA or the embassy in Washington and I said, do not wait on local content legislation. Go out there and scout for people who you want to form partnerships with. But there seems to be an aversion to a certain class of people, to form partnerships with public companies”

Minister of Finance Winston Jordan.

The complaints about foreign-based companies establishing local operations have already begun, the minister noted. He questioned, however, the reluctance of many businesses, to partner with their foreign counterparts and to commit.

He asked, “do you want to go with them? We don’t have the technology. We don’t have the finances. We don’t have the human capacity. So how are we going to compete side by side with these people, who have all these years of experience knowledge and everything?”

He advised, “We have to creep before we walk! Creep by forming partnerships with people who know. Learn the business. Accept the technology transfer, gain some financing before you can get out on your own.”

Minister Jordan emphasised that it was time to stop all the talking and to take action, “This is a different government. You have to work hard to get what you want. The procurement system is as open as anybody who wants to see it. It’s far more open and it’s far more rigorous!”

According to the Finance Minister the government is working to introduce ‘Local Content’ legislation, he, however, reminded that business operators should not wait for this to occur, whilst foreigners are forging ahead.

The government is seeking to legislate the need for certain amounts of ‘local content’ within the expanding Oil and Gas Sector. This will ensure that local businesses and workers have a fair share and opportunity within the industry.

 

By: Paul McAdam

 

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