Local Content Bill ensures Guyanese win – President Ali

His Excellency Dr. Mohamed Irfaan Ali, on Friday, signed the historic Local Content Bill which was passed in the National Assembly on Wednesday. This makes the Bill officially law.

The signing of the Bill was witnessed by several Ministers of Government, other government officials, members of civil society and the private sector. President Ali said the historic Bill is one that will ensure Guyanese reap the benefits of the oil and gas sector.

“This local content Bill gives us the opportunity to win. It sets the framework for Guyanese to win and that is what we are interested in. We are interested in Guyanese winning and we know …when the people of Guyana win, the world wins, this region wins,” Dr. Ali stated.

The Local Content Bill prioritises Guyanese nationals and Guyanese companies in the procurement of goods and services. It lays out 40 services that oil companies and their sub-contractors must procure from Guyanese companies and Guyanese nationals by the end of 2022.

President Ali said the Bill is not set in stone but it is the start of a dynamic journey for Guyana. He said the is in its infancy stage in the oil and gas sector, noting that the development of the sector will bring changes to the country’s economy.

“The Bill itself is a Bill that would be alive, a Bill (that) would be reviewed ever so often in the context of our own development in the oil and gas sector,” he said.

Dr. Ali expressed his gratitude to all who played a part in crafting the Bill, especially the young people. The President is of the view that such cohesiveness is what is needed to take the country forward.

“It is unfortunate that we do not get to celebrate these accomplishments of such important magnitude that the people of this country are involved in, but as president of Guyana, I want to make it very clear that wherever bold decision is needed, I will lead from the front. We as a government, as the President I am not going to hide behind any curtain. We have to take this country forward, all of us as one people. We have to ensure that we dismantle barriers and build a cohesive vehicle that moves forward for the benefit of this country,” President Ali underscored.

The President also disclosed that government will soon be announcing a series of initiatives that will be put to the private sector to mobilise local financing and local involvement.