Local content encouraged at Offshore Technology Conference

Chief Executive Officer (CEO) of the Guyana Office for Investment (GO-Invest) Dr. Peter Ramsaroop said local content and the need for joint ventures, were at the forefront of discussions with foreign investors at the Offshore Technology Conference (OTC) 2021, hosted last week.

Dr. Ramsaroop reflected on the Conference during an interview with DPI on Wednesday.

“If you’re a foreign direct investor, you’re looking to come into Guyana, first thing I say ‘find a local partner’. It’s not a mandatory requirement but find a local partner. We will entertain looking at fiscal concessions more aggressively.”

Dr. Ramsaroop said the need for partnering and joint ventures is the “most important factor” for the Government when it comes to investments. He noted that some big names including some Fortune 500 companies are showing interest in Guyana.

While Government was not part of all the discussions between the local private sector and prospective investors, Dr. Ramsaroop said it was important for the Administration to send the right message about the business environment.

“What it tells you for an entity is that Government believes in joint ventures, joint partnerships. We are a friendly business environment, looking at our obstacles for doing business in Guyana, reduction in taxes in many areas, that we are a number one investment destination…We’re open. We’re accountable. We’re transparent in how we do business and we’re working with our private sector to ensure their growth.”

He said Guyana was the “rockstar” of the event. As a result, several Memorandums of Understanding were signed between local and foreign companies. One such agreement is between Gaico Construction and General Services Inc., which signed an MoU with two American companies, Myer Marine Services and Hargrove EPC.

Dr. Ramsaroop said the general interest in Guyana was in the provision of support services for the oil and gas industry, as the conference was so tailored.

He applauded the private sector for going out in numbers and for representing Guyana well. He expects them to see the “fruits of their labour” in the form of more partnerships, and opportunities for skill and technology transfers.