Local content legislation early next year -President Ali

His Excellency Dr. Mohamed Irfaan Ali says Guyana could have local content legislation early next year.

The President made this disclosure while addressing the media in the margins of the launch of the Canada-Guyana Guyana Chamber of Commerce today at the Arthur Chung Conference Centre.

“We have received the local content report, we are going through that and very shortly, we will put together the local content policy so that very early next year we can go into the local content legislation,” President Ali stated.

The Local Content Report was completed by the Panel on Local Content, which is chaired by Mr. Shyam Nokta. The Report outlines several recommendations to improve country’s policies and legislation.

President Ali, during his address, at the Guyana Oil and Gas Virtual Summit on Tuesday said his Government is committed to ensuring local participation, especially in the oil and gas sector.

Dr. Ali said the Government is “developing a Local Content Policy and Law, which will promote local participation in the sector. The policy is being developed through a consultative process, including through the examination of best practices around the world.”

The aim of a local content policy is to transform the short-term benefits of natural resource extraction into long-term local economic development.