Local Content Summit returns with focus on economic expansion

The Local Content Summit returns for its second edition at the Pegasus Suites and Corporate Centre, Kingston Georgetown, with an exciting lineup of speakers.

The one-day event will bring together policymakers, industry experts, operators, sub-contractors, vendors, the local private sector, and other key stakeholders.

It is a collaboration between MBW Energy Support Services, Prestige Management Consultations, and the Ministry of Natural Resources, Local Content Secretariat.

This diverse group will engage in a dynamic dialogue centered around the Local Content Legislation, focusing on crucial areas like supply chain development, procurement best practices, employment opportunities for Guyanese, and essential skills training.

President, Dr Mohamed Irfaan Ali will deliver the keynote address at the opening ceremony.

Other speakers at the event include Attorney General and Minister of Legal Affairs, Mohabir Anil Nandlall, SC; Minister of Natural Resources, Vickram Bharrat; Minister within the Ministry of Public Works, Deodat Indar, and Director of the Local Content Secretariat, Dr Martin Pertab.

The Local Content Summit serves as an interactive platform for discussions on critical issues.

This year’s theme is ‘Creating Value. Driving Economic Expansion’ reflects the summit’s focus on how local content can act as a catalyst for broader economic growth in Guyana.

The 2021 Local Content Act was enacted with a view of maximising opportunities in the oil and gas sector to include all Guyanese.

The legislation was meticulously crafted to promote the emergence of a skilled, dynamic, and proactive workforce, ready to effectively meet the demands of the growing sector.

The inaugural summit fostered discussion on the tenets of the existing local content legislation, opening the door for the commencement of amendments to the act.

Currently, the act is undergoing a comprehensive review to address existing loopholes.

The government notes several instances of companies exploiting certain provisions of the act and is looking to utilise the tax system to scrutinise and rectify such practices.