Region Three businesses target foreign investors
The founder of the new private sector organisation, Halim Khan
The founder of the new private sector organisation, Halim Khan

— form new organisation to capitalise on business opportunities

OVER 50 major companies in Region Three, on Wednesday, officially came under the umbrella of “Reg.3 Private Sector Inc.” as they answered the call of President, Dr Irfaan Ali to collectively enable themselves to benefit from Government’s Local Content Policy.
The founder of the new private sector organisation, Halim Khan, said the region was gearing up for major development, and major companies serious about their business have agreed to form a new organisation which offers a variety of dynamic services.
“We have large companies that offer heavy equipment in construction to small companies offering weeding services; we have agricultural companies and major construction companies, hotels, brokerages, hardware suppliers, and a list of service providers,” Khan said.
He explained that the organisation is not just about business and increasing the level of business coming to companies, but building the capacity of local companies and preparing them to become internationally competitive.

The new private sector body, Khan said will directly engage government on local content requirements, legal compliance frameworks and developing businesses for local content strategies, while ensuring that all the companies fulfil their corporate social responsibility.
Khan, a businessman, said systems would be developed to bridge the gaps in levels of capital, human resource capacity and technology, and create a space for local businesses and local participation in the region.
He said that when foreign investors and companies enter Region Three they will find companies that have capacity and others that are building capacity to provide goods and services at excellent standards and competitive prices.
The businessman explained that among the key objectives of the Local Content Policy are to promote maximum use of Guyanese in the petroleum sector workforce; enhance the skills and competencies of Guyanese citizens; maximise the use of locally sourced goods and services in the petroleum sector; and to enhance the capacity of Guyanese businesses and supply chains to become internationally competitive, among other tangible benefits.

Further, he said virtual meetings have been held with several Canadian companies and the Qatar Chamber of Commerce and Industry (QCCI) has already been contacted, as expressions of interest have been made to invest in Region Three.
“The Reg.3 Private Sector Inc. will be a one-stop shop for all investors that are interested in the region,” he added, noting that “Later a magazine will be published to showcase the businesses, suppliers and companies of Region Three to potential overseas investors.”
President Ali, in August last year, established a Local Content Panel to review policy initiatives on local content in the petroleum sector and to develop a local content legislation and policy.
This draft Local Content Policy was released in February, 2021.
Reports indicated that Government will hire experts to inspect and integrate comments and suggestions emanating from stakeholder meetings into the final policy document that will be presented in the National Assembly.

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