Guyana welcomes investors, but locals must benefit
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–President Ali tells stakeholders at O&G conference

PRESIDENT Dr. Irfaan Ali has affirmed that while Guyana is open to investments in every sector and interest from foreigners, locals must benefit immensely from existing and future development projects and plans.

“Local content is not about not welcoming investors; we welcome investors from Exxon, be it the international investor, Hess, every single stakeholder, whether you are regional or international, we welcome you.

“But all we are saying is that that space for technological transformation, collaboration, local growth and competitiveness, increased productivity must be built into the system to be of benefit to the people of the country,” the President said during his address at the flagship International Energy Conference and Expo at the Marriott Hotel on Tuesday.

In December 2021, the Government of Guyana passed the historic Local Content Legislation. President Ali, upon signing the Bill into law, said the legislation gives Guyanese an opportunity to win.

The four-day International Energy Conference and Expo features hundreds of investors from across the world. President Ali said the event will provide government’s position on investment.

“We are going to state directly the narrative. There is no need for any interpretation; this is the narrative. We are pursuing this path; we know of the responsibility we speak about. We welcome investors, but we believe that local opportunities, the private sector and every single Guyanese and regional stakeholder must be part of the prosperity, and benefit from the prosperity,” President Ali said.

Guyana’s Local Content Legislation outlines 40 services that oil companies must procure from Guyanese-owned companies. The government has also taken initiatives to provide training in the oil-and-gas sector, so that Guyanese can benefit from it.

President Ali reiterated that while Guyana has an open-door policy for investors, their motive must be in line with Guyana’s developmental agenda.
The conference is being held under the theme, “Charting a sustainable energy future”.

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