WITH the recent implementation of Guyana’s local content legislation, the country can possibly benefit from US$700 Million annually as part of the spin-off benefits.

This is according to Vice-President Dr Bharrat Jagdeo who made these remarks during a press conference on Wednesday, where he said that many foreign companies are trying to bypass the local content law.

Dr Jagdeo stated that with implementation of the local content law, Guyanese will be able to fully realise these benefits.

As such, the Vice-President said that foreign companies such as oil companies, can only rent buildings from locals for offices and dwelling spaces. Additionally, they can only hire transportation and procure security services from local companies.

It was then that the Vice-President stated that a number of businesses have been trying, through various means, to bypass this piece of legislation.

“A lot of people are trying to beat the law. We have a big battle with some of them trying to… change the way they incorporate and [also] trying to use legal means to bypass the preferences we have given only to Guyanese,” Dr Jagdeo said.

As a result, he mentioned that the government has a strong position against this as he mentioned that the public may see the government going to court with a few of these companies.

“We’re not allowing this to happen,” he stressed.

Speaking on some of the ways that businesses have tried to beat the system, Dr Jagdeo noted that some of these businesses have created shell companies and are trying to include or use persons with Guyanese heritage to incorporate their companies here.