R3PSInc Head

BUSINESSES in Region Three (Essequibo Islands-West Demerara) are being invited to participate in a sensitisation and consultation campaign on the Local Content Act currently being conducted by the Ministry of Natural Resources, according to Halim Khan, Head of the Region Three Private Sector Inc. (R3PSInc).
The campaign, Khan said aims to inform and engage stakeholders across the country on the provisions and benefits of the Local Content Act, which was passed in December 2021.
The R3PSInc Head noted that the next meeting in this campaign is scheduled for June 13, 2024, at the Leonora Technical Institute, beginning at 16:30 hours.
The agenda, he said includes an overview of the Local Content Act by Dr. Martin Pertab, Director of the Local Content Secretariat, followed by a key presentation from the Minister of Natural Resources, Vickram Bharrat.
“The Local Content Act is a crucial piece of legislation designed to ensure that Guyanese businesses and workers benefit from our burgeoning oil and gas industry,” Khan stated. “It mandates that oil and gas companies give local businesses a fair opportunity to compete for contracts and also requires these companies to train and hire Guyanese workers.”
Passed in December 2021, the Local Content Act is part of the government’s strategy to maximise the socio-economic benefits of the oil and gas sector for the local population. It aims to foster a competitive and sustainable local industry by ensuring that Guyanese companies and workforce are integral to the sector’s development.
Khan emphasised the importance of the upcoming meeting, encouraging all stakeholders to attend and participate actively.
“This is an excellent opportunity for businesses and individuals to understand the Act’s provisions and how they can leverage it for growth and development,” he added.
The campaign he added underscores the government’s commitment to inclusive development and the equitable distribution of the benefits derived from Guyana’s natural resources. Through this series of meetings, the Ministry of Natural Resources seeks to build awareness and facilitate meaningful dialogue on the implementation and impact of the Local Content Act.