WITH capacity being developed in several areas over the last three years, Guyana is now in a better position to reassess and add to the schedules set out in its local content legislation.

This was highlighted by Minister of Natural Resources, Vickram Bharrat, on Friday last at the Private Sector Commission’s Local Content Forum.

The minister said: “We knew at some point in time, once our capacity developed, once we increase the local capacity, then obviously we will have to make changes to schedule one in the local content legislation.”

That schedule of the Local Content Act mandates companies to utilise goods and services from Guyanese in 40 sectors.

He noted that already the government has already received many submissions from various private sector stakeholders with regards to changes in the schedule and targets to be adjusted.

Minister Bharrat posited that as of October, he believes that Guyana is in a better position than when those submissions were made to truly assess local capacity and make adjusted submissions.

With this, he added that earlier this month, President Dr Irfaan Ali mentioned that the government is looking at reviewing the schedule with the aim of adding services and revising targets once they can determine that there is adequate local capacity in the country.

To this end, the Natural Resources Minister indicated that over the last three years, the government has seen that the private sector has become very active and knowledgeable in relation to navigating the oil and gas sector.

“When we started out, there were a lot of questions, there were a lot of uncertainty with regards to the oil and gas sector. But I’m sure things are becoming clearer as the days go by, and we’re seeing more and more risk being taken by our private sector, along with your partners,” he said.

Guyana’s local content legislation which is being looked at as one that has yielded billions of dollars for the local private sector, is currently under review.

Since its enactment, the government has made it a point to note that after a period of time, the legislation will be reviewed and amended to keep in line with the growing sector.

Additionally, earlier this year, the Minister of Legal Affairs and Attorney General, Anil Nandlall said that the act which was passed in 2021 is currently under review and amendments will follow when that has been completed.