–Minister Indar tells stakeholders, as some businesses continue to bend the rules

WITH Guyana’s Local Content Legislation set to be updated soon, Minister within the Ministry of Public Works, Deodat Indar reminded stakeholders of President Dr. Irfaan Ali’s commitment to upgrading the various categories and percentages established in the law.

He outlined the government’s intention during his address at the Georgetown Chamber of Commerce and Industry (GCCI)’s annual awards presentation at the Marriott Hotel, where he noted that since its enactment, the Local Content Act has spawned immense benefits for the local private sector.

“A lot of folks, their businesses are benefitting from the very Local Content Act; they’re benefitting from partnerships, they’re benefitting from preferred services off of 40 different areas,” he said.

Against this backdrop, responding to comments raised in relation to updating the Act, Minister Indar noted that it was just days ago that President Ali himself who noted that there are things to be upgraded in the legislation.

“He spoke about that; there are things in the Act that need to be upgraded, percentage-wise, and there are different categories to be added,” he noted.

However, while noting that the President iterated that updates are needed, he added that self-reflection is needed in the private sector.

To this end, he added that the said Act was drafted through consultation with the Chamber and the leadership of the Chamber, along with the wider private sector.

Indar further detailed that the leadership of the Chamber assisted in drafting the residency rules, which were further put in place to protect the local private sector.

However, he said, “Yet some of us in the private sector sought to bend those very rules.”

With this, Indar signalled that with updates imminent, the government and stakeholders have to sit down at the table for further consultations.

“We got to go back to the table with the very same people that are causing trouble,” he affirmed.

Just last month, Vice-President Dr. Bharrat Jagdeo noted that companies that are not in compliance with the Local Content Act have a lot to worry about in the future.

Dr. Jagdeo signalled that amendments to the legislation will be enacted next year, thus ensuring all loopholes are regulated effectively.

The Vice-President further said that the possibility of adding new sectors to the local content schedule is also being explored.

“Its not just that sort of reform that will come, but also, we are looking to close the loopholes here,” he said.