The Georgetown Chamber of Commerce and Industry (GCCI) on Friday commended the government for tabling of the Local Content Bill in the National Assembly, while maintaining that it would facilitate material benefit to the Guyanese private sector.
The bill was tabled on Thursday.
In a brief statement, the GCCI reminded that it has championed the cause for the legislation since the beginning of 2017. Throughout these years, it added, it has undertaken an expansive range of activities that it viewed as being necessary to aid in the general public’s understanding of local content, including but not limited to forums, seminars, webinars, policy briefs, extensive commentary, advocacy, crafting of a model legislation and consultation sessions. “Thus, it is imperative that the GCCI reinforces that the Local Content Bill being tabled is representative of a gold standard instrument in supporting private sector development,” it added.
Noting that it has actively participated in the consultations with the government, the GCCI said it was pleased to see that key areas, where local capacity exists have been ring-fenced for Guyanese enterprises. In particular, it welcomed the bill’s establishment of two key institutions – the Local Content Secretariat and the Inter-Agency Advisory Committee, which it said would engender the dynamism which such a bill ought to encapsulate and, thus, ensure that the private sector continues to benefit from the legislation long into the future.
“The Chamber of Commerce now anticipates further improvements and reforms to both the institutional and legislative framework necessary to support the country’s development including the establishment of the Petroleum Commission,” it concluded, while pledging that it will continue to be a partner in Guyana’s development.
