By Josiah Williams
President Dr. Irfaan Ali emphasized the importance of positioning local companies as global leaders during his address at the 2024 Local Content Summit held at the Pegasus Corporate Suites.
He urged stakeholders to implement a paradigm shift that transcends mere participation in the oil and gas sector, focusing instead on elevating local companies to provide services internationally.
President Ali stressed the need for a change in mindset and a repositioning toward growth as Guyana transitions into the future.
He emphasized that the goal of local content is to build the capacity of local companies to compete globally and become leading entities in the region.
Highlighting the progress made in the oil and gas sector, President Ali noted that several companies providing services to the industry generated approximately 524 million US dollars last year, with expectations of further growth this year.
Procurement activities are projected to increase to 550 million dollars in 2024, representing a significant uptick from previous years.
The Local Content Act of 2021, which identifies 40 areas for procurement from Guyanese companies, has already resulted in the creation of over 6000 jobs.
President Ali affirmed the government’s commitment to reviewing and analyzing these areas to stimulate further growth.
Efforts are also underway to streamline payment processes and crack down on companies using Guyanese companies as fronts.
President Ali’s remarks underscored the government’s vision for local content to drive economic development and foster the emergence of Guyanese companies as global leaders.