ICAG conference focuses on Guyana’s emerging oil sector

The Institute of Chartered Accountants in Guyana (ICAG) opened its annual conference on Thursday, which saw private and Government stakeholders benefiting from discussions pertaining to the key economic sectors and preparations for the coming years.

With the slogan “Guyana 2020 and Beyond: An Examination of the Key Economic Sectors”, the conference focused on developing and prominent industries in the country’s economy and an overview on the progress over the years.
Power Producers and Distributors Incorporated (PPDI) Chairman Arron Fraser, in his remarks, noted that Guyana was at a pivotal junction where opportunities were endless, but the only concern was the unpredictability of outcomes.
“This conference couldn’t have come at a more opportune time; a time when Guyana is about to enter an epoch of unprecedented opportunities and uncertainty. It is our strong belief that the ICAG should be a significant player in the conversations and deliberations regarding Guyana’s economic future,” Fraser pointed out.
The Chairman said that all sectors would be explored during the summit as the stakeholders seek to thrive in their respective fields.
“We are fortunate to be able to assemble express from many facets of the economy, including Government agencies, industry regulators and the Private Sector. The multi-focus nature of the conference is intentional as we posit a successful Guyana must have stellar performances in all sectors as an antecedent.”
ICAG member Colin Thompson explained that each industry and its requirements would alternate over a period of time.
“As we consider “Guyana 2020 And beyond: An Examination of the Key Economic Sectors”, the conference committee has established a diverse with carefully curated sweeter presentations that not only links with the conference theme, but touches on the changes we’re experiencing in the profession,” Thompson stated.
Guyana is sailing towards oil extraction in as early as 2020. Speaking about investment, climate and opportunities, Guyana Office for Investment (GO-Invest) CEO Owen Verwey pointed out that partnerships to acquire the relevant skills were important.
“For our economy, we know that we’ve never done oil and gas before. Skillsets, resources and many other things are not with us. It’s only fair that we try to ensure that those coming with that partner with some local entity share the knowledge and the experience, so that one day, we’ll be able to do the same.”
Verwey announced this encouragement was given not only to the oil sector, but to all that it can be applied. He is of the view that many opportunities are latent in Guyana and remain unexplored.
“Many incentives exist in Guyana, not taking advantage of and we have incentives in Guyana more than many of our counterparts in the Region. We have more incentives in our incentive regime than [Trinidad and Tobago]”.
Discussions will be held on society changes, modifications that need to be made and worthy investment opportunities. The Sovereign Wealth Fund, Information Communication Technology (ICT) and education tourism were also among the topics.