Local businesses will see greater involvement in oil & gas sector – Ali

…but must embrace new ways of doing business

The inaugural virtual oil and gas summit has kicked off with President Dr Irfaan Ali’s assurances that his Government remains committed to ensuring that local businesses are optimally involved in the sector.

The three-day summit will see companies and stakeholders being allowed to network and being apprised of business opportunities. And on Tuesday during his opening address, the President assured the businesses that the Government will pave the way for greater opportunities in oil and gas.
“The Government remains committed to ensuring that local businesses have optimum participation in the oil and gas sector. We are developing a Local Content Policy and Law, which will promote local participation in the sector. The policy is being developed through a consultative process, including through the examination of best practices around the world.”
According to Dr Ali, the growth of the sector will see an increase in the demand for investments and technical skills. And while the locals will be catered to, the President also noted the importance of Foreign Direct Investment (FDI).
The President stated that FDI was essential for capitalizing on the opportunities which the sector promised, as well as building the capacity of the local sector. And part of building that capacity must include doing away with outdated cultures.
“Guyana, therefore, welcomes foreign investment to help us acquire the capital, the skills, and the technology to convert economic transformation into economic opportunities. Oil and gas represent a paradigm shift in our country’s development. It will move our trajectory to a higher level.
“The old culture of ‘buying and selling’ must give way to one which emphasises production of goods and services and partnering with others to maximise local traction in the sector. Local firms must become bold and ambitious – they must think big and think international. They must embrace innovation and inventiveness if they are to compete effectively in the global economy,” Ali said.
The President also commended CWC/Global Future Energy Limited and the Georgetown Chamber of Commerce and Industry (GCCI) for their partnership in organising the summit, which he acknowledged was an expression of confidence in Guyana’s future.
CWC/Global Future Energy Limited had organised the summit in partnership with the GCCI and with the support of the Government of Guyana. During the summit, national and international companies will interact with the Government and get reliable, up-to-date information on opportunities available.
All speakers and participants of the summit will be remotely connected through an online platform and will have access to a unique programme and high-level networking. The delegates will actively participate in the event through engaging functions, including polling; Questions and Answers (Q&A); live chats and one-on-one meetings.
The virtual event will set the scene for the industry’s development in 2021; participants will be given the opportunity to meet with existing and new contacts, explore the latest policies and guidelines, and develop new solutions to advance projects in Guyana.
Other speakers during the summit include Natural Resources Minister Vickram Bharrat, Minister within the Public Works Ministry, Deodat Indar and other Government officials.