President Ali to review PSC’s proposed amendments to Local Content Act
The Private Sector Commission’s (PSC) proposed amendments to the landmark Local Content Act of 2021 have been delivered to His Excellency, Dr Mohamed Irfaan Ali for a thorough review.
According to a Department of Public Information (DPI) news release, this development comes on the heels of the Government’s commitment to strengthening the current act, ensuring that new and emerging sectors that support oil and gas production are included, and opportunities for local businesses are enhanced.
The booklet with recommendations presented to the President by the PSCPresident Ali with members of the PSC on Wednesday at State House
On Wednesday, PSC’s Chairman Komal Singh, and Chairman of the Local Content Committee, Shyam Nokta, met with President Ali at State House where they presented the proposals.
According to the President’s official social media page, the proposals were put together by the commission, following an extensive two-year countrywide consultation process with the local private sector.
The recommendations and scheduled expansion for the act aim to address and strengthen areas that have evolved due to the rapid development of the oil and gas industry.
President Ali has since signalled his intention to review the proposal with the option to amend the legislation.
Other senior executives of the PSC were also present, along with the Director of the Local Content Secretariat, Martin Pertab.
Guyana’s landmark Local Content legislation was passed in December 2021, the first of its kind in the Caribbean.
