PSC local content submissions reflect Guyanese business growth – Gouveia

The Private Sector Commission (PSC) says its latest recommendations for local content reform are grounded in the significant expansion and rising capabilities of Guyanese businesses across multiple sectors.
PSC Chairman Captain Gerald Gouveia Jr, speaking at a press conference on Wednesday, said the organisation’s submission to the Government reflects how rapidly local companies have grown since the Local Content Act was first introduced in 2021.
Gouveia noted that the PSC has been integrally involved in the local content framework from its inception, confirming that the PSC was once again invited this year to offer recommendations on expanding and strengthening specific sections of the legislation.
“The Private Sector Commission is proud to have been part of the development of the local content legislation from day one. We have been included and critical in every step of the local content legislation and development of the local content Secretariat since 2021, and this year we were invited to contribute with our suggestions for expanding or elaborating parts of the local content legislation, which we’ve made our submissions.  We also met with the local content Secretariat to discuss some of the submissions and some of the contributions that we did. And we are eager to see them being implemented in the new draft of the local content legislation,” the Chairman said.
The Guyana Government has committed to reviewing the Local Content Act and expanding the 40 service areas set aside for locals.
There are 40 areas in which oil companies have to seek services from local providers, to varying degrees. For instance, 100 per cent of immigration support, work permit and visa applications, customs and ground transportation, as well as insurance have to be sought from local service providers by the oil companies.
Meanwhile, other targets include 90 per cent of office space rental and accommodation services; 90 per cent of janitorial services, laundry and catering services; 95 per cent of pest control services; 75 per cent of local supply of food; and 90 per cent of local accounting services.
In November 2024, it was reported that 1,032 companies were registered with the Local Content Secretariat, meaning they are in possession of a Local Content Certificate to confirm they are a Guyanese company and are eligible to supply oil and gas operations.
Gouveia explained that Guyana’s private sector has been rapidly transforming, with businesses actively reinvesting, forming partnerships, and scaling up their technical capabilities.
He explained that the PSC’s recommendations are carefully aligned with these demonstrated improvements.
“When it comes to local content reform, a lot of it has to do with every year, Guyanese businesses are innovating, Guyanese businesses are forming partnerships, both local and international.  Guyanese businesses are reinvesting in their companies to increase their skills, increase their capabilities. So, this year, what we have done is that we have canvassed the business community to find out what have our capabilities grown to.  It could be in different industries, it could be in more advanced industries, it could be maybe we are taking a bigger share of an existing industry.  So, it really came down to us making sure that when we make our recommendations, it matches the capabilities demonstrated by the private sector here in Guyana,” he went on to state.

Support for SME development
Gouveia also welcomed the Guyana Manufacturing and Services Association’s (GMSA) new business incubator initiative, noting that it complements the PSC’s own efforts to strengthen small and medium-sized enterprises (SME).
He highlighted several mechanisms already in place to help small businesses scale up, including the Government’s Zero-Interest Development Bank, PSC’s own Business Support Desk, offering guidance on business plans, feasibility studies, and project development, and the Georgetown Chamber of Commerce and Industry’s new Women and Agriculture SME Desk.
Gouveia said the PSC sees the continued strengthening of SMEs as essential to broad-based national growth and reinforced that the private sector remains committed to ensuring local businesses secure a growing share of opportunities within Guyana’s fast-expanding economy.
“SMEs make up over 60 per cent of most of the business support organisations, so we have to figure out ways of supporting these SMEs and the continued growth of these small businesses.  We have to commend the Government on the development of the Zero Interest Development Bank, but in the private sector we have operations and incentives, for example, GMSA’s incubator.  We also have here at the private sector commission a business support desk that is offering consultation for business plan development, feasibility studies, and so on,” Gouveia said.
“So, the intention is that the incubator that GMSA has launched is one of many private sector operations to promote small businesses, and keep in mind that we are going to be working hand-in-hand and leveraging what the Government is offering, especially through their development bank and other incentives that they will be offering, for example, the Small Business Bureau,” he finished.