“This is the moment for boldness” – Dr Singh to local entrepreneurs

– urges them to expand, seek out available opportunities

Urging local entrepreneurs to take advantage of the available opportunities, including exploring the possibility of expanding into other countries, Dr Ashni Singh, Senior Minister within the Office of the President with responsibility for Finance, has made a clarion call for entrepreneurs to go after these opportunities with the requisite boldness.

During the recently held first launch anniversary for the Suriname Guyana Chamber of Commerce (SGCC), Dr Singh noted the potential for Guyanese entrepreneurs to seek out opportunities for their products and services, not only in Guyana, but other countries as well. Dr Singh identified Suriname as one such potential country.
“Of course we’ve started producing oil. Staatsolie has been producing oil for some time but on a relatively modest scale. But on the scale at which we’re speaking of today, we have a little bit of a head start on Suriname,” Dr Singh said.
“And so, a lot of the service providers and so who will service the oil and gas industry, have set up operations, including what they intend to do in their regional operations in Guyana. And so, there are some very evident opportunities for synergies. If you are doing something in Guyana, perhaps providing a service to the oil and gas industry,” he added.
There are more than 1,100 companies registered in the Local Content Register. According to Dr Singh, Guyanese who are already taking part in the oil and gas sector, are already positioned to take advantage of the various opportunities around them. He urged them to be bold in seeking these opportunities, noting that they do not have to wait on the Government of Guyana.
“As President Ali has often said, this is the moment for boldness. And so, it’s important as entrepreneurs that you don’t necessarily sit and wait for the Government to tell you where to go or what to do… certainly not this Government. We will encourage you to go out to the rest of the world and grow your business. But this is the moment, as President Ali has said on multiple occasions, for boldness in entrepreneurial activities. To actively seek out.”
“There’s absolutely no harm in going to a new market, looking around at what the new opportunities will be. Finding out how you will exploit those opportunities. Mobilise these opportunities and convert them into real transactions. I urge you to do that,” Dr Singh further said.
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. This number has since grown to more than 1,100.
A major part of this growth in local companies participating in the oil and gas sector has been the Local Content Act of 2021. There are 40 areas in the Act 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 pest control services; 75 per cent local supply of food; and 90 per cent local accounting services.