Even though the Georgetown Chamber of Commerce and Industry (GCCI) welcomes Foreign Direct Investors (FDI), it remains resolute in its position that any incentive granted to those investors must also be accessible to local businesses.
Specifically making this statement was GCCI President, Nicholas Deygoo-Boyer.
He was at the time, delivering his remarks at the GCCI’s 130th Annual Awards and Gala Dinner which was held at the Marriott Hotel last evening. There, the businessman said that the Chamber believes that investment incentives should not only be accessible but also expanded and codified.
Deygoo-Boyer said, “Much of what we have heard complaints can be traced back to a need to codify the incentives so that they are transparent and available to all investors, both local and foreign. We have seen some significant investments recently by local companies that should be commended, despite their challenges in accessing investment incentives commensurate to the level of investment…”
The GCCI President also said that GCCI’s call for a leveled playing field is in keeping with its efforts to have a Local Content Policy and Legislation in place while noting that the Chamber will soon launch, a Charter for Local Content and Foreign Direct Investment.
Through its Advocacy Committee, the Chamber has engaged multiple levels of government and policymakers on legislation and regulations that impact the petroleum industry over the last two years. In fact, the Chamber has also been at the forefront of the conversation regarding local content.
Additionally, the Chamber hosted in August last, a Local Content Forum at Duke Lodge. Feedback received from attendees and the Chamber’s membership was compiled and used to prepare the Chamber’s Position Paper on Guyana’s Petroleum Sector Local Content Policy, which was recently submitted to the Department of Energy as a response to a request for commentary on the third Draft of the Local Content Policy.