Minister of Natural Resources, Vickram Bharrat has confirmed that Guyana’s Local Content Secretariat located on Cowan Street, Kingston, has been fully operationalized.
The official noted that one of the key functions of the secretariat is to create and maintain a Local Content Register of qualified Guyanese nationals and companies. He urged citizens and companies to get registered.
Minister Bharrat made the foregoing statements, among others, while delivering remarks at a recent consultation on the implementation of the Local Content Law- Reporting Requirements and Obligations at Duke Lodge in Kingston. He was keen to note that the registers will be made available to the public by the first week of June and will be updated regularly.
According to the Local Content Legislation, the Secretariat has several functions. These include: developing and maintaining measures for the effective implementation of local content by contractors, sub-contractors and licensees; developing and implementing strategies that will give preference to, or ensure equal treatment of Guyanese nationals and Guyanese companies; conducting market analysis; making recommendations to the subject Minister; and developing formats for local content plans and reporting.
The secretariat is also tasked with developing guidelines for local content reporting, procurement, bid evaluation, training, research and development, partnership and joint ventures, and financial and insurance services.
The First Schedule of the law ring-fences 40 categories of work for Guyanese participation, which include: food supply, rental of office space, accommodation, insurance, accounting, legal services, engineering and machining, aviation support, public relations, manpower and crewing services, dredging services, ventilation, environmental services and studies, and transportation.
The foregoing categories carry varying percentages for participation that have to be secured by companies by the end of 2022.
ABOUT THE LOCAL CONTENT LAW
It was on December 31, 2021 President Dr Irfaan Ali assented to the nation’s Local Content Legislation.
The law serves to provide for the implementation of local content obligations on persons engaged in petroleum operations or related activities in the petroleum sector. It prioritises Guyanese nationals and Guyanese companies in the procurement of goods and services for the enhancement of the value chain of the petroleum sector, and enables local capacity development.
Importantly, it provides for the investigation, supervision, co-ordination, monitoring and evaluation of, and participation in, local content in Guyana. It also promotes competitiveness and encourages the creation of related industries that sustain the social and economic development of Guyana.