Over the past six years, the Centre for Local Business Development has played a key role in building the technical capacity of small and medium-scale enterprises (SMEs) so that they may be better equipped to take advantage of opportunities in Guyana’s expanding economy.
During a recently aired programme on NCN, Natasha Gaskins-Peters, the Director of the Centre for Local Business Development, provided insights into the entity’s work and highlighted the pivotal role SMEs play in a country’s economy.
She noted that capacity building of SMEs within the supply chain is crucial, not only in the oil and gas sector but also to keep up with the quantity of projects the Government of Guyana has embarked on.
Gaskin-Peters underscored that SMEs are uniquely positioned as the backbone for any thriving economy.
“Of course you need local suppliers, and you need a private sector that is vibrant. You need businesses that are able; that have the capacity. They have the training and they have the capabilities, and so this is really where the Centre for Local Business (Development) comes in,” she noted.
The Director said the Centre’s focus on SMEs is to foster an environment where smaller businesses can thrive, and contribute to the nation’s economic landscape.
Gaskins-Peters also highlighted that to keep up with the country’s growth, the Centre has curated training programmes designed to empower and upskill SMEs in every sector, especially in oil and gas, agriculture, mining, and manufacturing.
“We’re focusing on those smaller businesses that are growing at a faster pace and so we now have a case where you know, we have local companies that have grown, they’re benefiting from the opportunities…
“This is not something that you will generally see in a lot of economies, but it’s also one that has been the focus of our economy as we grow because equality becomes a very, very crucial…” the Director said.
Speaking on the enactment of the Local Content Act since 2021, Gaskin-Peters elaborated on how the law aligns with the Centre’s mission, in ensuring that locals, particularly SMEs, benefit from the opportunities available.
“Local content is very important. If we examine that Act, a lot of the services that are within that Act, are services that Guyanese are capable of performing and achieving,” she noted.
The Director explained that the legislation has played a vital role in providing opportunities for local businesses, especially SMEs, in the burgeoning oil and gas sector as well as the other sectors that have been growing. She noted that even before the Act was enacted, the Centre started to build the capacity of SMEs.
“So we had businesses that were already prepared and ready, and so the Act further reinforced the importance of local content, and of course, since the Act and given the work that we would have started…we have seen tremendous growth…” Gaskins-Peters added.
In anticipation of the upcoming Energy Conference and Supply Chain Expo at the Marriott Hotel on February 19 to 22, the Director expressed enthusiasm about the prospects for small businesses.
“Again, our focus is on diversification. So that conference certainly plays a crucial role in terms of showcasing Guyana and its offerings in the oil and gas sector, but also beyond that sector…so this conference, it’s certainly one that we are looking forward to given the benefits that we expect from this conference,” she added.
ABOUT THE CENTRE
The Centre for Local Business Development is a pivotal institution established to foster the growth and development of local businesses, particularly in the oil and gas sector.
It was inaugurated in July 2017 by American oil and gas corporation ExxonMobil, in collaboration with its partners. Located in Georgetown, the Centre serves as a resource hub for local enterprises, offering training, capacity-building workshops, and industry information.
Its mission is to enhance the competitiveness of local businesses through improved skills, technology, and access to financial services.
