Director of the Local Content Secretariat, Dr. Martin Pertab, recently discussed the critical role of the country’s Local Content Law in balancing the interests of both Guyanese and foreign companies.
During an interview on the Energy Perspectives Podcast, a programme powered by the Guyana Energy Conference and Supply Chain Expo, Dr. Pertab noted that the law, which was enacted back in 2021, prioritizes the inclusion of Guyanese companies in the oil and gas industry’s supply chain. The official noted that the government carefully crafted the law to ensure it nurtures local businesses while welcoming foreign investments to ensure that the country’s oil and gas sector continues to grow in an inclusive and sustainable manner.
He explained that the Secretariat’s overarching vision for local businesses is not only to get them into the supply chain of the burgeoning oil and gas, but to also help those businesses grow in a sustainable way.
In addition, he noted that while the Local Content Law prioritizes Guyanese companies in providing goods and services to the sector, its ultimate goal extends beyond this.
He said, “So, why did we take a very conservative approach in the structure of our local content law ? It is for the mere fact that when we speak about sustainability, there’s an input and an output.” Dr. Pertab explained that the input aspect of the Local Content Law involves attracting foreign companies to invest in Guyana. He emphasized that in order to harvest local content, foreign companies must be encouraged to enter the market while ensuring that local businesses can also benefit. As for the output, this speaks to ensuring Guyanese can compete beyond these shores for jobs.
The Director explained that this approach is designed to ensure that the country can harness the benefits of foreign investment while allowing local companies the opportunity to partner and grow.
