At the Tuesday opening of the a Local Content Summit, President, Dr. Irfaan Ali assured that steps will be taken to review and enhance the Local Content Legislation.
The government, he announced, has tasked the Local Content Secretariat with conducting such comprehensive review of the nation’s progress in various sectors to identify areas of growth and opportunities for further acceleration.
In his address, President Ali highlighted the significant strides made in building capacity over the past three years, attributing much of this progress to the framework in place since 2011. “What local content has allowed us to do is to build capacity,” he affirmed, while stressing the need for a paradigm shift in the country’s approach to development.
Key components identified by President Ali as integral to this transformation include scaling up operations, fostering value creation, and promoting collaborative partnerships. He also underscored the interconnectedness of these factors, emphasizing the importance of business modeling and capacity building in driving sustainable growth.
Reflecting on the evolution of Guyana’s local content journey, President Ali acknowledged the initial challenges posed by the scale of required investment. However, he pointed to the emergence of collaborative efforts and strategic partnerships as signs of progress. “We saw companies coming together. We saw consortiums being built,” he remarked, citing the summit itself as an example of partnership-driven initiatives.
Central to President Ali’s vision is the recognition of scale as a catalyst for economic expansion. With the burgeoning growth of the sector, he emphasized the need for corresponding increases in operational scale within the country.
Further, Ali believes that as Guyana continues to position itself as a key player in the global market, the government’s commitment to fostering local content development should remain unwavering. Through strategic reviews and collaborative efforts, President Ali affirmed his administration’s dedication to unlocking the nation’s full potential and driving sustainable growth for the benefit of all Guyanese citizens.
