Certain sectors to be reserved for only Guyanese

ONCE the Local Content Policy is passed and fully implemented, it will prevent foreign companies from competing with locals operating within certain sectors. This is according to Vice- President, Dr. Bharrat Jagdeo, who said that, under the previous A Partnership for Unity + Alliance for Change (APNU+AFC) Government, foreign companies were “taking over almost every sector”. He said that, in its updated form, the Draft Local Content Policy provides more opportunities for growth and development for local companies. “There [are] some sectors that we are putting in the law, that you could only have Guyanese businesses competing against each other; there will be no foreigners to compete against,” the Vice-President said.
More specifically, he noted that areas such as landscaping, logistics, transportation, food supplies, cleaning services and rentals will all be reserved for only Guyanese investors and players.
In addition to the reserved sectors, Jagdeo said that Guyanese will also benefit from a guaranteed percentage of operation in almost all the other sectors. He said, too, that once the Local Content Policy becomes law, foreign companies operating in fields reserved for locals will have to “disengage”.

“Therefore, in the interest of time and the urgency in having a robust local content policy in place, which would then serve as the principal driver of the legislative framework, the ministry has opted for the broad-based consultation process. The idea is for stakeholders to come up with both realistic and pragmatic targets. To date, this consultative process is ongoing,” the Natural Resources Ministry noted. Meanwhile, Jagdeo was, on Friday, unable to specify a timeline by which the proposed policy would be fully implemented as part of the laws governing Guyana’s growing Oil and Gas sector.

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