Chief legal advisor to the Government of Guyana, Attorney General Basil Williams, on Wednesday highlighted the need for the South American country to strengthen its legal framework in anticipation of a spike in investments fueled by the emerging oil and gas industry.
The AG was at the time addressing the opening of an Arbitration Conference held in Georgetown, organised by the Caribbean Court of Justice (CCJ).
“The International Community’s growing attraction to Guyana and the bourgeoning interests of investors in the oil and gas sector demand that our standards are tested and raised against the highest of benchmarks and the best standards of the international legal, business and dispute resolution community,” he said.
The Senior Counsel, in drawing reference to Guyana’s emerging oil and gas sector, disclosed that recently the country has seen a rise in international transactions. He noted that this is not likely to decelerate in the near future. As such, “creating a legal climate that is conducive to economic trade and investment is crucial at this juncture,” he said adding, “The time has come to promulgate modern arbitration laws to meet internationally acceptable standards.”
The Attorney General told the CCJ conference, “countries having a strong legal framework have always attracted investors…. Guyana with the recent development of its oil and gas sector is no exception and hence there is the need for greater capacity building while creating a legal environment that is sound and investor friendly.”
The three day conference in Guyana has attracted International luminaries and practitioners the likes of Dr. Calvin Hamilton, Ms. Catherine Beharry from the prestigious law firm of Foley Hoag, based in Washington DC, Ms. Shan Greer and CCJ President, Chief Justice, Sir Dennis Byron, among others.
