At the recent Local Content Forum, Komal Singh, Chairman of the Private Sector Commission (PSC) of Guyana, highlighted the importance of ISO certification for local companies aiming to thrive in the nation’s expanding oil and gas sector. Singh emphasized that robust corporate governance and certification are essential for businesses to remain competitive.
“Many of us in the old days never used to focus a lot on corporate governance and certification,” Singh said. “But in the environment that we operate in today, especially in the oil and gas sector, this is very, very critical for us as companies.”
He acknowledged the significant progress some local companies have made, noting that several members of the private sector have already obtained ISO certification. Singh urged more businesses to follow suit, stressing that certification is not only vital for market competitiveness but also a key factor in accessing financing.
He pointed to the need for quality financial statements, proper accounting standards, and adherence to environmental regulations as prerequisites for financial support.
“A lot of companies continue to complain about access to finance,” Singh said. “But when you look at some of them very carefully, they lack some of these same things that I just mentioned.”
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Singh also underscored the role of partnerships and investment in building local capacity. Many companies have formed consortia and collaborated with local banks to secure financing, upgrade equipment, and meet industry standards. Despite these efforts, Singh acknowledged ongoing challenges and encouraged companies to bring forward any obstacles they face so that the PSC can work towards solutions.
Singh also commended the resilience of Guyana’s private sector, applauding businesses for stepping up to meet the needs of the burgeoning oil and gas industry. He called for greater transparency and communication from industry stakeholders to ensure local companies are well-prepared for upcoming opportunities.
