Georgetown Chamber of Commerce and Industry (GCCI) President Kathy Smith says Guyana’s oil industry is transforming the way local enterprises operate, pushing small and medium businesses to scale up, form partnerships, and think globally.
“I’m seeing them as the winners,” Smith said in a recent exclusive interview with OilNOW. “Everybody knows that the large businesses have the capital and they can invest, but to see that the small business owners are walking into spaces and asking themselves, how can I capitalize on this, that’s the change.”
Strict enforcement of local content law crucial for Guyana’s Success – Nestoil CEO | OilNOW
She noted that small business owners are now creating formal business structures and expanding into new services. “A lady or a man who was good at cleaning can now go online and purchase janitorial machines. Somebody who had maybe one or two cars driving on the road is now going into logistics. Somebody who was working at an organization in Human Resources is now setting up a manpower recruitment company,” she said.
Smith credited both the private sector and government for driving this shift. “I think this might be the first time in our history where the private sector and the government are working hand in hand,” she said.
She also highlighted the positive spillover into non-oil industries. “I so enjoy the growth of the non-oil sector, to see the revenue of the oil sector going into developing agriculture, construction, mining, education, and ICT. I think that’s a really big win for Guyanese.”
Smith said the Chamber is leading efforts to help businesses seize opportunities through international engagement. The GCCI will soon embark on trade missions to Canada, Washington, and New York. “Those missions are shaped around us going and connecting with our diaspora,” she said.
Local Content Law not meant to protect poor services – Min. Bharrat to Guyanese businesses | OilNOW
She noted that many Guyanese abroad want to invest or form partnerships in the local economy. “A lot of them have some surplus. They want to invest. Some also want to get into business. We are going to meet them.” Smith added that the Chamber plans to meet with global financial institutions.
She believes these initiatives will help more Guyanese benefit from the country’s transformation. “Every Guyanese should benefit, and we want to go and meet them,” she said. “A lot is happening in our country, and GCCI will continue to be one of the driving forces to ensure that business in Guyana sustains itself.”
