President of the Georgetown Chamber of Commerce and Industry (GCCI), Timothy Tucker has praised the country’s Local Content Legislation as being simple, transparent, and equipped with several mechanisms to flush out non-compliant actors.
During a radio interview last week, he said 170 credible businesses had received their Local Content Certificates, with 130 more going through the vetting process. With efficient vetting being conducted by the Local Content Secretariat, OilNOW understands that up to September 23, the number of certified Guyanese companies rose to 246.
Tucker said, “Our legislation ticks a lot of boxes. The legislation is robust, and it is accompanied by clear guidelines which help the Secretariat to really flush out certain applicants. It helps them to look deeply into the persons applying to see whether they are schemers, [whether they] are legitimate businesses, and of course, how they’re made up.”
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The GCCI President, who is a businessman, said this is a process he has gone through and can testify to its soundness. He said some of the documents that must be submitted to the Secretariat pertain to company bylaws, shareholder composition, Board structure, how resolutions are had, and how profits are dealt with. He said these need to be hand-delivered.
“They want to physically see the Guyanese that is behind this company and that has its pros and cons. One of the cons is that it is taking a long time; it is slowing up the process, but due diligence is important. They have to make sure the legislation is not being used against us,” he said.
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Tucker was keen to note that based on feedback from members, the legislation is seen as critical for creating opportunities for participation in the areas where capacity already exists.
The GCCI President said that at the end of the year, the Natural Resources Minister, Vickram Bharrat, in conformity with the law, must present a report to Parliament which outlines the progress made thus far with the law’s implementation.
He commented that this report will be pivotal to the development of the local private sector as well as the businesses which were awarded their certificates. The GCCI Head said the law will no doubt serve as an instrumental steppingstone for taking the business sector into an era of significant transformation and wealth generation.
