The Georgetown Chamber of Commerce and Industry (GCCI), led by President Timothy Tucker, met with Guyana’s Attorney General, Mohabir Anil Nandlall, Tuesday to discuss several legislative matters critical to the advancement of the businesses in Guyana.
Of interest to companies seeking to penetrate Guyana’s oil and gas sector, Tucker told OilNOW the Chamber is advocating for the strengthening of the Local Content Act to close potential loopholes.
Developments occurring since the passage into law of the Local Content Act have resulted in statements from both the Vice President, Dr. Bharrat Jagdeo, and Minister of Natural Resources, Vickram Bharrat that companies have been observed making attempts to circumvent the law. The City Chamber has been vocal on happenings it considers to be conflicting with the spirit of the law.
The Chamber has also done a lot of advocacy for local businesses to have access to financing, arguing that though the law sets out targets for local participating in the oil and gas sector, they cannot get a foot in if they have no money to invest.
The Chamber, most recently brought in Angus Young, Head of Regional Investment Banking and New Markets at NCB Capital Markets Limited, to deliver a presentation to its members on invoice factoring.
Tucker told OilNOW the Chamber communicated to the Attorney General, the need to establish legislative frameworks to accommodate invoice factoring and other financing mechanisms.
The Chamber spoke too about the urgency of legislation relating to the optimisation of the business environment, particularly the E-Transaction Bill and Single Window Legislation.
According to a Facebook post from the Attorney General’s Chambers, the two sides also discussed the upcoming Arbitration Bill, the increasing importance of Guyana’s Deeds and Commercial Registry, Hire Purchase Legislation, proposed amendments to the Companies Act, and insurance law.
The AG’s office said the Government is committed to the creation of a modern and flexible legal infrastructure to regulate and cater for the needs of a modern and expanding commercial Guyana.