Thursday, June 1, 2023

GCCI embraces two-pronged strategy to bolster private sector O&G involvement

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The discovery of oil in Guyana and imminent first oil in 2020 has pushed the Georgetown Chambers of Commerce and Industry (GCCI) to embrace a two-pronged approach to promoting the country’s private sector involvement in and around the oil and gas industry.

The Georgetown based Business Support Organization (BSO) with more than 200 registered members (companies/businesses) on Thursday held its 128th Annual General Meeting (AGM) where its membership was formally updated on GCCI’s activities and performance in the past year.

GCCI President, Deodat Indar, in speaking to the rapid development of Guyana’s O&G industry spoke to its promulgation—in its two-pronged strategy—of heightened advocacy and strategic action to promote private sector involvement.

Mr. Indar told the AGM—held at Duke Lodge—GCCI’s initiatives will include “ramped up efforts in the area of oil and gas and related advocacy, as well as strategic action to promote private sector development in and around the oil and gas industry.”

The GCCI president in his report to the BSO’s membership informed, too, the entity has in the past year intensified its focus on the development of local content “to ensure that indigenous companies are able to garner as much benefit from the value chain of the oil and gas industry.”

This, he said, “is being done by constant and sustained advocacy for a local content policy and accompanying legislation.”

Highlighting GCCI’s achievement’s and efforts on the O&G front in the past year, Mr. Indar informed members of the BSO undertaking the lead role in the planning and execution of the first major Private Sector Commission Business Summit in October last in addition to its Oil and Gas Seminar held earlier this month.

He spoke, too, of GCCI’s consultations held on the country’s Draft Petroleum Bill. The country’s Ministry of Natural Resources has since indicated that it will be withdrawing the current draft Bill in order to incorporate recommendations made by entities like the GCCI and others.

The 2017/2018 GCCI Annual General Meeting saw in attendance Minister of State, Joseph Harmon who lauded the BSO’s activism, advocacy, and efforts in the past year.

Also in attendance were Minister of Business Dominic Gaskin, former GCCI Presidents Captain Gerry Gouveia and Ramesh Dookhoo as well as members of the Diplomatic Community.

The Georgetown based Chambers, as part of its efforts on the O&G front in the emerging oil producer, also inked and is in the process of adopting the terms of a Memorandum of Understanding (MoU) with the Newfoundland and Labrador Environmental Industry Association of Canada.

According to the GCCI President, “it is the Chamber’s position that strategic partnerships between local and foreign companies, as well as strengthening bilateral trade relations, will bode well for the promotion of private sector development in Guyana.”

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