HOUSTON, TEXAS – President of the Georgetown Chamber of Commerce and Industry (GCCI), Kathy Smith, is cautioning against extending local content controls beyond Guyana’s oil and gas sector, saying broader private investment should remain open and competitive.
Smith made the remarks during a panel discussion last week at the Offshore Technology Conference (OTC) in Houston, Texas, while addressing questions about foreign investment and local participation in Guyana’s growing economy.
Guyana’s Local Content Act, which came into effect in 2021, establishes requirements for Guyanese participation in the petroleum sector through employment, procurement and ownership targets across several service categories.
Smith said the framework works within the oil industry because of the government’s direct involvement in the sector, but cautioned against applying similar approaches across the wider private sector.
“…when it comes to local content, we gotta be careful,” Smith stated.
“I would not tell a private individual who they should invest with and [who] they should not invest with in Guyana,” she added.
She said Guyanese businesses should instead focus on building competitive operations capable of attracting international partnerships and investment.
“That ensures growth and development for our country,” Smith said.
Smith also pointed to increasing Guyanese participation in the energy sector, including women securing offshore acreage awards.
“Right in this room, we have two female Guyanese who were awarded [oil] blocks, deep water [and] shallow water blocks,” she stated.
She argued that increased competition can strengthen local companies over time.
“The locals just gotta step up their game… More competition make[s] Guyanese better,” Smith said.
