A key Guyana business group, the Georgetown Chamber of Commerce and Industry (GCCI), has elected businessman Kester Hutson as its new President, ending the two-term presidency of Timothy Tucker.
Fresh off his election, Hutson in a comment to OilNOW, he will be following in the footsteps of his predecessor, keeping local content in sharp focus.
“We will continue to engage the government on reviewing the local content laws [for it] to be updated [along with the] scope of goods and services for local companies to participate actively in the sector and also encourage partnerships for local companies,” the new GCCI President shared.
Hutson pointed out that GCCI has added representation on the private sector’s Local Content Committee “to ensure active participation to have a positive business environment for local companies.”
Just recently, outgoing President Tucker said that Guyana’s Private Sector Commission (PSC) has identified 25 additional categories that could be included in the country’s Local Content Act. In addition to this, the GCCI has identified a few more areas. Altogether, he said these recommendations could almost double the original 40 areas legislated in December 2021.
Guyana’s Local Content law has been seen as a big win for the GCCI, as the organisation was at the forefront of advocating for the critical legislature. It allows for Guyanese companies to be given first preference in specific areas relating to services for Guyana’s expanding oil sector.
Director of Guyana’s Local Content Secretariat, Dr. Martin Pertab, said that a new update to the Local Content Act’s first schedule could bring in US$300-350 million annually. According to Pertab, government is looking at adding several new areas, with the current target being 20 or so, to bring in additional revenues.