On Friday, businesses in Guyana were reminded not to use local content laws as a convenient excuse for delivering subpar goods and services.
Instead, they were encouraged to seize the opportunity to demonstrate that Guyana can compete on a global stage, both in terms of price and quality.
This call to action came from Natural Resources Minister Vickram Bharrat during a Private Sector Commission (PSC) initiative held at the Marriott Hotel in Georgetown.
The event was designed to gather innovative ideas from businesses on how to advance local content, particularly within the rapidly expanding oil and gas sector.
Minister Bharrat emphasised that the government has fostered a supportive environment for businesses in the country. He noted that while local content regulations are a work in progress, they should never be an excuse for providing inferior products at inflated prices.
“Let’s not support substandard goods and services because we are protected by the law,” he urged.
Komal Singh, Chairman of the PSC, echoed these sentiments, urging businesses to prioritise corporate governance and certification.
He stressed that these elements are essential for growth and access to finance.
“Make sure you get your companies certified… have proper accounting standards… these are required for access to finance. I encourage you to achieve these basis and fundamental standards,” he urged.
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