Local Content Secretariat gets $50M as gov’t preps for review of Local Content Act
A total of $50 million which was allocated in the 2023 budget for the Local Content Secretariat, previously financed by the Ministry of Natural Resources, was approved by the Parliamentary Committee of Supply on Tuesday.
The Local Content Secretariat was established in 2022 following the passage of the Local Content Bill in December 2021.
But according to Natural Resources Minister, Vickram Bharrat, the allocation will help the Secretariat to support the government in its efforts to review the Local Content Act.
“Now, formally, an allocation is assigned to the secretariat and so much more can be done.
“We promised to review the Act in 2023… the Local Content Secretariat is responsible for sensitisation and capacity development,” the minister noted.
The law prioritizes Guyanese nationals and local companies while promoting the use and procurement of local goods and services.
President Dr Irfaan Ali said that his government will have to continuously review the legislation in order to address the loopholes that foreign companies use to manipulate the systems.
Repeated claims are that despite the Local Content Act, oil and gas companies continue to come up with new ways to bypass the law.
President Ali said the review will allow for the possibility of further strengthening the Local Content legislation to clamp down on such loopholes.