Greater access to procurement opportunities for local businesses

The Local Content Secretariat is enhancing local business participation in procurement opportunities through the revision of the Local Content Act. 

According to Director Dr Martin Pertab, the secretariat will develop and publish a schedule of upcoming procurement opportunities, making them accessible through online platforms and a dedicated mobile app. This initiative aims to provide local businesses with early and extended access to opportunities, along with guidance on how to respond effectively.

In support of these revisions, the Private Sector Commission (PSC) has submitted proposals to ensure sustained local participation in the oil and gas sector while identifying new business categories. Additionally, several local companies have provided recommendations on areas requiring attention.

The revisions aim to facilitate the growth of existing businesses and enhance their competitiveness not only within Guyana but also regionally and globally. A key focus is enabling local companies to provide high-value services, such as commodity chemicals, which are essential raw materials for various industries. Discussions are underway with major contractors to integrate local suppliers into this market, potentially expanding exports to neighbouring countries like Trinidad and Suriname.

The proposed amendments address emerging sectors beyond oil and gas, aligning with Guyana’s broader economic sustainability goals. President Dr Irfaan Ali has expressed support for reviewing the proposals, with the potential to amend the legislation to strengthen local participation and economic diversification.