Blog

With focus on important issues and concerns surrounding the development of local companies—including Micro, Small and Medium Sized Enterprises—including the establishment of a financial institution catering to their needs, as well as increasing local content utilisation, the Georgetown Chamber of Commerce and Industry (GCCI) on April 2 met with Minister of Natural Resources, Hon. Vickram Bharrat. President, Mrs. Kathy Smith; Secretary, Mrs. Kristia Ramlagan-Prescott; and Treasurer, Mrs. Melisa McRae-George made a courtesy visit to the minister at his Duke Street, Georgetown office.

Mrs. Smith provided the minister with an overview of the recently held Annual General Meeting of the Chamber, and the newly elected Executive Management Committee and Council. In her discussions with Minister Bharrat, Mrs. Smith pointed out that the GCCI’s membership has significantly increased over the last several years with many members being able to tap into the oil and gas industry. On this note, she indicated the GCCI’s keen interest in the updating of the Local Content Schedule, adding that the Chamber is desirous of making further input—particularly in increasing the percentage of contracts carved out for local companies. Minister Bharrat assured the Chamber that the proposed updates will be shared for further consultation.

Additionally, the GCCI President engaged the minister on concerns related to fronting and unethical practices by foreign businesses that partner with Guyanese companies, such as ‘double-dipping’—issues which she stated requires penalisation. In terms of capacity building, Mrs. Smith provided insights into the Micro and Women Entrepreneur Learning Centre that is under development at the GCCI, and how it will positively impact MSMEs by providing a platform for their advancement, while advocating for concessions for Guyanese businesses.

Minister Bharrat shared that, aligned with the objectives of the GCCI, the government is examining mechanisms to develop MSMEs, one of which is the facilitation of financing with lower interest rates and easier accessibility. The Minister, in committing to continuing the collaborative relationship with the Chamber, indicated that a team from the Ministry would further engage the GCCI on further improving the local content legislation.