President Irfaan Ali has revealed that Guyanese companies have benefited from over US$1.5 billion in business opportunities since the enactment of the Local Content Act in 2021. The announcement underscores the transformative impact of the legislation on the nation’s economy and its burgeoning oil and gas sector.

Speaking at a recent event, President Ali highlighted how the Local Content Act has prioritized Guyanese businesses in key areas of procurement and services, allowing them to thrive in an industry previously dominated by foreign entities. “This is a testament to the success of our policies aimed at ensuring that Guyanese reap the benefits of our petroleum sector,” he stated.

The Local Content Act mandates oil and gas companies operating in Guyana to procure goods and services from local businesses across 40 specified areas, including construction, catering, transportation, and accommodations. This framework has not only boosted revenues for local enterprises but also created thousands of jobs for Guyanese nationals.

In 2024 alone, approximately US$743 million was spent on services provided by Guyanese companies, with significant investments directed toward construction, accommodations, and catering. The government has also launched initiatives to integrate small and medium-sized enterprises (SMEs), including women-owned and youth-led businesses, into the sector.

President Ali emphasized the importance of sustaining this momentum by encouraging local companies to expand regionally while continuing to build capacity at home. He also announced plans for further amendments to the Local Content Act to ensure its continued relevance as the industry evolves.

With over 1,100 companies now registered under the Local Content Secretariat and new tools like the recently launched Local Content App simplifying access to opportunities in the oil and gas sector, Guyana is poised for even greater economic expansion. The app serves as a bridge between contractors and local businesses, enhancing transparency and accessibility in procurement processes.

The success of the Local Content Act marks a significant milestone in Guyana’s economic development, showcasing how strategic legislation can empower local industries while fostering sustainable growth. As President Ali noted, “Our vision is clear: a thriving Guyana where every citizen benefits from our resources.”