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DPI – Local content legislation could be ready early next year, President Irfaan Ali announced Friday on the side-line of the launch of the Canada-Guyana Guyana Chamber of Commerce today at the Arthur Chung Conference Centre.
“We have received the local content report, we are going through that and very shortly, we will put together the local content policy so that very early next year we can go into the local content legislation,” President Ali told reporters.
The Local Content Report was completed by the Panel on Local Content, chaired by Shyam Nokta and outlines several recommendations to improve country’s policies and legislation.
President Ali, during his address, at the Guyana Oil and Gas Virtual Summit on Tuesday said his Government is committed to ensuring local participation, especially in the oil and gas sector.
He said then that the Government is “developing a Local Content Policy and Law, which will promote local participation in the sector. The policy is being developed through a consultative process, including through the examination of best practices around the world.”
The aim of a local content policy is to transform the short-term benefits of natural resource extraction into long-term local economic development.
![Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, attends a plenary meeting of the delegation of the People's Liberation Army (PLA) and the People's Armed Police Force during the first session of the 14th National People's Congress (NPC) in Beijing, capital of China, March 8, 2023. Xi delivered an important speech at the meeting. [Photo/Xinhua]](https://villagevoicenews.com/wp-content/uploads/2023/03/President-120x86.jpeg)
