The Georgetown Chamber of Commerce and Industry (GCCI) on October 2 hosted its ‘Energy Insights Breakfast Brief’ that was geared towards ensuring that local businesses are informed of current and emerging opportunities for their advancement, including contracts and capacity-building initiatives being undertaken by oil industry operatives. The event also provided a platform for attendees to benefit from an overview of the government’s strategic plans for economic development and modernisation of the business landscape, while delivering updates on operations within the oil and gas industry.
Held in the Atlantic Ballroom of the Pegasus Suites and Corporate Centre, the event saw the keynote address being delivered by His Excellency, President Dr. Mohamed Irfaan Ali, who shared an overview of infrastructural development undertaken by his Administration while addressing the importance of strategic and sustainable development. In highlighting the impact of the petroleum sector, the President stated, “Oil is not an end in itself, it is a means to an end, it is a means of accelerating, a catalyst, a steppingstone. If oil is the fuel, then sustainable development must be the destination,” adding that if not managed properly, the resource can impoverish a nation.
Furthermore, H.E. Dr. Ali underscored the key role that the private sector plays in supporting the advancement of the country by bolstering the impact of investment and revenue. He emphasised, “It is business that transforms wealth into work, into commerce, and into opportunity and the government’s role is to create that enabling environment. The government’s work is to develop the policy framework that supports innovation, that supports transformation, and that supports quality jobs. The business community has an important role to play in translating wealth into opportunities and improved standard of living. The beating heart of any economy is the business community.”
The President also updated attendees on decisive actions being taken to support the business community by modernising the banking sector and framework within which businesses operate. “I will be working with the local private sector and international partners to ensure that we develop our capabilities and capacity in crude oil trading,” he said, later adding, “Already, I have the technical team working with government to have by next week the draft proposal on the development bank as we have promised. We have the team working with Cabinet members and the Minister of Finance on modernising the financial sector. In three weeks, that report will come to us as to how we modernise our banking sector, the creation of a modern stock exchange and options for capital mobilisation.”
Meanwhile, President of the GCCI, Mrs. Kathy S. Smith, in her remarks reiterated the crucial nature of sustainability in planning for the success and continuity of businesses. She stated, “As we channel our energies into transforming this country, diversifying the economy and fueling development, we are all keen on what course of action we should take to keep abreast with this evolution.” Mrs. Smith applauded the government for its determination in addressing issues facing the private sector, such as tackling challenges in the circulation of foreign exchange. “These steps reinforce the administration’s commitment to macroeconomic stability as we scale up national development,” she stressed.
Chaired by Senior Vice President of the GCCI, Mr. Gavin Ramsoondar, the event also saw remarks being delivered by Production Manager and Vice President of ExxonMobil Guyana, Mr. Huzefa Ali—who updated the audience on ExxonMobil Guyana’s operations and its investment into local content. The engagement also featured a panel discussion, moderated by Chief Executive Officer of Sagacity Incorporated, Mr. Christopher Chapwanya, that delved into the operations, growth and local content utilisation of Prime Contractors of the oil sector. The panelists included General Manager of SBM Offshore Guyana, Mr. Martin Cheong; Country Manager for MODEC Guyana, Mr. Rafael Fumis; Chief Executive Officer of Guyana Shore Base Incorporated, Mr. Oliver Kassam; Managing Director of Vreed-en-Hoop Shorebase Incorporated, Mr. Nicholas Deygoo-Boyer, and Supply Chain Manager of Saipem Guyana, Mr. Diego Vicke.
The Energy Insights Breakfast Brief was executed through the support of Premier Sponsor, SBM Offshore Guyana; Gold Sponsors—Marriott Hotel Guyana, Orkin, Excel, Puran Brothers Incorporated, S. Jagmohan Construction and General Services, JR’s Group of Companies, and Japarts; and Silver Sponsors—Massy Gas Products (Guyana) Limited, GuyOil, PS Shipping and Customs Brokerage, GYSBI, and Herdmanston Lodge. The Chamber, through this initiative, reiterates its commitment to building the capacity of local companies to meet the needs and demands of Guyana’s evolving business landscape, while also connecting our members to opportunities.
