Local Content Summit a ‘strategic and purposeful platform’ – Pres. Ali

– urges innovation and employee incentives to catalyse growth

President Dr Mohamed Irfaan Ali has praised the organisers of the 2025 Local Content Summit for creating a key platform for networking, partnerships and local business development.

Speaking at the summit’s opening ceremony at the Guyana Marriott Hotel in Kingston, Georgetown, the President described the forum as strategic and purposeful.’

Now in its third year, the summit brings together policymakers, industry experts, operators, subcontractors, vendors, private sector representatives and other key stakeholders.

The event facilitates dialogue on the Local Content Legislation, focusing on critical areas such as supply chain development, procurement best practices, employment opportunities for Guyanese, and vital skills training.

This year’s forum is being held under the theme: ‘Collaborate, Invest, Build: Shaping Guyana’s Future Together.’

Applauding the diverse turnout, the President noted the youthful presence and growing involvement of women in the sector.

“One of the things I admire about this room…is the youthfulness of the room, and secondly, the composition of the room. You can actually see the partnerships that are building…and, importantly, the strong, woman-driven ambition, and that, I think, is critical in building out this new wave of development in our country,” he highlighted.

With more than US$1.5 billion channelled into the local business community for services linked to major oil and gas companies, President Ali said that the Local Content Act should be viewed as a catalyst for wealth creation.

“Of course, as with any bold move, there were criticisms. Some said the Act was too protectionist…Local Content legislation is not a barrier to development. It is a bridge to shared prosperity,” the President affirmed.

The head of state urged business executives to introduce incentives for employees who develop new technologies or business models, noting that such innovation could fuel a new wave of development.

“You must allow your employees to be part of the success stories of your businesses and your enterprises…let the employees in your company come up with the next wave of innovation to make your business better and give them a twenty per cent share if the innovation works,” he urged.

Throughout the day, participants will engage in several panel discussions and presentations by industry and policy experts. These discussions will focus on accomplishments and potential policy updates to the Local Content Act.

The summit also serves as a platform for oil and gas experts to highlight revised corporate policies and the continued opportunities available to local businesses. Representatives from Halliburton, SBM Offshore, Baker Hughes and ExxonMobil Guyana are also participating in the event.