Essequibo Private Sector urges Govt to re-invest in sustainable sectors

first_imgOil and gas moneyThe business community in Region Two, Pomeroon-Supenaam) is calling on the Government to re- invest part of the oil and gas money into sustainable sector in an effort for Guyanese to benefit directly from the oil revenues. This request was made by Chairman of the Essequibo Chambers of Commerce Deleep Singh during a consultation on the draft local content policy.Singh, who spoke on behalf of the region’s private sector, said money earn should be re- invested into the agriculture sector, which creates more employment than the oil industry. He said when the money is spent on other service industries then value can be added to the oil.“Lets don’t paint a picture that Guyana economy depends on oil, oil prices are currently low internationally and this is not good, if we are focusing on oil then use the money and re-invest on other sectors that generates income and provides opportunities for Guyanese,” Singh told the gathering.Singh further explained that the natural resources of any country are the citizens asset and as such Guyanese should be consulted when it comes to the oil Industry.Another businessman, who is a miller and a agro- processor, Rupan Ramotar, also supported Singh’s suggestions stating the revenues earn should be re-invested into the manufacturing sector and other sectors which create greater employment and which will sustain income for Guyanese.During the consultation with the region’s private sector concerns were raised about the procurement and tapping into important contracts and whether locals will be given priority to provide services.The consultation was part of the Natural Resources Ministry outreaches on the draft local content policy framework for the oil and gas sector. The event was held on Thursday at the Region Two Regional Boardroom.The local content policy was developed with input from Consultant Anthony Paul.The Trinidadian Petroleum Specialist conducted a rapid assessment of Guyana’s preparedness for an oil and gas industry as well as outlined the benefits for Guyana.During his presentation, Paul explained that the policy framework seeks to address issues like good governance, beneficial ownership and capacity building and has many opportunities for Guyana. Similar consultations were conducted in Linden and Berbice. (Indrawattie Natram)last_img

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