‘You must enter oil business with legislative framework for companies to contribute to your development’- former T&T PM

‘You must enter oil business with legislative framework for companies to contribute to your development’– former T&T PM

Nov 10, 2018 News

Former Prime Minister of Trinidad and Tobago, Kamla Persad-Bissessar, thinks it is imperative that a legislative framework be enacted in Guyana before oil comes on stream in 2020.
She said this on Thursday evening as she delivered the featured address at the Guyana Manufacturing and Services Association (GMSA) dinner and award ceremony at Pegasus Hotel, Georgetown.
Persad-Bissessar said that legislation needs to be robust to protect Guyana’s patrimony “whilst at the same time not driving away investors with endless bureaucracy. Such a framework is essential for ensuring that multi-nationals contribute adequately to the development of Guyana even as they invest and benefit.”
Further, Persad-Bissessar also spoke about the need for Guyana to get an adequate National Development Policy.
She said, “Firstly, I recommend that Leadership at the Governmental level needs to be based on a national vision for the improvement of the lives of all in your society. I recommend a National Policy for Development of Guyana, one that includes contributions from the Government, the Opposition, Labour, Civil Society and the business community be pursued.”
The former Prime Minister shared her own country’s experience. She said, “In Trinidad and Tobago, although attempts at this process have been made with policies such as Vision 2020 and now Vision 2030, these are not inclusive, and have been shown to be biased in favour of a particular political ideology.”
She said that such unbalanced policies do not benefit the people of the country.
Persad-Bissessar said that the sale and production of resources must be able to not just move the Gross Domestic Product rankings but have a tangible effect on the daily life of every single citizen in the country.
She said that political leaders will need to make “bold and brave” decisions to move industries forward whilst ensuring that the social safety net covers the most vulnerable in society.
“This task also requires vision and agility in navigating the perils of volatile pricing and resource availability,” the politician said.

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