The Pappy Show is on today!

Feb 14, 2023 Features / Columnists, Peeping Tom

---

Kaieteur News – An international energy conference gets going today in Georgetown. Similar events have been held in the past and have attracted excellent attendance but today’s event is a showpiece energy event which is expected to become an annual affair.

Reports indicate that a former President of Colombia will deliver the feature event. At least three Prime Ministers from the Caribbean are likely to join President Irfaan Ali at the opening ceremony. This is therefore going to be star-studded event.

This is quite a contrast to the 1980’s when one particular CARICOM leader refused to attend CARICOM Heads of Government Meeting. This reclusive leader’s absence led to a loss of confidence in regional integration.

The situation today is quite different. Leaders are eager to come to Guyana. They see Guyana as one of the shining stars of the Caribbean at present and they know that Guyana is pivotal to the Region’s future success.

This is something that President Ali has to be wary of. He has already allowed himself to be roped into joining the Regional Security System. What next? A bailout of LIAT? Everybody loves Guyana now. But when we were flat on our face, one country had a special bench at its immigration section – at its main airport. The bench was nicknamed the ‘Guyana bench’.

The Caribbean needs Guyana. But guess what. Guyana also needs the Caribbean. The regional market is a major market for Guyana, including for tourism and events such as these do bring a fair number of persons from the Caribbean, especially from Trinidad and Tobago and Barbados.

These conferences have become quite popular events. And do they help to stimulate the local economy. You always know when there is international cricket, motor racing or a major conference being held in Guyana. The night life becomes enlivened. The hotels usually have full occupancy and money flows. From the taxi man to the vendors, business is brisk. This is why these conferences are good for the economy. Were it not for major events such as these, most of our top hotels would end up in in the red, if they are not already there.

These types of conferences are also money spinners for the organizers. To be held in such steady succession means that they must be making money. It is not cheap to participate in these events. The registration fee us hefty and so too are the costs of booths. But the participating companies look forward to the exposure since they feel that in the long-term they will benefit more than they will expend. All it will take is for one major contract to be sealed and the expenditure will be worth it.

These types of conferences are good for the multinational corporations. It plays to their agenda. The oil companies for example like to claim how their presence is leading to increased investment. And the focus of most of these conferences is on attracting investment, selling goods and services and promoting partnerships. You will hear about the benefits of local content and how jobs have been created since oil exploration began.

What you will not hear about is how the major contracts have already been secured by foreign multinationals and all that is left is mainly supply chain contracts. You are not likely to hear anyone get up and condemn the royalty rates which the country is receiving or the lack of ring-fencing or the need for greater insurance protection. You are not going to hear anyone demanding that the oil companies pay corporation taxes of a windfall tax. This is why these conferences are tailor-made for the multinational corporation.

The time has come however for another conference, one which should be organized on the sidelines of the Conference (as is the case with other international conferences overseas). This other conference should bring together experts – and if possible including other Prime Ministers – and should press for renegotiation of the oil contract to ensure that Guyana gets a better deal.

But such an event is not going to be organized and certainly is not going to attract the sort of publicity and support as the oil conference which is being hosted today. When the dust settles, however, an assessment needs to be undertaken as to the extent to which this conference has helped local companies, rather than simply being a poster event for the oil companies’ interests.

(The views expressed in this article are those of the author and do not necessarily reflect the opinions and beliefs of this newspaper and its affiliates.)

---

• CARICOM, Government, Guyana, LIAT, Peeping Tom

---