Local investors enjoying same benefits granted to foreign companies - Local Content Summit hears

Local investors enjoying same benefits granted to foreign companies – Local Content Summit hears

Apr 17, 2024 News

Senior Director of Investment of Guyana Office for Investment, John Edghill

By Christal Yong

Kaieteur News – Addressing criticisms that foreign companies are receiving more benefits in the business economy, Senior Director of Investment of Guyana Office for Investment, John Edghill, disclosed that local investors are receiving the same benefits as the foreign companies.

Edghill made these remarks during the Local Content Summit hosted by the MBW Energy Support Services Inc. (MBWESSI) and Prestige Management Consultant (PMC), in partnership with the Local Content Secretariat through the Ministry of Natural Resources, on Tuesday, at Pegasus Suites, Kingston, Georgetown.

Themed “Creating Value, Driving Economic Expansion” the one-summit is an event geared towards knowledge sharing for local businesses in Guyana to understand the benefits of becoming Local Content certified and how to identify and capitalize on available and upcoming opportunities.

Edghill said, “The question is always asked and is a question I consider to be ridiculous and it says that the foreign persons are coming and getting more benefits, the fiscal concessions, the incentives and everything else.”

He added that such questions would be brought up by certain articles circulating in the media, about a Hotel at Carifesta Avenue, Thomas Lands, Georgetown.

“We have been seeing a little of that recently in the news and the news sites, with the government with the very beautiful and luxurious hotel resort we have at Carifesta Avenue,” he noted.

The Senior Director of Investment was referring to the Qatari group that was granted prime green spaces of land, along Carifesta Avenue to construct a state-of-the-art Hotel. That hotel will enjoy a tax-free ride during the first 10 years of business in Guyana.

Be that as it may, Edghill pointed out, “If we look at the numbers specifically… you will see that most of the new investments are coming from our local people and many of them are coming from local businesses, which would have been established for a long time.”

Edghill said that such local businesses, which have been established for several years would have a strategic advantage, because an opportunity would arise from the local content legislation.

He said, “Businesses who would have been operating in a particular sector would have now seen strategic advantage, an opportunity from the local content legislation for them to now diversify.”

Edghill further explained, “The private sector needs to rise to the occasion, the local (and) private sectors, and diversify those sectors, especially the 40 beneficial economic areas.”

foreign companies, John Edghill, legislations, Local Content, local investors

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