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Guyanese companies making strides in adopting responsible business conduct – CIF Report

Jul 22, 2024 News

Kaieteur News – Due to increased foreign investments in the country’s economy, Guyana-based businesses continue to make rapid progress in adopting Responsible Business Conduct (RBC) norms aligned with international standards.

This is according to the 2024 Investment Climate Report, published by the United States Department of State. According to the report, there is now greater expectation on businesses to enhance their supply chains, adopt more robust health and safety cultures and embrace standard labour practices. Guyana’s laws are also aligned with the guidelines for RBC, as most companies conform to the business responsibilities outlined by the Organisation for Economic Co-operation and Development (OECD).

These responsibilities include human rights and labor rights, information disclosure, environment, bribery, consumer interests, science and technology, competition, and taxation. “Local companies have improved RBC as firms react to increased levels of competition, partly to compete or subcontract with companies in the oil and gas sector that emphasize it. Guyanese consumers are increasingly aware of RBC principles as the population becomes more sensitised,” the report explained.

Through the Ministry of Labour, sensitisation sessions are regularly hosted to increase awareness and understanding among workers and businesses on workplace legislation to ensure workplace compliance with the country’s labour laws. The CIF added that business support organisations are of the view that Guyana is a favourable investment environment, as the government continues to craft policies aimed at attracting inward Foreign Direct Investment (FDI).

“The GoG is open to investment in all sectors of the economy and views foreign direct investment (FDI) as critical for growing and diversifying the Guyanese economy. Guyanese law does not discriminate against foreign investors,” the CIF stated. Even so, focus is also placed on ensuring that locals have a considerable share in these investments. This effort was solidified with the enactment of the Local Content Act in 2022, which establishes baseline requirements for foreign and local firms operating in the country’s oil and gas sector to hire Guyanese and source local materials. The report highlighted the multiple measures being implemented to cultivate a more enabling business environment, including the implementation of an electronic single window system to streamline permit applications, and the crafting of legislation to modernise the financial sector. (DPI)

 

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