GCCI head hails local content law as economic game-changer

May 27, 2026 News

President of the Georgetown Chamber of Commerce and Industry (GCCI), Kathy Smith, says Guyana’s local content legislation has transformed the country’s private sector, enabling small businesses to expand, create jobs and invest across multiple industries.

Speaking during a discussion aired on the National Communications Network (NCN) on Monday evening, Smith described the legislation as one of the most important policy decisions made since Guyana became an oil-producing nation.

“Micro, medium-sized enterprises are growing tremendously,” Smith said.

“I have seen businesses that register as micro are now medium-sized enterprises, building their businesses out, creating jobs for employees, and buying assets where they’re investing… So we have come a long way, and it was intentional.”

GCCI head hails local content law as economic game-changer

President of the Georgetown Chamber of Commerce and Industry, Kathy Smith, expressed her support for the establishment of the Guyana Development Bank.

Smith credited the growth to prudent economic management, strategic investment and the implementation of the Local Content legislation, which was designed to ensure Guyanese businesses and citizens benefit directly from the country’s oil and gas sector.

“The GCCI has always been a champion of the local content legislation,” she stated.

According to Smith, without the legislation, Guyanese professionals and companies would have had limited participation in the rapidly expanding oil and gas industry.

“What we would have had walking around in Guyana was a lot of executives who are working for international companies, who are giving all their capabilities and capacity, and those strengths would have been taken back out of our country,” she explained.

She said the legislation has empowered even the smallest investors by giving them confidence to participate in national development.

The GCCI President highlighted the provision requiring Guyanese ownership in certain oil and gas ventures, noting that it has encouraged partnerships with major international firms.

“Because of the local content legislation, we say to Guyanese companies and individuals, if you want to get into the oil sector, we must have 51% share,” she stated.

“We are now partnering with large companies in North America, in South America, in Europe. If it wasn’t for the local content legislation, that would not have happened.”

Smith revealed that the private sector has already signalled confidence in its growing capabilities by requesting additional categories and higher participation percentages under the legislation.

She noted that revenues from the oil and gas industry are now being reinvested in Guyana’s non-oil economy, particularly construction, tourism and information and communications technology (ICT). She added that more women and young people are now entering the construction industry, while small tourism-related enterprises continue to emerge across the country.

“More people are getting into small restaurants, small cafes are being set up around businesses where they are doing tours,” amongst other businesses, we saw last year about 3,000 plus small businesses, small and emerging contractors, became solid contractors on the road, building bridges and roads and all of these things,” she stated.

While praising the sector’s growth, Smith acknowledged that labour availability remains a challenge as the private sector continues to expand.

“We do not have enough people to build out as the private sector grows,” she cautioned.

Nevertheless, Smith maintained that the local content legislation has fundamentally changed the economic opportunities available to Guyanese businesses and citizens. (DPI)

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GCCI, Guyana Development Bank, Kathy Smith, Private Sector

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