Natural Resources Minister Vickram Bharrat recently encouraged both local and international investors to seize the opportunities arising from Guyana’s expanding economy. Speaking at the opening of the fourth annual Local Content Summit 2026, Bharrat emphasized that “now is the time to invest in Guyana.” The summit, held at the Four Points by Sheraton, focused on the theme, “From Policy to Prosperity: Unlocking Opportunities through Collaboration,” and brought together government officials, private sector representatives, investors, and other stakeholders to discuss the impact of local content policies on the nation’s development.
Bharrat stated, “We say to investors, both local and foreign, now is the time to invest in Guyana. If you don’t invest now, you’ll probably miss the opportunity.” He characterized the current period as one of the most significant in the country’s history, highlighting the transformation occurring through major development projects and economic growth. The minister noted that Guyana’s rapid rise is attributed not only to oil production but also to sound policies, effective management, and decisive leadership.
In his remarks, Bharrat referenced neighboring Venezuela to illustrate that natural resources alone do not guarantee prosperity. He stated, “It shows you clearly; it is not oil and gas that have propelled Guyana to be the fastest-growing economy in the world.” He pointed out that if oil and gas were the sole determinants of economic success, Venezuela would be the leading economy.
Bharrat highlighted several measures introduced since 2020, including the establishment of the Natural Resource Fund (NRF), the implementation of local content legislation, and updates to petroleum laws. He mentioned that over 7,000 Guyanese are now directly employed in the oil and gas sector and pointed to the training facility at Port Mourant as a significant investment in workforce development.
The minister also noted that the Local Content Act has created opportunities in various sectors such as agriculture, transportation, and housing, enabling businesses and farmers to expand operations as demand increases. He provided an example of a local businessman whose vehicle fleet grew from four vehicles in 2021 to 120 by 2025, resulting in additional employment opportunities.
Furthermore, Bharrat stated that Guyana is committed to balancing oil production with environmental protection, noting, “Not many countries in this world can boast of producing almost a million barrels of oil while at the same time saying that they’re the second most forested country in the world, with the lowest deforestation rate.” He underscored the importance of partnerships in developing the country’s petroleum resources and acknowledged the role of international oil companies in the sector’s growth. Additionally, he mentioned that the government is reviewing amendments to Schedule One of the Local Content Act to better reflect the growing capacity of Guyanese businesses.
Source: snn.gy
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