Stabroek Business (SB): How has the advent of oil as a sector of the Guyana economy affected the role of the Chamber as a Business Support Organization?
Chamber President: As with every sector, new or old, the Georgetown Chamber of Commerce and Industry remains the voice of Guyana’s business community. As such, the Chamber continues to advocate policies, engage governments and policymakers about regulations and legislation that impact the oil and gas industry, stimulate trade and investment, connect businesses, sustain economic growth, and expand membership opportunities to contribute to a sustainable and stable economic and social environment in Guyana where businesses, irrespective of their nature and size can prosper.
SB: In what particular ways has the Chamber had to adjust its modus operandi in order to benefit from the new responsibilities associated with the realities of the oil and gas factor?
Chamber President: The Chamber has consistently worked in the interest of the local business community. Although the modus operandi for the Chamber has not changed we have had to widen our scope to provide the necessary support framework to ensure that local business benefit adequately from this new sector. In this regard, we continue to welcome incoming delegations desirous of investing in Guyana’s economy, we have successfully advocated for a Local Content Act that specifies 40 different services that oil and gas companies and their subcontractors must procure from Guyanese companies by the end and we’ve held three Business Development Forums thus far to highlight ways in which local companies can become more marketable by aligning themselves and their protocols to match international standards.
SB: Was there any need for the Chamber to re-educate itself by way of internal training and orientation to adapt to the different responsibilities associated with the demands of both local and external businesses seeking to take advantage of investment opportunities afforded by the advent of oil as a factor?
Chamber President: Definitely! As with every emerging industry, education is pivotal if you are to take a head-on approach. The Chamber has been facilitating lectures and seminars aimed at empowering Guyanese businesses to become involved in the oil and gas industry. We have facilitated trade missions and Business to Business sessions that promote information sharing between both foreign and local investors. GCCI has encouraged its members to participate in forums that facilitate knowledge sharing to enhance capacity building. We have also encouraged members to take part in seminars and forums which serve to improve/enhance their professional development which will ultimately translate to capacity building in their businesses. In so doing there is increased productivity, better human resource management etc.
SB: How does the Chamber rate its own performance in the oil and gas era?
Chamber President: The Chamber has demonstrated both agility and responsiveness with the rise of the Oil and Gas industry in Guyana. In terms of responsiveness, we ensured that local businesses are able to get maximum benefits from the sector through the Local Content Act. We are working to ensure that the private sector quickly adapts to the needs of the sector by equipping them with the necessary information and skill set as well as pointing them in the direction of opportunities to tap into to augment their growth potential.
SB: There is always the danger that the preoccupation with the new economic directions of the country might distract the Chamber from its traditional responsibilities to the traditional local economic sectors. How has Chamber been faring in ensuring that it fulfills its pre-oil obligations, particularly to the small business enterprises in Guyana?
Chamber President: The only way the Chamber will fail in meeting its obligations is by refusing to be both flexible and adaptable to the changing needs within the business sector as well as being able to respond to those needs. Traditionally, GCCI is recognized for our thoughtful and assertive advocacy on local business. This speaks to our ability to understand the evolutionary nature of business generally as well as being able to respond to changing needs of any sector. While we have recognized the importance of the oil and gas sector the Chamber still encourages foreign and local investors to explore the prospects of the following sectors: hospitality/tourism, finance (including capital markets), Agriculture and Agro-processing to name a few.
SB: There are instances in which a predominantly private sector-driven economy does not always see ‘eye to eye’ with the government. Do you ever encounter challenges associated with your mindfulness of your role as a private sector-driven Business Support Organization and what may sometimes/often be a different perspective on the part of government? Secondly, are you satisfied that there are sufficiently strong mechanisms in place to properly manage the relationship between the Chamber and Government?
Chamber President: While it is not always possible for the Chamber to work in absolute tandem with the government we endeavour to foster collaborative and consultative partnerships in decision-making initiatives that would be in the best interest of the business community and by extension the Government of Guyana. If the business community benefits, the advancement of revenue for the country as a whole would be augmented. The sector is constantly evolving. It is not stagnant and as such reform will always be necessary. As a Chamber, we have positioned ourselves to respond quickly to the changing needs of the sector in a manner that would meet the needs as favourably as possible of the stakeholders we advocate for.
SB: The growth of the micro and small businesses sector in some sectors (agro processing and indigenous craft being two examples) is beginning to reach a stage where those small businesses require the orthodox business guidance of an organization like the GCCI. While I understand that the Chambers’ hands might be filled at this time can you say a bit about the supporting role that you play at this time in the in the growth and development of micro and small businesses?
Chamber President: Although the oil and gas industry has and continues to bring exponential development and investment to Guyana’s economy, the GCCI remains cognizant of the integral role that Medium, Small & Micro-enterprises play in this development. In any business, visibility is a crucial ingredient for survival, and for MSMEs, it can be a challenge. To this end, the Chamber has its very own Entrepreneurship and Small Business Committee which spearheads initiatives such as the National Small Business Week (NSBW) geared toward raising awareness for Micro, Small and Medium Businesses within the Chamber’s membership. We are always looking for ways to provide platforms for MSME entrepreneurs to highlight their businesses, deals and bargains they have to offer to boost their performance, build brand awareness and foster professional connections that can lead to future partnerships.
SB: What does the Chamber see as its principal responsibility at this time and what does it consider to be the biggest constraint to the effective execution of that responsibility?
Chamber President: Our principal responsibility is to ensure that the local business community reaps the maximum benefits of the oil and gas sector. This can be done legislatively through the Local Content Act and by advocating for policies that ensure that we preserve the viability and sustainable development of businesses that promote local products and services. The biggest constraint to the effective execution of this responsibility is the infiltration of foreign markets and the lack of proper legislation; which enables the exploitation of local businesses by foreign investors. The chamber will ultimately work towards the development of Guyana’s private sector, which means ensuring that the business community can benefit from all sectors.
