The Georgetown Chamber of Commerce and Industry (GCCI) has expressed consternation at what it says is an emerging trend in the private sector and amongst citizenry for sham partnerships to get around the local content law.
In a statement yesterday, the GCCI said that as the leading advocate for local content in Guyana it has always posited that local participation must be done in a manner that engenders meaningful and genuine partnerships.
“These faux ventures – referred to as ‘fronting’ or ‘rent-a-citizen’ – run counter to the spirit and intent of the Local Content Legislation (LCL). It has the potential to decimate ‘in country value retention’ which is one of the main objectives of the LCL. Such rent extraction creates a gamut of problems for a country, including, the inability to realize its full growth potential. It is our collective responsibility to ensure that we act as responsible stewards for Guyana’s development”, the Chamber said.