CARICOM to monitor percentage and duration of local content

- PM Mottley says it’s ‘natural’ to have local content for new industries.

Prime Minister of Barbados and Former Chairperson of the Caribbean CARICOM Mia Mottley, said Guyana’s local content was discussed at the 33rd Inter-sessional Meeting of the Conference of CARICOM Heads of Government, in the context of the CARICOM Single Market and Economy (CSME).

Prime Minister of Barnados, Mia Mottley.

Mottley, who is the Lead of Government with responsibility for CSME said the heads-of-government recognised that there is a need to review the issue of local content for emerging industries.

An open-ended committee of member states will start work soon in terms of monitoring the percentage of local content and how long it will be valid.

“Because if you’re giving it to a sun rising industry then they don’t need it 30 years from now or 20 years from now,” Mottley noted.

Mottley stated that the Heads-of-Government will hold discussions among themselves with a view of making recommendations on local content for emerging industries.

“What the appropriate framework should be, such that no one would be held in breach for wanting to do that, which is most natural, that if we accept that we share the burden and hard times, then we must share the bounty and good times too, and that is all that we understand Guyana and other countries that want to introduce local content in emerging industries,” she explained.

This new development comes after the Caribbean Private Sector Organisation (CPSO) raised concerns about Guyana’s recently passed Local Content Act.

CPSO President Gervase Warner had stated that the legislation appeared to violate several provisions of the Revised Treaty of Chaguaramas and signalled its intention of addressing it with the Guyana Government and then the Caribbean Community.

The organisation’s concerns were however met with criticisms from the local private sector and other interested parties.

Meanwhile, the CARICOM Heads of Government has made the decision to host the investment conference in Guyana from May 19th to the 21st.

Mottley said, “so this is a necessary prerequisite for going further because, without money, we won’t have the ability to help the farmers.”