(Kaieteur News) – Country Manager for ExxonMobil Guyana Alistair Routledge announced on Wednesday that the company and the Government of Guyana will collaborate to introduce an In-Country Value (ICV) system that will allow the monitoring of local content earnings to determine what percentage remains in the country.

Speaking at the Handover Ceremony for the Letter of Approval of Local Content Plans, Routledge reminded attendees that Vice President Bharrat Jagdeo’s vision during the development of the Local Content Act was to ensure that wealth generated by the sector would flow into the local economy.

“That is what is happening in the development of local suppliers. It’s also, though, where we are looking to do some additional work later this year to introduce metrics that will help us to truly understand that in a deeper way. In country value ICV, how much of the money that we spend with the local supplier is actually retained in the country,” he said.