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Insights from Local Content Development Conference 2023

Arleen Emanuels, LCDB Director, Explores Pathways to Success in Local Content Amidst Oil and Gas Prospects

Insights from Local Content Development Conference 2023

At the Local Content Development Conference organized by the Local Content Alliance (LCA), over 60 companies and organizations participated in discussions and inquiries regarding the current topic of ‘local content,’ which has garnered significant interest from Surinamese entrepreneurs for some time.

Arleen Emanuels, director of the Local Content Development Board (LCDB) at the Office of the President, extensively addressed the theme ‘The development of the Local Content Strategy for Suriname.’ In her presentation, the development of local content in light of the prospects of oil and gas was emphasized.

Emanuels stated that there is currently no blueprint for local content in the country, but with evolving insights and considering various variables, progress will continue in the process. Insights can be adjusted based on best practices, ideas for success, common characteristics, and favorable opportunities. She emphasized that to stimulate economic growth, active citizens must adhere to agreed-upon timelines.

According to her, the overview that establishes the timing and duration of various activities beforehand should be respected and not dismissed with unfounded arguments. Emanuels also expressed the opinion that multinational companies demand adherence to agreements by suppliers within the local content. She highlighted the importance for companies in the local content sector to adhere to timelines to avoid early dismissal for their services.

The Local Content Development Board was established in August 2022, and it was approved by the Council of Ministers in November 2022. In May of the same year, the presidential commission LCDB was installed. The initiative to establish a presidential commission for the development of local content came from Atmos, ASFA, Wilgo Bilkerdijk, Staatsolie, Adit Moensi, and the VSB, Hans Hiralal.

Emanuels described LCDB as a public-private partnership, emphasizing that the collaboration between LCDB (Presidential Commission) and the private sector is purely business-oriented.

She believes that the purpose of this partnership is to encourage active roles of citizens and entrepreneurs, particularly in the natural resources industry, by providing high-quality products. The so-called ‘local suppliers’ in society should also strive to contribute to the economic growth of the country. Emanuels clarified that the task of strategically implementing this endeavor involves three layers, initially indicated by the LCDB umbrella and educational institutions.

Emanuels referred to it as “an overarching development of a robust local content,” which can enable small entrepreneurs in society to provide valuable work. She provided a broad range of everyday products in the raw materials industry as an example.

However, Emanuels reminded that some products should be left to experienced large suppliers, as there is insufficient time for small entrepreneurs to meet the extensive demands of major oil companies by 2028 in the process and procedures of their operations.

Emanuels also discussed the trajectory of joint ventures, describing them as agreements between existing companies to collaborate in order to maintain independence and retain their own products and services. The collaboration focuses more on larger foreign contracts and negotiations between the government, market entities offering products or services, and the involved enterprises for mutually beneficial agreements.

Regarding local content in the country, it primarily involves tourism, agricultural products, hospitality, and, importantly, arts and culture. According to Emanuels, the latter is crucial for promoting awareness of the raw materials industry. She emphasized that there is always interest in the country’s culture, and souvenirs and clothing are consistently popular. According to her, local content is a favorable opportunity for the market related to Surinamese culture to flourish again. She also mentioned transportation, cleaning companies, repair businesses, and pet care.

“In everything we do regarding local content, we must try to prevent misunderstandings arising from money, time, and irritation,” Emanuels concluded. According to her, many conflicts result in disagreements, minor disputes, and dissatisfaction, leading to the exclusion of suppliers.

Source: https://dagbladdewest.com/2023/11/06/local-content-wat-we-al-doen-moeten-we-beter-doen/

Date: 6 November 2023

Categories:  Ease of Doing Business, Economic News, Oil and Gas Industry, Suriname 

Tags:  Business Opportunities, Government Suriname, Local Content Policy 

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