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Local Content Development in Suriname’s Oil Sector: A Strategic Framework

“Empowering Suriname’s Economy

Local Content Development in Suriname’s Oil Sector: A Strategic Framework

Suriname is known for being a resource base country, with more than a hundred years of extractive industries experience, it’s rather necessary than wishful to have a sound local content policy, at least in absent of legislation. This is crucial for investors and multinationals alike, and even the local business community, to be aware of what is expected or even allowed in the industries. With this local content paper, a formal step is taken in that direction.

Initiated from the private sector, it is recommended or even expected from the government to adapt this paper as to formalize it, for people to understand what is been meant when addressing this topic, both the private and public.

With the findings of oil and gas offshore, Suriname is stepping into the world scene of oil producing countries. This puts a lot of pressure on policymakers to formulate policy on local content, in this particular case. After numerous sessions on the topic, both initiated in the private settings as well in the public, specific areas of the main topic were addressed. In this document some of the critical areas which where extensively discussed and commented by specific expert, local as international, are included for a broader orientation on the matter. The purpose of developing national local content policies, is to increase the value generated by the exploitation of a resource that remains in the domestic economy; and to develop linkages between the extractive sector and the rest of the economy.

This is why it is utmost important to have the Government of Suriname to formalize this strategy, which is developed with input from all key actors in the industry. In order for the local private sector to benefit there is also extra attention given to ICV (In Country Value), as this will be the enabler of business and the supply industry. Furthermore, there is emphasis on the strategy, implementation, the scope and concept. Of equal importance are the annex which should be considered as integral part of this document. Less attention has been given yet on stuff like local participation or human resource quota’s, this due to the fact that a much broader consultation is needed, however there is an annex that addressesthe main legislation on labor. This legislation is based on the ILO (International Labour Organization), principle of decent work. The private sector entities involved in drafting this document are therefore convinced that this document can fit the purpose of having a local content strategy document.

Follow the link for the full document!

Source: https://vsbstia.org/wp-content/uploads/2022/11/LC-Policy_Suriname-versie-.19.-oct.-22-1.pdf

Date: 28 January 2024

Categories:   

Tags:  Business Development, Local Content, Oil Exploration, Vereniging Surinaams Bedrijfsleven (VSB) 

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