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Suriname Establishes Local Content Board for National Economic Growth

Driving Economic Progress: Suriname Launches Local Content Board

Suriname Establishes Local Content Board for National Economic Growth

In execution of a structured and coordinated national local content policy, President Chandrikapersad Santokhi has established the Local Content Board. This team will focus on the standards of goods and services and is entrusted with coordinating these aspects until July 31, 2025. The establishment took place on August 22, 2023, at the President’s Office. The board is chaired by Arleen Emanuels.

The goal of developing a national local content policy is to increase the value generated by the exploitation of available natural resources, including but not limited to oil and gas, for the benefit of the economy. The Local Content Board’s task is to actively promote awareness of local content in relevant sectors at every level of Surinamese society and to inventory all implementation decisions, as well as to determine which mechanisms need to be in place for the implementation of the local policy. “Suriname possesses expertise in all fields, so let us make use of it to execute the local content policy in a structured manner,” stated the president.

With local content, the focus is on multinational companies not only paying taxes but also procuring services from local entrepreneurs. This allows these businesses the opportunity to grow and potentially engage in exports. As a result, more employment opportunities are created, benefiting the working class. Local content holds significant importance for a country’s economic development and progress.

Source: https://gov.sr/local-content-board-ingesteld/

Date: 23 augustus 2023

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Tags:  Local Content Board 

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