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Suriname’s Strategic Vision for Local Content Development and Economic Growth

A Comprehensive Overview of Suriname’s Long-Term Approach to Local Content and Economic Advancement

Suriname’s Strategic Vision for Local Content Development and Economic Growth

The development of local content and how Suriname will deal with this aspect for its economic progress requires a long-term vision. This was highlighted during a meeting that a coalition of business organizations had on Thursday, May 20, 2021, with a government delegation consisting of President Chandrikapersad Santokhi and a part of the cabinet. The purpose of this meeting was to understand the government’s approach to local content and development finance.

Minister Albert Ramdin of Foreign Affairs, International Business, and International Cooperation informed the participants about the Investment Law. One crucial point in this law is that there should be no difference between Surinamese and foreign businesses. A second aspect of the Investment Law concerns local content, or the local contribution of foreign companies to the local market. Especially in the oil and gas sector, it needs to be examined how local businesses can benefit. According to the minister, Suriname will need to meet the demand for well-educated individuals. The country will need to be aware of its limitations. Therefore, the minister emphasizes the need for a long-term vision on how to deal with local content and how to implement it.

Minister Achaibersing of Finance and Planning, who presented on the country’s economic situation, mentioned that the government is now able to fill funds to stimulate production. He cited the Agricultural Credit Fund and the fund for Small and Medium-sized Enterprises (SMEs), while the microcredit fund will be reactivated. The government is working to bring stability to the production sector. The government aims to facilitate this sector through funds, but there must also be a willingness to collaborate in this sector.

Local content also needs to be developed within the tourism sector. According to Minister Albert Jubithana of Transport, Communication, and Tourism (TCT), it is crucial that education is adapted to this and that there is continuity. There should not only be demands but also responsiveness to the development and the associated needs. Parmanand Sewdien of Agriculture, Animal Husbandry, and Fisheries (LVV) emphasized the need for cross-pollination, where companies share experiences on local content and local export. This involves the path that has been taken.

According to Minister David Abiamofo of Natural Resources (NH), multinational companies are willing to support Suriname in developing local content. Total, active in the oil sector, is one of the companies that has pledged its support in this regard. The minister urged Surinamese companies to prepare for developments in the offshore oil sector. According to him, there will be a high-level meeting with major gold companies on local content soon. Many Surinamese companies have contracts with large foreign companies, but the minister believes there is still more room to collaborate. The large companies should not quickly conclude that local companies do not meet the standards but should work together with them.

To develop local content, Suriname, according to Minister Saskia Walden, should not limit itself to its own borders but should also make the Caribbean Community (Caricom) its local market. Our products will need to meet the requirements of this market. The Minister of Economic Affairs, Entrepreneurship, and Technological Innovation mentioned three paths being pursued to elevate local content. These involve financing from the World Bank, the International Development Bank (IDB), and from the country’s own budget. On the other hand, the Ministry of Labor, Employment, and Youth Affairs (AWJ) is working to stimulate micro-entrepreneurship and thereby supporting local content. Minister Rishma Kuldipsingh says that small entrepreneurs are guided in knowledge, skills, and coaching to be successful in production and export. She presented the Productive Work Units Foundation (SPWE) as part of this effort.

Source: https://gov.sr/ontwikkelen-local-content-behoeft-langetermijnvisie/

Date: 21 mei 2021

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