Suriname has an open, market-driven economy that promotes foreign inward investment and has attracted investors from several countries including the USA, China and the UAE, with the majority of FDI directed at the mining sector. The economy is dominated by the mining industry, with exports of oil, gold, and alumina accounting for about 94% of export revenue and 40% of GDP.
Through several world class mining companies present in Suriname, the mining industry dominates Suriname’s economy. Alumina, bauxite, gold, and petroleum account for the bulk of all exports. As a result, the economy is vulnerable to market fluctuations. During this session, industry players will discuss:
Artisanal and small scale mining is wide spread in Suriname, but this comes with its own challenges and concerns including significant threats to ecosystem services and human livelihoods.
Suriname is the third largest crude oil producer in the Caribbean after Trinidad & Tobago and Cuba. This largely unexploited industry has the potential to increase the economy of the country in the future. Suriname recently announced new open-door policy for licensing that is expected to encourage further exploration and developments in its hydrocarbon sector.
In order to better use and manage Suriname’s natural resources, one needs to consider the infrastructure necessary to grow each sector, including roads, rails, ports, airports, dams and energy. Suriname has implemented ambitious development plans with a view to boosting economic activities and improving quality of life.
Local development is vitally important in order to create a sustainable economic climate in any country. There is a need to increase local capacities through education, skills and expertise development, as well as the transferring through active research and development portfolios. What are companies and government doing to increase local content in Suriname?