PARAMARIBO, Suriname - President Jennifer Geerlings-Simons says Suriname must ensure that the expected growth of the oil and gas sector does not lead to an economy that is primarily dependent on the extraction of natural resources.
President Jennifer Simons addresses the IBC conference. (Photos: Suriname Communication Service CDS)“Extraction alone is not success. Success means productive industries, stronger local enterprises, skilled people, and benefits that reach communities throughout the country,” she told the fourth International Business Conference (IBC) that ends here on Thursday.
President Geerlings-Simons told delegates that the development of the energy sector is only truly successful when it leads to strong local businesses, new industries, skilled labour, and tangible improvements in the lives of the population.
She told the conference, which is being held under the theme “ From Energy to Industry, Investing in the Suriname Guyana Value Chain,” that investors should look beyond the energy sector and contribute to a sustainable, diversified economy.
According to the Head of State, cooperation between Suriname, Guyana, and other regional partners must lead to new economic activities and stronger regional value chains.
She said that her administration views economic diversification not as a choice, but as a strategic necessity, pointing to opportunities within agriculture, agro-industry, sustainable tourism, logistics, and technology.
President Geerlings-Simons said that the energy sector must serve as a catalyst for the development of other industries and that economic growth must ultimately contribute to a society in which dignity, well-being, and equal opportunities are central.
During her address, President Geerlings-Simons also addressed cooperation with Guyana, Brazil, and French Guiana, noting that Paramaribo will soon chair the 15-member regional integration grouping, CARICOM.
“Suriname is not just a destination for individual projects. We are a partner in building sustainable and competitive regional enterprises,” she said, adding that international cooperation must not be limited to individual investment projects, but must contribute to sustainable enterprises that are interconnected within the region.
She said that the government is working on improving the business climate in a bid to offer investors greater certainty. According to President Geerling-Simons, work is underway on several pieces of legislation, including the Investment Act and the CETA Ac that should be completed next year.
She said that combating corruption is also an important issue, noting that integrity and a well-functioning rule of law are necessary conditions for sustainable investments.
“Corruption undermines trust, distorts competition, and discourages responsible investments,” she added.
She said that Surinamese companies must benefit from the improved economic environment and that an important part of the government policy is strengthening local content.
She said that the establishment of the Local Content Board is aimed at ensuring that Surinamese enterprises and workers have more opportunities to participate in major investment projects.
Geerlings-Simons urged international investors to actively involve Surinamese suppliers in their activities and to transfer knowledge and technology.
She said that the workforce should not be trained exclusively for jobs in the energy sector, but also for other economic sectors reiterating that economic development must not come at the expense of the environment and the living conditions of communities in the interior.
She said that the protection of forests, rivers, and biodiversity must form an integral part of development policy. Indigenous and tribal communities must be involved as full partners in this process.
The Head of State said that the conference should not end with speeches and declarations of intent, and that the discussions must result in concrete investment proposals, business agreements, and sustainable partnerships.
