Suriname has seen major growth in the mining sector – much responsible for the country’s recent economic prosperity – while other sectors such as agriculture, forestry, fisheries and non-resourced based manufacturing are evolving more gradually.
The Investment and Development Corporation in Suriname (IDCS) was recently created with the objective of diversifying factors of economic growth with increased labor productivity and environmental management.
IDCS is a government-owned holding company which acts as a facilitator in the business development process with national and international private investors to guarantee maximized results. It is currently looking to establish public-private partnerships (PPP) and privatizing the 12 companies under its umbrella following their restructuring.
Regarding the future of the country, the IDCS has projected a 6% real growth rate for the next five years. “It will be strongest in the mining sector, but we hope that the other sectors can keep up with mining. It we can also get 6% growth in forestry, agriculture, fisheries, manufacturing and tourism, we will be well off because then we can address the employment problem as well,” explains Winston R. Caldeira from IDCS.
A positive perspective is expected in terms of export commodities and sustainable production sectors, coupled with ongoing social and political stability.
Strengthened relations with the U.S. in forestry sector related services are predicted, though Suriname also hosts other opportunities for foreign direct investments. “We don’t have a large domestic market, so any activity undertaken here by investors would have to be export-oriented,” points out Caldeira.
With giants the sizes of Alcoa, IAMGOLD and Newmont investing in the country, various Asian and Middle-Eastern companies have also expressed an interest in getting a slice of the action in Suriname.
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