Profile
Suriname’s economic growth has been steadily increasing in recent years, with the mining sec- tor taking centre stage. This growth is largely driven by the continued buoyant commodity ex- port prices (gold, petroleum, and alumina), in- creased government support and funding and large capital investments in the mineral and en- ergy sectors. Unemployment rates have fallen from 12.1% in 2006 to 9% in 2008. GDP in Suriname has risen from 3% in 2009 to 5% in 2011. This is a clear indication of an economy gaining strength and momentum. Suriname is a real gem of a location for FDI and has some key economic sectors to exploit. The mining sector is the most prominent sector in Suriname, with bauxite and gold the main exports. Alumina, gold and oil contribute to over 80% of all ex- ports and a quarter of government revenues. Therefore, gold, bauxite and oil are the main sectors attracting foreign investments, but in- vestment opportunities are not restricted to these industries. The main investing countries are the United States, Belgium and the Netherlands, but due to government incentives and favourable economic conditions, more and more countries are thinking of Suriname as a prime country for investment.
Despite having a relatively small population of approximately 500,000 inhabitants, Suriname is one of the most advanced and independent states of South America. While it is not a heav- ily populated country, there is workforce avail- ability and the official language is Dutch and English is also widely spoken, allowing for eco- nomic relationships to be forged with Europe. Relocation is an important topic to cover when discussing FDI in Suriname due to this low pop- ulation rate. Suriname lays claim to one of the most culturally diverse populations in the world and is an ideal destination for relocation. Para- maribo, the capital of Suriname plays host to a thriving and ever growing expat community, not least because of the availability of an American school and affordable property. There has been a steady growth rate of expatriates moving to Suriname in recent years, as the country be- comes more cosmopolitan and appealing. Suri- name is ripe for relocation and offers numerous advantages for individuals willing to make the move. So don’t miss the boat (or the plane). Currently there are numerous companies op- erating in different industries all taking advan- tage of the highlights Suriname has to offer. The Suriname government has liberalized economic policy and this liberation has created more
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possibilities for the U.S. and other countries to invest in Suriname. The government want to re- move subsidies and to liberalize the economy, opening it up to more FDI opportunities and business expansion. This is happening, albeit, slowly but surely.
The U.S. remains one of Suriname's main trading partners, and companies including Alcoa (mining), and Alico (insurance) have benefited from this on-going partnership. Alcoa developed their operations in Suriname in 1916, when it founded the Suriname Bauxite Company and have been active there ever since. Since then, it has bolstered Suri- name’s economy, providing jobs, revenue, and infrastruc- ture devel- opment. More re- cently, in 201 1, Kosmos Energy, an inter- national oil and gas exploration and produc- tion company, signed a joint agreement to ex- plore particular areas in offshore Suriname. It is very positive about hy- drocarbon discovery in the re- gion. There will be increasing opportunities in Suriname for exporters, service companies, and engineering firms over the next 10 years. Whether your company deals with energy, insurance, tourism or exports Suri- name has plenty to offer. Whatever your busi- nesses focus, take the time to sneak a peek at Suriname.
If you are thinking of expanding your busi- ness and moving it abroad, Suriname is a place of untouched prospects and offers exciting op- portunities and great incentives for foreign busi- nesses. Follow the lead of Alcoa and make this bold move to take your business forward. Get in there quickly and get a slice of the action that Suriname has on offer.
New European Economy
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