Profile
Suriname Te Investor’s Destination By: Imro San A Jong and Astra Singh.
Suriname is a country with an emerging market and an undiscovered abundance of potential investment opportunities.
T
he Republic of Suriname is explor- ing its vast wealth of natural re- sources.
known for its role in providing alu-
mina to the world, there is more to Suriname than bauxite.
Despite the world economic crisis Suri-
name’s economy has been growing continu- ously for more than a decade. This a testimony of its attractiveness and focus of the Government of Suriname to develop both resource and non-re- source based sectors.
Foreign Direct Investment (FDI) is identified as the primary vehicle for future economic devel- opment with special attention for non-renewable resources as a means to diversify the economy. The Government of Suriname established the investment and promotion agency ‘Investment and Development Corporation Suriname (IDCS)’ to support the government in its role to contribute in the sustainable economic development of Suri- name. IDCS is immediately aligned to the Cabi- net of the President and functions as the first point of contact with prospective investors. IDCS provides assistance to prospective in- vestors which may include provision of all in- formation necessary on identified projects, facilitation of business meetings with local counterparts, site visit coordination and advice on establishing and registering of businesses in obtaining the necessary licenses.
IDCS has also been assigned the privatiza- tion of several semi-governmental companies in order to optimize the use of unutilized assets in arable land. In this way there are investment op- portunities and joint-ventures possible in both the private and public sector.
72 Although Suriname is
Suriname's economic prospects for the medium term are favorable given the continued commit- ment to adequate monetary and fiscal policies and the introduction of structural reforms to lib- eralize markets and promote competition. The investment climate has improved by
eliminating the licensing requirements for many types of businesses and by simplifying licens- ing procedures. Liberalization of its economic, trade and investment policy has created new possibilities for exports and investments. Suriname is a part of the South American continent and also enjoys quota-free and duty- free access to the CARICOM and European markets. This makes up for a perfect portal for doing business worldwide.
Although the present FDI activities are pri- marily in mining, such as oil, gold and bauxite, there is plenty of room for other investment op- portunities in minerals such as kaolin, diamonds, silver and granite.
The abundance of water is considered ‘white
gold’. According to the World Water Forum, the international Water Poverty Index scores Suri- name in 3th place of water-rich nations in the world. This potential also accounts for the large- scale presence of fish- and shrimp related activities.
Roughly 85% of the country is covered by tropical rainforest making it favourable for in- vestment opportunities in sustainable logging and offering a cornucopia of possibilities in ex- traction of non-timber forest products and me- dicinal plants. Other favourable circumstances which make Suriname the Investor’s Destination include: Best Performing Port in handling of containers
(attributed by the Caribbean Ship Owners As- sociation), no import duties on investment and productive inputs, no money transfer impedi- ments, stable labour market and stable political and economic environment. Suriname is a country with an emerging mar- ket and an undiscovered abundance of potential investment opportunities. IDCS welcomes in- vestors who share the sustainable economic de- velopment vision to the benefit of all parties involved.
For more information contact : IDCS
Promotion, Information and Communication Division Tel: +597 49 43 74 / Fax: + 597 49 43 87 Web:
www.idcs.sr / Email:
info@idcs.sr
New European Economy
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