Suriname is a small resource-dependent country, both vulnerable to climate change and cycles of commodity markets. Amid a potential boom from offshore oil discoveries, efforts are afoot to improve its ease of doing business and diversify the economy. 

The Suriname Business Association (VSB) is a leading employers’ organisation working with the government to promote entrepreneurship. Rekha Bissumbhar, the chair of VSB, speaks to fDi about the need for regulatory reforms and to focus on sustainable development.

Q: Could you give a brief introduction to VSB and the work the agency does in Suriname? 

A: Founded in 1950, the VSB is dedicated to promoting competitive entrepreneurship that produces high-quality goods and services in a socially and environmentally responsible manner. We work closely with our members and other stakeholders, including the government and international organisations, to create a favourable business environment and contribute to the sustainable development of Suriname. 

Q: What is your assessment of Suriname’s economy given its reliance on natural resources?  

A: Suriname’s economy is heavily reliant on its natural resources, with key sectors including mining, oil, agriculture and forestry. While this has provided significant revenue, it also makes the economy vulnerable to fluctuations in global commodity prices. Over-reliance on natural resources can also lead to environmental challenges, including deforestation and pollution. 

However, Suriname has been making efforts to diversify its economy and promote sustainable practices. It’s important for Suriname to continue to balance the exploitation of its natural resources with the need for environmental conservation and sustainable development. 

Q: Which sectors in Suriname offer the greatest potential for foreign investment, and why? 

A: The mining sector, particularly gold and bauxite, has traditionally attracted significant foreign investment. The recent discovery of offshore oil reserves also presents new opportunities in the energy sector. 

Agriculture is another promising sector, with potential for growth in areas like organic farming, aquaculture and sustainable forestry. Suriname’s rich biodiversity and natural beauty also make it an attractive destination for eco-tourism. The IT sector is another area with potential for growth, particularly as the country continues to digitise its economy.

Q: How could Suriname’s business climate be improved? 

A: Regulatory reform is crucial to reduce bureaucracy and make it easier for businesses to start and operate. This includes streamlining business registration processes, improving property registration, and making it easier to get construction permits. Enhancing access to finance, particularly for small and medium-sized enterprises, is also important.  

Additionally, investing in infrastructure, education and skills training can help create a more conducive environment for businesses. The VSB is actively involved in advocating for these improvements. 

Q: What is your assessment of the potential for the offshore oil discoveries in Suriname? 

A: The recent offshore oil discoveries in Suriname have the potential to significantly boost the country’s economy. However, it’s important to manage these resources wisely to avoid the “resource curse”, where countries with abundant natural resources struggle with economic growth, corruption and conflict. Suriname can certainly learn from Guyana’s experience, as well as that of other oil-producing nations. This includes ensuring transparent and accountable management of oil revenues, investing in sustainable sectors to diversify the economy and mitigating environmental impacts. 

Q: How can Suriname best leverage its natural assets? 

A: Suriname’s vast forest resources position it as a potential participant in carbon credit markets. However, this requires robust monitoring systems for carbon reductions and a legal framework that enforces carbon rights. The VSB, committed to sustainable development, could play a key role in advocating for these systems and frameworks. 

This interview has been edited for brevity and clarity.