PRESENTATION
Paramaribo, November 2011
Doing Business in Suriname
Suriname Trade & Industry Association
Address: Prins Hendrikstraat #18
Paramaribo- Suriname
Tel: 597-475286/ 597475287
Fax: 597-472287
Email: vsbstia@sr.net
Website: www.vsbstia.org
CABINET OF THE REPUBLIC OF SURINAME
2010-2015
THE EXECUTIVE
PRESIDENT: Mr. D.D. Bouterse
ALSO CHAIRMAN COUNCIL OF STATE; 15 members
VICE-PRESIDENT: Mr. R. Ameerali,
Chairman of the Council of Ministers
SOCIAL ECONOMIC COUNCIL: 14 members
(4 private sector, 4 union, 5 government)
(in active at the moment)
COUNCIL OF MINISTERS: 17
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Agriculture, Animal Husbandry and Fisheries, Mr. H. Setrowidjojo (previous
Government
Defense, Mr. L. Latour
Education and Community Development, Mr. R. Sapoen
Finances and Planning, Mrs. A. Wijnerman
Foreign Affairs, Mr. W. Lackin
Health, Mr. C. Waterberg (previous Government)
Home Affairs, Mr. S. Moestadja
Justice and Police, Mr. M. Misiedjan
Labor, Technological Development and Environment, Mr. G. Kromosoeto
Natural Resources, Mr. J. Hok
Physical Planning, Land- and Forestry Management, Mr. S. Martosatiman
Public Works, Mr. R. Abrahams
Regional Development, Mr. L. Diko
Social Affairs and Housing, Mrs. A. Amafo
Sport and Youth Affairs, Mr. P. Abena
Trade & Industries, Mr. M. Miskin
Transport, Communication and Tourism, Mr. F. Pinas
The Legislative
The National Assembly: 51 members
Coalition: 36 seats (MEGA Combination (23), ACombinatie (7), Volksalliantie (6)
Oppostion: 15 seats {New Front: NPS (4), VHP (8), DA
‘91 (1), SPA (1)}, DOE, 1.
The Judiciary
Court of Justice
Record Office of District-Court
Public Prosecutor’s Department of Procurer-General
Republic Suriname
 Capital: Paramaribo
 Area: 163,820 km2
 Suriname is part of the Wild Coast, the
Guyana’s
 Situated on the north coast of the South
American continent, bordering
– The Atlantic Ocean on the north,
– Guyana on the west,
– French-Guiana (EU) on the east,
– Brazil on the south.
 The climate is tropical, warm and humid,
moderated by trade winds
Basic Facts
 Languages
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– Dutch (official), English, Sranang Tongo (native
language), Chinese (various dialects), Hindustani,
Javanese.
Population of 500,000
Literacy
– Male: 95%
– Female: 91%
Export partners
– Canada, US, Norway, Netherlands, France, Japan, UK
Import partners
– US, Netherlands, Trinidad & Tobago,
Japan, China, UK, Brazil
Currency: Surinamese Dollar (SRD)
Macro economy
(Source: Ministry of Finance; General Bureau of Statistics; Central Bank of Suriname)
Gross Domestic Product (GDP) (US$ 3.800 mln)
(2010)
Income per capita
US$ 5100, est.
(2010)
Inflation
18.0 % est.
(2011)
Unemployment rate
12 %
(2011)
Lending rate
11 %
(2011)
Exchange rate
3.25 (US$)
(2011)
Exports of goods
1.769 mln. US$, est.
(2011)
Import of goods
1.653 mln US$, est.
(2011)
GDP real growth
4.5 %
(2010)
Credit rating
Trade Balance in USD
Monetary reserve
B+
402 mln US$
757 mln US$
(2010)
(2010)
(2010)
Conducive Investment Climate
The investment climate for investors is favorable
 Environment
– Large areas for industries
– Clean air & healthy environment
– Independent judiciary system
 Infrastructure
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Adequate network of roads
Reasonable shipping & airline connections
Telecom services
Utilities (Water, Electricity and Telecom)
Modernization Seaport & international airport
Investment Climate
(continued)
 Human Resources
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Highly educated workforce
Disciplined workforce
Multi lingual and cultural society
Education & training
Other Assets
– Abundance of fresh water and fertile land
– Fast developing private sector
– Untapped hydro electric power
Companies en Tax Rates
 Corporate income tax: 36% (effective
rate: 20%)
 Personal income tax : 8-35%
 Value added tax: 8 -10%
International Relations
 Member of CARICOM
 Member of OAS (Organization of American
States)
 Member of IDB (Inter American Development
Bank) & ISDB (Islamic Development Bank)
 Member of ACP (African, Caribbean & Pacific)
countries and partners of the European Union
in the EPA agreement
 Various Bilateral agreements (China; India;
Brazil, Indonesia)
Structure Private Sector of Suriname
The social & economic partners
Employers (Suriname Trade & Industry Association)
 Unions (Ravaksur)
 The Government
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 Suriname Trade & Industry Association represents:
 A. Multinationals
 B. Large unionized companies
 C. Parastate companies
 D. The Domestic Private Sector
Small & medium sized enterprises
 E. The Civil Society
 Micro enterprises
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Business Forum/ Suriname
Business Centre
 Public Private Partnership
 National strategy for development of the domestic
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private sector
Priority actions developed at macro / meso / micro
level
Suriname Business Centre :One- stop – window
Training, seminar, courses
EU /IDB/ IsDB/OAS/financial instruments for private
sector development
Organizing sector trade fairs and matchmaking activities
Advising the government on issues regarding the
Business climate for the domestic private sector
Suriname Trade & Industry Association
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Established in March 1950
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235 members (Banking;Industry;Timber;Agriculture;
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Member of the International Organization Employers
(IOE), International Labor Organization (ILO),
Caribbean Employers Confederation (CEC)
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Five(5) policy clusters:
Mining;Tourism;Transport;Insurance;Commercial services; Trade)
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Government;
Industrial Relations;
Services to the member companies;
Regional & International Economic Integration;
Internal policy of the Organization.
 SERVICES TO MEMBERS
- To promote members’ interests in national bodies as State &
Economic Council, IFONS, Labor Advisory Council and
Suriname Business Forum
- To issue newsletters and ”De Werkgever”
- To issue certificates of merit
- To issue medals of long employment
- To make use of the PR-office of the STIA-secretariat
- To receive information and advice on request
- Advise on industrial relations matters
Important Sectors
Mining: Alumina
 The mining sector remains our country’s
principal currency earner
 One large multinational company is dominating
the market: Suriname Aluminum Company
(Suralco), a subsidiary of Alcoa-USA
 Last ten 10 years: average export of 1,5 million
ton Alumina to USA(20%), Norway(60%), France &
The Netherlands (15%)
 1.5 million metric tons of alumina produced in
2010
 Bauxite reserve, Nassau & Bakhuys presently
untapped.(500 mln. tons)
Gold Sector
 Iamgold is one of the major players in the
gold mining industry in Suriname
 Production 2010: approx 12.000 kgs of gold
 Large-scale gold mining operations in the
Rosebel mine
 Gold is the first largest export product of
Suriname
 Joint venture Suriname Aluminum Company
with the U.S. owned Newmont Mining
Corporation (Surgold) start-up 2014.
 Small gold mining by local/garimpeiros,
estimated production 15.000 kgs (2010)
Oil Industry
 State Oil Company started its activities in 1980
 The oil industry is the third largest mining
industry in our economy
 A production of 16,000 barrels a day, 2010
 Onshore drilling will continue 2010-2012
 State Oil company has agreements with Repsol
YPF; Occidental Oil; Maersk Oil
 Products: crude oil; diesel; asphalt bitumen
 Electricity is a new product of State Oil
Company (28 MW)
 Offshore drilling by January 2010 and up
 Extension of refinery as of 2011 (USD 1 B.)
Agriculture Sector
– Banana (export value USD 50 m, 2010)
– Rice (export value USD 37 m, 2010)
– Fisheries (estimated export value USD 50 m, 2010)
 Shrimp catch from Coastal area
 Shrimp from Aqua culture
 Sea fisheries & river fisheries
– Forestry (94 % tropical jungle)
 Timber production (250.000 m3, 2010)
 Tourism activities (estimated 210.000 p., 2010)
– Horticulture, Vegetables and Fruit (estimated export
2010, USD 20 m)
Tourism Industry
 Eco tourism
– Central Suriname Nature Reserve &
Coastal area
– Paramaribo on the world heritage list
– Cuisine / various dishes
– Different Cultures
– Various tourist products:
 Nature tours
 Business tours
 Historical tours
 Culture tours
 Adventure tours
Key growth sectors
 Mining
Kaolin; Granite;
 Water
Manufacturing
 Food processing
 Pharmacy; aromatic products
 Bio- energy
Agriculture & Agro industry
 Fruits ; horticulture; flowers; herbal industry
 Aqua –culture ; fish processing
Lumber & Furniture Industry
 Furniture; building materials
Tourism
 Eco tours; culture tours; business tours; entertainment
parks
Services Sector
 Financial services; construction services; engineering
consultancy; management consultancy; transport
 ICT out sourcing; call centers
 Health sector; medical facilities & health care
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THANK YOU