Simons: energy investments must strengthen the entire economy

That was emphasised by President Jennifer Simons on Tuesday, October 13, at the opening of the fourth International Business Conference (IBC) at Assuria Hermitage High-Rise. According to the head of state, the extraction of natural resources alone is insufficient to create sustainable prosperity.

“Extraction alone is not success. Success means productive industries, stronger local enterprises, skilled people and benefits that reach communities across the country,” Simons said.

The conference is being held from October 13 to 15 and centres on the theme ‘From Energy to Industry, Investing in the Suriname Guyana Value Chain’. The key question is how the energy sector can contribute to industrial development and economic cooperation between Suriname and Guyana.

Diversification as a necessity

Simons stated that the emerging energy sector must stimulate other economic activities. According to her, economic diversification is a strategic necessity to improve the well-being of the population.

She mentioned agriculture and the processing of agricultural products, sustainable tourism, logistics and technology, among other sectors that must be further developed. Investments in agriculture and processing must also contribute to food security.

The president also stressed the importance of cooperation with Guyana, Brazil and French Guiana. With the upcoming CARICOM chairmanship, Suriname wants to contribute to stronger regional economic ties, she said.

“Suriname is not merely a destination for individual projects. We are a partner in building sustainable and competitive regional enterprises,” Simons said.

Clear rules for investors

To offer entrepreneurs and investors confidence, the government is committed to transparency, predictable rules and a more efficient government, according to the president. She pointed to preparations for the Investeringswet and the CETA-wet.

According to Simons, both legislative processes are in their final stage at the Ministry of Foreign Affairs, International Trade and Cooperation. They are expected to be completed in 2027.

Combating corruption is also essential for a healthy investment climate, she said. The president stated that corruption undermines trust, distorts competition and discourages responsible investments.

Involving Surinamese companies and workers

Simons stressed that investments must directly benefit the Surinamese population. She called the establishment of the Local Content Board an important step towards increasing the involvement of local companies and workers.

International companies must engage Surinamese suppliers and transfer knowledge, she said. The workforce must also be trained for work in various sectors, so that the benefits are spread throughout the economy.

Economic growth must go hand in hand with the protection of forests, rivers and biodiversity. The president underlined that Indigenous and tribal communities are essential partners in the responsible management of natural resources.

Concrete agreements

The president called on participants to use the conference for concrete investment proposals and commercial agreements. According to her, the event must deliver more than declarations of intent.

According to Simons, the success of the IBC will ultimately have to be demonstrated by the partnerships concluded and the tangible results arising from them.