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Country Guide > South America > Surinam | |
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Business Profile Economy Agricultural products include rice, citrus fruits, sugar and bananas, although this part of the economy is in poor financial condition, compounded by low world prices (the state banana company closed in 2002, although cause for optimism has been bolstered due to a smaller restructured banana company resuming business in March 2004). Shrimp fishing is both important and lucrative. The other main activities in this sector are livestock breeding and, most controversially, logging in Surinam’s vast jungle interior. The timber is being exploited under a contract awarded to a Malaysian company, although the Government has come under pressure from the international environmental lobby to restrict the quantity. For the time being the most important industry is still mining, especially bauxite and, more recently, gold. There are also thought to be substantial reserves of iron ore, manganese, copper, nickel and platinum, as well as moderate onshore oil deposits. Apart from processing ores and food products, the industrial sector is largely devoted to the manufacture of cigarettes, drinks and chemicals. Foreign aid, especially from The Netherlands (the former colonial power), has been essential to the economy but political disagreements between The Hague and especially the Bouterse government have meant that it has not always been forthcoming. Surinam became a full member of the Caribbean trading bloc CARICOM in 1995. Economic policy has become more austere since the accession of the Ventiaan administration which has sought to tackle Surinam’s long-running fiscal and monetary difficulties under the supervision of the IMF and World Bank. The country’s principal trading partners are the USA, The Netherlands, Trinidad & Tobago and Brazil. Business A suit is expected for business. All appointments should be honoured, though punctuality may be difficult owing to unpredictable transport. Office hours: Mon-Thurs 0700-1500, Fri 0700-1430. Commercial Information The following organisation can offer advice: Surinam Chamber of Commerce and Industry, PO Box 149, Dr J C de Mirandastraat 10, Paramaribo (tel: 474 536; fax: 474 779; e-mail: chamber@sr.net). Conferences/Conventions For information, contact the Ministry of Foreign Affairs, Lim A Postraat 25, Paramaribo (tel: 471 209; fax: 410 851; e-mail: biza@sr.net). |