Narayan AmmachchiSuriname is under pressure to improve its business climate, as its heavy dependency on mineral resources threatens to cloud the country’s future prospects.
The Suriname Business Association (VSB), a body of private entrepreneurs, urged the government to diversify the economy by carrying out radical reforms.
The agency called on the government to downscale bureaucracy, streamline the business registration process and give more access to financial resources for small and medium enterprises (SMEs).
A small country with a population of just over 600,000 people, Suriname’s economy is heavily dependent on mineral resources, with gold mining, oil & gas and forestry being the main sources of income.
However, the volatility of the global commodity market has made Suriname’s economy vulnerable to shocks. In recent years, the country has experienced economic recessions due to falling commodity prices.
In recent years, the government’s digitalization program has created new opportunities in the IT-enabled global services sector. However, attracting foreign investment would require the government to spend money on infrastructure and launching skill development programs, according to Rekha Bissumbhar, the chair of VSB, who recently spoke to news portal FDIintelligence.
International economists have often criticized the slow pace of bureaucracy in Suriname, pointing to its business registration process, which currently takes an average of two years to complete.
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