What are your administration’s primary economic goals for Suriname by 2025, and what steps are being taken to achieve them?
As a new government taking office in 2020, we had to design a path for the future. Focusing on 2025 was very important, as it marks the final year of this administration. Based on our assessments of Suriname’s economic and financial situation—including our $4 billion foreign debt—we initiated a recovery plan in collaboration with international partners, including the IMF, IDB, World Bank, and Caribbean Development Bank.
This plan was structured into three phases: two years of recovery and restructuring, two years of stabilization, and one year of economic growth. I'm pleased to share that we’ve achieved the objectives of the recovery and stabilization phases, including restructuring our debt, stabilizing the exchange rate, and bringing inflation to single digits. Our debt-to-GDP ratio dropped from 160% to 86%, and our international reserves increased from zero to $1.4 billion.
Looking forward, economic growth remains our focus, with a target of 3% growth this year. We are fostering investments—both local and international—in oil and gas, agriculture, and other key sectors. Additionally, we are supporting SMEs through initiatives like the Search Suriname Growth Project and other funding facilities.
What are the main advantages that Suriname offers to foreign investors, and how do these compare to regional competitors?
We just approved a new investment legislation and established the Suriname Investment and Trade Association (SITA) as the national authority. This legislation includes various incentives, such as tax exemptions, duty-free imports, and alternative benefits tailored to specific investments.
For example, we’ve allocated 300,000 hectares of land for agribusiness investments without cost—under the condition that the land is used productively. We’re also offering tailored incentives, such as income tax exemptions for oil companies, to attract strategic investments.
How ready is the labor market to cater to these international investors?
While we’ve reduced unemployment to 10%, the labor market remains a significant challenge due to our small population of 650,000. To address this, we are welcoming skilled workers from the Caribbean, Venezuela, and Cuba. At the same time, we’re introducing education and training programs tailored to market demands, particularly in technical fields like oil and gas.
Another challenge is the brain drain, especially in critical sectors like healthcare and energy. We’ve lost skilled professionals to opportunities abroad but are bridging this gap by hiring specialists from countries like the Philippines and Vietnam.
Suriname shares longstanding ties with the United States. What are your priorities for strengthening this partnership, particularly in trade and development?
The Suriname-US partnership has always been strong, particularly in governance, security, and technical assistance. Recently, we signed a new agreement with the US to combat transshipment crimes, including drug trafficking.
On the economic front, we’re fostering private sector collaboration. US companies like Apache, Halliburton, and Schlumberger are investing in our oil and gas sector. Through initiatives like the American Chamber of Commerce in Suriname (AmCham), we are actively promoting bilateral trade and investment opportunities. My message to American businesses is clear: Suriname offers significant opportunities much closer than ventures in Africa or the Far East.
Beyond the US, how does Suriname position itself in the Caribbean and South America? How can it position itself as a logistics hub for the region?
Suriname is very strategically located in the northeast of South America. It can be a strong hub for trade in cargo, sea cargo, and aircraft, connecting the north and south, as well as South America and Europe.
One of our strategies is to attract investments in shore bases. That’s why we support companies investing in this area. If you look at the Suriname River, you’ll see three or four companies expanding their shore base facilities or starting new ones. This creates a more attractive offering for shore base business, not only for oil and gas but also for the international market.
Let me give you an example: between Suriname, Brazil, and Guyana. Brazil has started a program in the north called Archinorte, Guyana is developing its eastern region with oil and gas shore bases, and Suriname is working on the west side with bauxite, oil and gas, and a bridge project. This bridge between Suriname and Guyana isn’t just physical between two countries—it’s a bridge for integration with South America.
Brazil’s northern investments make Suriname and Guyana the closest spots for cargo transport to the eastern parts of the world or the western European markets, reducing costs by up to 40%. President Lula and his ministers highlighted Suriname's strategic location during a presentation last year.
To fully explore this potential, we’re inviting investments in shore bases, infrastructure, and airports. For example, we’ve allocated land for a new airport project in Suriname, which an investor will start soon. Next week, a foreign company will present plans for a floating shore base at sea, similar to their activities for Petrobras of Brasil.
Suriname is also thinkin long-term. Climate change impacts our rivers and shore bases, requiring daily dredging to maintain accessibility. If water levels drop, we’ll face challenges. That’s why strategic investments—like floating harbors and climate-resilient infrastructure—are crucial for sustaining our logistics hub vision.
Coming back to offshore oil and gas, how will this transform the nation’s economy? How are you ensuring these resources uplift all citizens? Can you tell us about the Sovereign Wealth Fund you’re planning?
Oil and gas will be the game changer for our nation. Over $13 billion will be invested by Total Energies alone. State Oil, which has an option for a 20% stake, needs to secure its share of this investment—$2.6 billion—soon, not in the coming year but in the coming weeks.
Their plans include partnerships with international banking sectors, local banks, and including local people. Starting this month, citizens can invest in a bond offered by State Oil, with a 7.5% interest rate.
From 2028, oil production will generate revenues of $20–24 billion over 20 years. Our strategy is to use these funds sustainably. We’ve created a National Savings and Stability Fund to diversify the economy, support current and future generations, and transition from fossil to green energy. Investments will target production sectors, agribusiness, health, education, security, infrastructure, and human capital.
We’ve amended legislation to protect the fund, ensuring it’s governed transparently and safeguarded for future generations. Additionally, we’ve mirrored instruments for citizens, such as the Royalty for Everyone (RFI) program. Each Surinamese citizen will receive a $750 bond with a 7.5% interest rate. These funds, redeemable after seven years, aim to promote savings and financial inclusion.
We’re also learning from Guyana, which has seen rapid economic growth but rising living costs. Our Stability Fund will regulate financial markets and prevent economic imbalances, ensuring a secure and stable economy for all citizens.
On a personal note, what are you most proud of, professionally or personally?
I started my career at 18 as a police officer, trained in the Netherlands at the police academy. For 27 years, I served in law enforcement, rising to Police Commissioner and Minister of Justice and Police. Now, as President, I still carry those values with me.
Security remains a priority because it’s the foundation of everything. Without security, people feel unsafe, sleep poorly, and are less productive. Moreover, investors need trust, stability, and a secure environment to bring in their capital.
When I took office, Suriname faced a severe financial and economic crisis. There wasn’t even money to pay salaries. Through a stringent IMF program, we achieved reform and stabilization. It was tough, but now we’re in a better position, with room to invest in security, infrastructure, and social programs.
My greatest pride is creating a brighter future for Suriname, built on transparency, accountability, and strong governance.
Finally, what message would you like to share with Newsweek readers considering Suriname for tourism and/or investment?
Suriname is a hidden gem. It’s a high-forested country with one of the world’s lowest deforestation rates, a biodiversity haven, and one of only three carbon-negative countries.
We are a multicultural nation—a blend of Indonesia, India, Africa, China, and more. Our UNESCO-protected wooden city, diverse traditions, and incredible cuisine make Suriname a unique destination. You’d need months to try all the dishes!
For tourists, it’s a once-in-a-lifetime experience. For investors, Suriname offers untapped potential, with strategic location, friendly people, and immense opportunities. Come to Suriname—you’ll leave with unforgettable memories and the urge to return.
