Interview with H.E Marten Schalkwijk, Ambassador of Suriname to the United States

Suriname and the United States share a long-standing relationship, dating back to colonial times, which has generally been positive.

January 20, 2025
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To start, could you provide us an insight into Suriname's foreign policy towards the United States and the nature of the relationship between the two countries?

Suriname and the United States share a long-standing relationship, dating back to colonial times, which has generally been positive. While there were challenges under the previous government, our current relationship is strong, and we have established mutual trust. Strategically, Suriname has become more relevant to the U.S. due to oil discoveries in Guyana and Suriname, as well as regional issues such as those in Venezuela. The U.S. has also become a significant investor, especially in oil and gold sectors, with American companies like Newmont leading investments.

Could you give us an overview of Suriname's economic output and expectations for the next few years?

When this government assumed power in 2020, Suriname's economic situation was critical, with high debt which we could not repay anymore, very limited foreign reserves, and a significant budget deficit. Unemployment was around 20%, and the economy had contracted by about 16% in 2020. We developed a recovery program and worked with external firms like Lazard Frères to create a sustainable debt plan. Through successful IMF negotiations and debt restructuring, our debt-to-GDP ratio has dropped from nearly 150% to below 80%, and inflation has decreased from 60% to around 10%. Foreign reserves have increased to six months import, the budget deficit is small and our credit ratings are improving. While there are still microeconomic challenges, we’re on a path to growth, especially with new investments from Total Energies.

Can you tell us more about the recent oil discoveries and investments from companies like Total in Suriname?

Oil was first discovered offshore in 2015, leading to substantial exploration efforts. If production begins in 2028 as expected, output could reach 220,000 barrels a day. The sector is largely driven by partnerships, such as Total Energies working alongside the American company Apache, with our state oil company also holding a 20% interest. Other companies may also invest. These projects represent massive investments, multiple times our GDP, and are expected to generate substantial income for the country.

Are there U.S. companies interested in Suriname's oil sector?

U.S. companies are involved. For instance, APACorporation is partnered with Total Energies on major projects, Chevron, Hess, Halliburton. It’s an area of high interest for multiple stakeholders.

What are the main challenges currently facing Suriname's economy, aside from inflation?

While macroeconomic challenges have been largely addressed, we face significant issues in skilled labor shortages, particularly in the oil sector. Infrastructure also needs upgrades, especially in harbors and transport systems to support offshore oil activities. Additionally, we require investment in human capital and financial market expertise to meet the demands of an expanding economy.

What government initiatives are in place to attract foreign direct investment?

SITA, our Institute for Foreign Investments, operates under the Ministry of Foreign Affairs to facilitate investments, particularly for smaller companies that may need support navigating regulations. Larger companies, like Total, have direct access to high-level negotiations. We are also working on upgrading investment laws and strengthening government institutions to ensure continuity and efficiency. The American Chamber of Commerce of Suriname is a good contact point as well for American companies.

Do you have a final message for Newsweek readers considering Suriname for investment or tourism?

Suriname is unique in being one of only three carbon-negative countries in the world, with 93% of our land covered by forest. Despite our focus on mining and oil, we aim to remain carbon-negative and are exploring opportunities in carbon credits. There are also investment opportunities in sectors that align with our environmental goals. In terms of tourism, while we avoid mass tourism due to our small population of 650,000, we see growth potential, especially with improved air connections as a result of the oil sector’s expansion.