How would you describe the current state of Suriname's retail sector, and what are the key trends shaping its future?
The retail sector in Suriname is quite volatile, and that volatility is influenced by a few factors, particularly the economic environment. We are closely tied to Western trends, which is an interesting advantage for us as a company, because it allows us to be big movers in the market. However, the economic situation has made things a bit more difficult.
Despite people wanting trendy products, there’s the challenge of price elasticity. Even though the currency has stabilized a bit, people have less disposable income, which means luxury items and trendy products are the first to be cut. Luckily, at Rudisa, we have a balanced portfolio. We don’t just sell luxury items. We also offer everyday products like bread, milk, and water. This diverse portfolio helps us stay resilient during difficult times.
Can you give us a brief overview of Rudisa Group of Companies and its history?
Rudisa Group of Companies will be celebrating its 50th anniversary this year, which is a significant milestone for us. Over the years, we've grown significantly and now have 31 companies under our umbrella, operating across seven countries.
We have a few major divisions within our company. One of the biggest is manufacturing, where we produce products such as soft drinks, water, milk, and juices. We also have an industrial bakery and a chain of quick-service restaurants. Another important division is building, where we handle cement transportation, bagging, block production, and steel.
Additionally, we have a media division, where we operate newspapers, radio, and television. Our real estate division manages various properties, while the motor company division deals with heavy equipment, personal vehicles, and tools. Some of our big brands in this division include Mercedes, Kia, and Hyundai.
The distribution division is the core of how Rudisa started. We represent major brands like Unilever, servicing over 3,500 outlets in Suriname and 5,000 globally.
What about international markets? Do you have any plans for expansion?
We are currently operating in seven countries, but our focus for the next ten years will be on expanding within the Caribbean. We see a lot of potential there, particularly with the plans set for CARICOM over the next five years, such as reducing the need for food imports. We believe that as producers of food, we can help fulfill that need in the region.
We see the Caribbean islands and mainland as similar markets to Suriname, and we’re excited about expanding there. This will be our primary focus for the next five years.
Speaking of expansion, can you tell us more about some of your most popular brands under the Rudisa umbrella and their significance both regionally and internationally?
Our most popular brand is Diamond Blue, a beverage that’s widely consumed here in Suriname. We also have Pro-Life milk, and Thrill, a soft drink that is distributed throughout the Caribbean. Interestingly, we’re actually bigger in Guyana with our drinks than in Suriname, and we also do very well in the Caribbean islands.
Another major brand is Times of Suriname, the largest newspaper in the country. Our bakery products, including the Rudisa Bakery brand, are also significant in our portfolio. Additionally, we own Burger King franchises in the region, which has been an exciting venture.
Our success in the drinks sector is particularly notable, as it was the first product we exported out of Suriname. Over time, we expanded to Guyana, Trinidad, Antigua and Barbuda, and Grenada. While the pandemic caused some setbacks, we are working on rebuilding our presence and looking to grow further.
Are there any new projects or initiatives that you're particularly proud of?
We’re launching a Burger King in french Guyana in August, which is a completely new market for us, as we’ve never been in French territories before. It’s been an interesting experience learning about the culture and consumer preferences in that market.
Additionally, we’re taking our products like drinks and bread to French Guyana, and even planning to produce baguettes in Suriname for the market there, which is an exciting development. This is an entirely new area for us, and we’re looking forward to growing there.
Another new venture we’re pursuing is entering the European market, specifically focusing on the Benelux countries, which we consider to be part of Suriname’s diaspora. This market is familiar to us, and we believe there’s a lot of potential for our products there.
What are your primary goals for the next five years in terms of market expansion and product development?
The Caribbean market will be our main focus over the next five years, with a special emphasis on exporting our own produced goods. We want to expand our reach in drinks, bread, and other products that are produced in-house. We also plan to enhance our digital presence to support online sales and marketing.
For instance, with our furniture store, we want customers to be able to project our products into their own homes digitally to see how they’d look before purchasing. This kind of digital innovation will be a key part of our strategy in the coming years.
What sustainability initiatives are you working on at Rudisa, and how do you contribute to the community?
Sustainability and corporate social responsibility are a big part of our mission. Although we've always focused on these aspects, we haven't always documented our efforts, which is something we are making a priority this year as we celebrate our 50th anniversary.
One of our key sustainability efforts is in packaging. We’ve been producing sustainable packaging for milk and juices, opting for carton boxes instead of plastic, which is more common in Suriname. We’re proud of this and want to highlight it more.
We are also focusing on youth development. We want to educate young people not just in good morals but also in business and entrepreneurship. In addition, we own a soccer team, Transvaal, which has been around for 105 years. We support youth sports by funding various teams, including female and youth under-20 teams, and we’re adopting soccer fields across Suriname to promote a healthy lifestyle.
Do you have any advice for international companies or investors looking to enter Suriname’s market?
I would say that the key is to find a good local partner who understands the market. You need to do thorough research and be patient, as things move a bit slower here than in other parts of the world. Suriname is a mix of Caribbean, Latin, and European influences, and the culture can be more relaxed. It's important to respect local customs and build strong relationships with the people here.
In terms of doing business, Suriname is quite easy to navigate, especially if you know the right people. Setting up a company and getting licenses is relatively straightforward, but understanding the local business culture is crucial to success.
Are you currently looking for international partners or expanding your businesses?
Absolutely, we are always open to new partnerships, and we’re particularly looking at the Dominican Republic, with which we already have significant business relations. We see a lot of interest in Suriname from various countries, particularly given the opportunities not just in oil and gas, but in agriculture, gold, and lumber as well. We’re always open to discussions and expanding our reach.
A final message to Newsweek readers considering Suriname as potential investment destination?
The future of Suriname looks very bright. With the discoveries that have been made and the growing interest in our country, I believe we will see significant development. However, it’s important that we don’t just focus on the oil and gas sector. We need to ensure that the infrastructure, education, and healthcare systems are developed to support long-term growth. There is also a need for better planning and pragmatic goal-setting to achieve sustainable success.
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