As Suriname continues to improve its economy and government processes, businesses are looking more closely at this country for investment.
By William Bell

Tucked between French Guiana and Guyana with Brazil to the south, the Republic of Suriname quietly goes about its business. With the Atlantic Ocean forming the northern border, Suriname is the smallest independent South American country. It is a small country that is diligently working to take its place in the international trade economy and to attract Foreign Direct Investment.

As the country's economy grows, there are increasing opportunities for new businesses and expanded import/export opportunities across industries from mining to industry. Suriname continues to work to streamline some of its government processes, but opportunities exist now for those businesses looking for untapped markets.

Full of Promise
Geographically, Suriname has two distinct regions. One is the northern, coastal region where most people live, and the other is the southern region which consists of mostly savanna and tropical rainforest. It is a small country by any measure with a total population of approximately 540,000 people, and half live in the coastal capital city of Paramaribo.

The official language is Dutch, but investors will find several other languages spoken, including English and Spanish. The official currency is the Suriname Dollar, but many areas accept the U.S. dollar and the Euro.

Another important characteristic of Suriname is its ethnic diversity. The population includes Europeans, Chinese, East Indians, Amerindians, Javanese and Creoles.

To succeed as a foreign investor in Suriname, history has shown it is critical to develop a strong knowledge of the business culture to avoid unnecessary problems that could derail investment projects.

Taking every possible step to increase the odds of investment success becomes even more important with awareness of the fact the World Bank's 2016 Ease of Doing Business index for Suriname is 158 in 2016 out of 190 countries. Out of ranking criteria like “dealing with construction permits” and “enforcing contracts,” the best ranked criteria is “trading across borders.”

pportunities Inside and Outside the Borders
This is a clue as to some of the internal and external opportunities international businesses can find in this beautiful country.

According to the State Department, the U.S. is a principal trading country with businesses investing heavily in the mining industry to extract gold and bauxite for export. Also exported are fish, rice and bananas. Suriname imports vehicles, machine parts, wheat, meat and poultry, chemicals, and consumer goods from the U.S.

However, the future is predicted to include an expansion of opportunities for exporters, engineering firms and service companies. The Suriname government is looking for companies interested in assisting with commercial development of natural resources and infrastructure. The government also has an interest in further diversifying its economy and is looking at fresh water, agriculture and tourism. Other important trade partners are the Netherlands, China, Trinidad and Tobago, and Japan.

In 2012, a government entity IDCS (Investment and Development Corporation Suriname) was established as a one-stop liaison for counseling on foreign investments. Suriname maintains an embassy in Washington, D.C., and a consulate general in Miami, Fla. The U.S. maintains an embassy in Paramaribo. These are excellent organizations to begin research on opportunities in Suriname.

However, there is another potential set of opportunities related to Suriname's relations with India should Suriname implement supportive policies, and Suriname and India expand diplomatic relations in the coming months and years. Suriname could serve as a starting point for expansion of investments in India, and the Latin American and Caribbean (LAC) region.

Open for Business
The Suriname government, a member of the World Trade Organization, actively supports Foreign Direct Investment, has an ongoing alliance with the Caribbean Single Market and Economy (CSME), and maintains membership in CARICOM. The CARICOM membership makes Suriname a party to several trade agreements in the region, including the Dominican Republic and Cuba. CARICOM membership also makes Suriname a party to the Economic Partnership Agreement between the European Union and Caribbean states that belong to the CARIFORUM group.

Companies setting up business in Suriname will find a growing expat community, an American school, and a labor force anxious for new employment opportunities. Per the CIA "World Fact Book," the unemployment rate is approximately 15 percent. Most (69.3 percent) of the people are employed in services, followed by industry (19.5 percent) and agriculture (11.2 percent). As is true for most emerging economies, there is a high poverty rate, but there is also a high literacy rate with 95.6 percent of the people over 15 years old able to read and write.

Starting a business in Suriname still involves maneuvering through sometimes difficult bureaucracy and legal requirements, but that is true for many emerging economies still making their way in the global business environment. The Suriname Ministry of Trade and Industry continues to work toward simplifying the process for setting up and conducting business in the country. The most common business structures are the limited liability company and the sole proprietorship. The World Bank "Doing Business" website gives step-by-step instructions on starting a business.

Take Advantage of Resources
The Suriname Chamber of Commerce & Industry is another good source of information, especially concerning trade fairs.

Sometime at the end of November or middle of December, the country's biggest trade fair is held, which typically has over 100,000 visitors and features a variety of business exhibitions. Another large trade event is the AGRO-ICT-Made in Suriname Fair, which includes businesses across industries like agriculture, forestry, ICT, financial services, education, food and beverages, clothing, chemicals, metals, packaging, industrial parts and equipment, tools, vehicles, machinery, and much more. The Chamber of Commerce also offers the “One Stop Window,” which takes business owners through the startup application process.

Suriname is a country to watch closely for opportunities as the government continues to streamline the process for Foreign Direct Investment, and import and export of goods and services. Just about every industry has needs that can be met through economic expansion and innovation.

The people are dynamic, reflecting a multiethnic, multicultural and multilingual population. The country is also interested in protecting its natural environment, and that means there is one more area with enormous opportunities – sustainability.

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