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PRESENTATION

PRESENTATION. Paramaribo, November 2011. Doing Business in Suriname. Suriname Trade & Industry Association Address: Prins Hendrikstraat #18 Paramaribo- Suriname Tel: 597-475286/ 597475287 Fax: 597-472287 Email: vsbstia@sr.net Website: www.vsbstia.org.

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PRESENTATION

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  1. PRESENTATION Paramaribo, November 2011

  2. Doing Business in Suriname Suriname Trade & Industry Association Address: Prins Hendrikstraat #18 Paramaribo- Suriname Tel: 597-475286/ 597475287 Fax: 597-472287 Email: vsbstia@sr.net Website: www.vsbstia.org

  3. CABINET OF THE REPUBLIC OF SURINAME 2010-2015 THE EXECUTIVE PRESIDENT: Mr. D.D. Bouterse ALSO CHAIRMAN COUNCIL OF STATE; 15 members VICE-PRESIDENT: Mr. R. Ameerali, Chairman of the Council of Ministers SOCIAL ECONOMIC COUNCIL: 14 members (4 private sector, 4 union, 5 government) (in active at the moment)

  4. COUNCIL OF MINISTERS: 17 • Agriculture, Animal Husbandry and Fisheries, Mr. H. Setrowidjojo (previous Government • Defense, Mr. L. Latour • Education and Community Development, Mr. R. Sapoen • Finances and Planning, Mrs. A. Wijnerman • Foreign Affairs, Mr. W. Lackin • Health, Mr. C. Waterberg (previous Government) • Home Affairs, Mr. S. Moestadja • Justice and Police, Mr. M. Misiedjan • Labor, Technological Development and Environment, Mr. G. Kromosoeto • Natural Resources, Mr. J. Hok • Physical Planning, Land- and Forestry Management, Mr. S. Martosatiman • Public Works, Mr. R. Abrahams • Regional Development, Mr. L. Diko • Social Affairs and Housing, Mrs. A. Amafo • Sport and Youth Affairs, Mr. P. Abena • Trade & Industries, Mr. M. Miskin • Transport, Communication and Tourism, Mr. F. Pinas

  5. The Legislative The National Assembly: 51 members Coalition: 36 seats (MEGA Combination (23), A- Combinatie (7), Volksalliantie (6) Oppostion: 15 seats {New Front: NPS (4), VHP (8), DA ‘91 (1), SPA (1)}, DOE, 1. The Judiciary Court of Justice Record Office of District-Court Public Prosecutor’s Department of Procurer-General

  6. Republic Suriname • Capital: Paramaribo • Area: 163,820 km2 • Suriname is part of the Wild Coast, the Guyana’s • Situated on the north coast of the South American continent, bordering • The Atlantic Ocean on the north, • Guyana on the west, • French-Guiana (EU) on the east, • Brazil on the south. • The climate is tropical, warm and humid, moderated by trade winds

  7. Basic Facts • Languages • Dutch (official), English, Sranang Tongo (native language), Chinese (various dialects), Hindustani, Javanese. • Population of 500,000 • Literacy • Male: 95% • Female: 91% • Export partners • Canada, US, Norway, Netherlands, France, Japan, UK • Import partners • US, Netherlands, Trinidad & Tobago, Japan, China, UK, Brazil • Currency: Surinamese Dollar (SRD)

  8. Macro economy (Source: Ministry of Finance; General Bureau of Statistics; Central Bank of Suriname)

  9. Conducive Investment Climate The investment climate for investors is favorable • Environment • Large areas for industries • Clean air & healthy environment • Independent judiciary system • Infrastructure • Adequate network of roads • Reasonable shipping & airline connections • Telecom services • Utilities (Water, Electricity and Telecom) • Modernization Seaport & international airport

  10. Investment Climate (continued) • Human Resources • Highly educated workforce • Disciplined workforce • Multi lingual and cultural society • Education & training • Other Assets • Abundance of fresh water and fertile land • Fast developing private sector • Untapped hydro electric power

  11. Companies en Tax Rates • Corporate income tax: 36% (effective rate: 20%) • Personal income tax : 8-35% • Value added tax: 8 -10%

  12. International Relations • Member of CARICOM • Member of OAS (Organization of American States) • Member of IDB (Inter American Development Bank) & ISDB (Islamic Development Bank) • Member of ACP (African, Caribbean & Pacific) countries and partners of the European Union in the EPA agreement • Various Bilateral agreements (China; India; Brazil, Indonesia)

  13. Structure Private Sector of Suriname The social & economic partners • Employers (Suriname Trade & Industry Association) • Unions (Ravaksur) • The Government • Suriname Trade & Industry Association represents: • A. Multinationals • B. Large unionized companies • C. Parastate companies • D. The Domestic Private Sector • Small & medium sized enterprises • E. The Civil Society • Micro enterprises

  14. Business Forum/ Suriname Business Centre • Public Private Partnership • National strategy for development of the domestic private sector • Priority actions developed at macro / meso / micro level • Suriname Business Centre :One- stop – window • Training, seminar, courses • EU /IDB/ IsDB/OAS/financial instruments for private sector development • Organizing sector trade fairs and matchmaking activities • Advising the government on issues regarding the Business climate for the domestic private sector

  15. Suriname Trade & Industry Association • Established in March 1950 • 235 members (Banking;Industry;Timber;Agriculture; Mining;Tourism;Transport;Insurance;Commercial services; Trade) • Member of the International Organization Employers (IOE), International Labor Organization (ILO), Caribbean Employers Confederation (CEC) • Five(5) policy clusters: • Government; • Industrial Relations; • Services to the member companies; • Regional & International Economic Integration; • Internal policy of the Organization.

  16. SERVICES TO MEMBERS • To promote members’ interests in national bodies as State & Economic Council, IFONS, Labor Advisory Council and Suriname Business Forum • To issue newsletters and ”De Werkgever” • To issue certificates of merit • To issue medals of long employment • To make use of the PR-office of the STIA-secretariat • To receive information and advice on request • Advise on industrial relations matters

  17. Important Sectors

  18. Mining: Alumina • The mining sector remains our country’s principal currency earner • One large multinational company is dominating the market: Suriname Aluminum Company (Suralco), a subsidiary of Alcoa-USA • Last ten 10 years: average export of 1,5 million ton Alumina to USA(20%), Norway(60%), France & The Netherlands (15%) • 1.5 million metric tons of alumina produced in 2010 • Bauxite reserve, Nassau & Bakhuys presently untapped.(500 mln. tons)

  19. Gold Sector • Iamgold is one of the major players in the gold mining industry in Suriname • Production 2010: approx 12.000 kgs of gold • Large-scale gold mining operations in the Rosebel mine • Gold is the first largest export product of Suriname • Joint venture Suriname Aluminum Company with the U.S. owned Newmont Mining Corporation (Surgold) start-up 2014. • Small gold mining by local/garimpeiros, estimated production 15.000 kgs (2010)

  20. Oil Industry • State Oil Company started its activities in 1980 • The oil industry is the third largest mining industry in our economy • A production of 16,000 barrels a day, 2010 • Onshore drilling will continue 2010-2012 • State Oil company has agreements with Repsol YPF; Occidental Oil; Maersk Oil • Products: crude oil; diesel; asphalt bitumen • Electricity is a new product of State Oil Company (28 MW) • Offshore drilling by January 2010 and up • Extension of refinery as of 2011 (USD 1 B.)

  21. Agriculture Sector • Banana (export value USD 50 m, 2010) • Rice (export value USD 37 m, 2010) • Fisheries (estimated export value USD 50 m, 2010) • Shrimp catch from Coastal area • Shrimp from Aqua culture • Sea fisheries & river fisheries • Forestry (94 % tropical jungle) • Timber production (250.000 m3, 2010) • Tourism activities (estimated 210.000 p., 2010) • Horticulture, Vegetables and Fruit (estimated export 2010, USD 20 m)

  22. Tourism Industry • Eco tourism • Central Suriname Nature Reserve & Coastal area • Paramaribo on the world heritage list • Cuisine / various dishes • Different Cultures • Various tourist products: • Nature tours • Business tours • Historical tours • Culture tours • Adventure tours

  23. Key growth sectors • Mining • Kaolin; Granite; • Water • Manufacturing • Food processing • Pharmacy; aromatic products • Bio- energy • Agriculture & Agro industry • Fruits ; horticulture; flowers; herbal industry • Aqua –culture ; fish processing • Lumber & Furniture Industry • Furniture; building materials • Tourism • Eco tours; culture tours; business tours; entertainment parks • Services Sector • Financial services; construction services; engineering consultancy; management consultancy; transport • ICT out sourcing; call centers • Health sector; medical facilities & health care

  24. THANK YOU

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