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Enhancing Trade Outcomes in Suriname: Leveraging Regional Clusters for Growth

Explore the potential of Suriname's economic rents from extractive industries like gold and oil to drive long-term growth, with a focus on cluster development and strategic initiatives. Recommendations for government, private sector, and institutions to strengthen weak segments and foster collaboration.

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Enhancing Trade Outcomes in Suriname: Leveraging Regional Clusters for Growth

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  1. Some suggestions to help improve trade outcomes in Suriname with reference to 2 regional clusters Roger Hosein Trade and Economic Development Unit 30th August 2017

  2. Abraham Lincoln, “You cannot escape the responsibility of tomorrow by evading it today. • Can Suriname sow its extractive industry rents to trigger long term growth? • Can the economic rents generated from gold and oil be used to motivate change in the structure of production in Suriname?

  3. Albert Einstein, “The world as we have created it is a process of our thinking. It cannot be changed without changing our thinking.” • Is the CARICOM and Suriname in particular capable of having a different production structure?

  4. Table 1: Suriname: Selected Economic Indicators

  5. Improving overall business climate

  6. Summary of Finding • Gold jewellery in Guyana and Pepper sauce in Trinidad and Tobago all exhibit many characteristics of economic clusters. • Understanding of Clusters in the region superficial and in some cases misunderstood • Absence of trust and visionary leadership in all the clusters • Absence of strategic direction and competitiveness strategies for all clusters • Inadequate availability of cluster information, no dedicated data collection agency • Weak private Sector institutions • There are no formal Cluster Initiative in any of the countries. • In general cluster development in the Caribbean is primarily supply rather than demand driven. Absence of market driven analysis decision making . • There are cluster weak segments requiring targeted government support to expand.

  7. Recommendations Government • Support existing clusters except where a national strategic objectives dictate the seeding of new clusters. • Support should move from the general or firm level to the cluster level for greater efficiency. • Provide funding for early stage Cluster Initiative but ensure counterpart funding is provided in a model that over time reverses the funding formula • Support Cluster Initiatives, as a rule of thumb be private sector lead. • target incentives and support to strengthening weak cluster segments. • Fund training of technocrats and cluster stakeholders in clustering as a tool for industry growth Private Sector • Develop leadership competencies to build trust towards collaboration • Initiate cluster Initiatives • Invest collectively in cluster development initiatives • Foster linkages with Institutions to encourage them to respond to the needs of the cluster • Educate government on needs of cluster and lobby for appropriate support Institutions • Applied driven: respond to the needs for the cluster for skills, and productivity and innovation enhancing support

  8. Thank you. Questions and Comments

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