-President Ali tells Suriname, touts collaboration in energy and agriculture

GUYANA’S neighbour, Suriname does not have to stand alone in its development, as, according to President Dr. Irfaan Ali, partnerships and collaboration between the two countries could result in sustainable progress for the region.

With Suriname also establishing itself as a global leader in environmental services like Guyana, President Ali, during a virtual address to the International Business Conference, shared Guyana’s experience as an oil producing nation, and gave advice on how to achieve a resilient economy.

According to the International Monetary Fund (IMF), Suriname’s prospects are bright. President Ali agreed with the organisation’s conclusion that the Dutch-speaking nation “stands at the threshold of a transformative era”.

With a buoyant future ahead, President Ali stated: “This will set in train a wave of economic activities that will spawn the expansion of businesses and the generation of jobs, improvements in infrastructure and living standards.”

As he touched on the subject matter of Suriname’s vast natural resources, especially its emerging oil sector, the Guyanese Head of State firmly said that converting the wealth from those resources into improving people’s well-being cannot be overlooked.

“If it is one thing we have learnt from history, it is that wealth alone is not enough to secure resilience and or prosperity. It requires sound management and forward planning, qualities which are possessed by a country’s leadership,” Dr. Ali stated.

DEVELOPMENT

Guyana’s oil boom has resulted in a growth surge, and has even positioned the small South American nation as the fastest growing economy in the world.

Guyana’s Gross Domestic Product (GDP) grew by over 60 per cent in 2024, and this was driven by its lucrative oil and gas sector, and investments in infrastructure and social services.
However, Guyana has learnt a few lessons since its first production of oil, President Ali noted.

First, he urged Suriname to uphold democracy.

He emphasised that political instability could deter investors and attract unwanted elements and economic vultures.

In elaborating on this point, he said: “Democracy, my friends, is not just a form of governance. It is a foundation of stability…Never stray from the democratic path.”

He later pointed out that it is important to understand that democracy also ensures inclusive development, and it is a recipe for long-term stability.

Secondly, he urged Guyana’s neighbour to act early. This means that the window before the economic boom will be key, and it is not a time for complacency or day dreaming. For President Ali, this is important, especially with the country’s oil production anticipated to surge its growth to 55 per cent in 2028 as predicted by the IMF.

“Let me be frank with you, this will be a significant economic boom, but let me also share with you, it will not happen on its own,” he said while noting that strong and stable leadership, onshore support and infrastructure are needed to capitalise on the potential opportunities.

Further, investing in people is also crucial, Dr. Ali firmly stated.

“It is not just about infrastructure; it is about the people who will work in the industry,” he said before stressing that education and training must be prioritised now.

Guyana is well experienced when it comes to investing in its people, and there have been a series of initiatives by the government to achieve this, such as the establishment of training institutes.

Additionally, he extended Guyana’s arm and welcomed partnerships between its private sector and Suriname.

He said: “Feel free to work with Guyana’s private sector in coordinating and building partnerships to meet the future requirements of Suriname.”

Third, the President explained the importance of economic diversification, and to solidify his position, he pointed to what occurs in countries that over rely on their oil production.

In Guyana, traditional sectors and industries like bauxite, gold mining, agriculture and forestry have seen impressive growth.
In fact, Guyana’s non-oil sector has seen more than 40 per cent growth in the last four years, the President said as he called on Suriname to look at its strengths and beyond.

Like Guyana, he said, he thinks Suriname should invest in tourism, technology and renewable energy, as these sectors will ensure the economy remains strong.

Fourth, he encouraged Suriname to use its oil wealth for its future generations, and he later explained the importance of investing in human capital and citizens’ health.

Dr. Ali urged the neighbouring nation to not fall prey to what others are doing or spend excessively, but prioritise saving for the children of the future.

POOLING STRENGTHS

Meanwhile, it was pointed out that prosperity will not come in isolation but rather through partnerships.

President Ali used the opportunity to speak about the optimistic outlook if there is further collaboration.

He said: “Small states like ours must come together, whether as a regional family or through bilateral or multilateral initiatives to avoid economic marginalisation.”

With both Guyana and Suriname not only being bound together by geographic proximity but also their respective wealth of natural resources, the President pointed out a few areas of collaboration.

He said that to ensure there is regional energy security and less dependency on external markets, Guyana, along with Brazil and Suriname will explore the development of an energy corridor.

The Guyanese President said, too, that Guyana is also committed to the goal of energy security for Brazil, Suriname and French Guiana.

Further, he said that both Guyana and Suriname could revolutionise the agriculture sector through collaboration.

Dr. Ali noted, “Imagine a Caribbean where every plate of food is sourced from the fertile soil of Suriname and Guyana.”

He later said: “Suriname’s path to prosperity does not lie in isolation, but in partnerships, collaboration and the vision of a united region.”