IBC Suriname 2025 - Regional & International Events, Opportunities & News
The SGCC remains committed to fostering business growth and collaboration. In this issue, we highlight key news updates for Suriname & Guyana, as well as events with invaluable opportunities!
Suriname will host the second International Business Conference (IBC) from February 4-6, 2025, followed by the first Diaspora Business Summit from February 6-8, 2025. These events aim to attract international investments and promote economic diversification beyond oil and gas. Minister Albert Ramdin emphasized the importance of developing other sectors:
The SGCC has submitted an advocacy letter to Hon. Zulfikar Mustapha, Guyana's Minister of Agriculture, addressing concerns over cross-border fishing operations between Suriname and Guyana. The letter seeks clarity on the current situation and explores opportunities for collaboration to support a resolution that benefits stakeholders in both countries. We await a response from his esteemed office.
The SGCC aims to submit a comprehensive proposal to the governments of Guyana and Suriname in February 2025 for a Public-Private Partnership in the Management of the Canawaima Ferry Service. This initiative seeks to improve efficiency, boost cross-border trade, and support economic integration pending the anticipated construction of a fixed bridge across the Corentyne River.
Guyana to Chair Global Oil Producers’ Coalition
In recognition of Guyana’s rapid emergence as an oil and gas leader, the country has been invited to chair a coalition of new oil-producing nations, including Ghana and Suriname, starting in February 2024. Guyana's Minister of Natural Resources Vickram Bharrat announced this milestone at the inauguration of the US$300 million Vreed-en-Hoop Shorebase Inc. (VEHSI).
The VEHSI facility, constructed on Guyana’s first artificial island, represents a major step in supporting offshore petroleum operations and strengthening the country’s maritime and logistics industries. President Dr. Mohamed Irfaan Ali described it as a foundation for broader economic transformation, emphasizing Guyana’s role in shaping the regional energy market.
With oil production expected to exceed 900,000 barrels per day this year and projected revenues surpassing US$12 billion from 2025-2028, Guyana is strategically leveraging its resources to enhance energy security, and drive industrialization.
Advancements in public health, food safety, and tourism continue to drive Guyana’s growth
Guyana's Ministry of Health has achieved a major milestone as the National Public Health Reference Laboratory (NPHRL) received accreditation from PAHO/WHO as a National Influenza Centre (NIC) and joined the Global Influenza Surveillance and Response System (GISRS). This accreditation strengthens Guyana’s ability to monitor, detect, and respond to influenza and other viral threats, contributing to global health security and preparedness.
Simultaneously, the Guyana Food Safety Authority (GFSA) opened a state-of-the-art laboratory at La Bonne Intention, East Coast Demerara. With over $520 million in funding from the IDB, this new facility will ensure food safety and enhance Guyana’s competitiveness in global markets. Equipped with advanced technology, it will also facilitate critical traceability studies across the food chain.
Tourism in Guyana continues to flourish, with 2024 sector revenue estimated at $13.6 billion Guyana dollars. Minister Oneidge Walrond highlighted over $50 billion in private investments, expanding Guyana’s hotel and tourism infrastructure. The country has also seen record tourism arrivals, exceeding 370,000 in 2024.
PSC Proposes Key Amendments to Strengthen Local Content Act
The Private Sector Commission (PSC) has finalized a set of proposals to enhance Guyana’s Local Content Act, ensuring the continued participation of local businesses in the oil and gas sector. Following two years of consultations, the recommendations aim to expand opportunities across emerging industries while strengthening procurement access for Guyanese companies. In a recent meeting, PSC Chair Komal Singh and Local Content Committee Chair Shyam Nokta presented the proposal to President Dr. Irfaan Ali. The proposals will now undergo government review, with potential legislative updates to follow.
Image: Newsroom Guyana
Suriname’s Path to Economic Diversification and Energy Transformation
At the Awareness Symposium 2025, President Chandrikapersad Santokhi called for national collaboration to drive economic diversification and ensure transparent management of natural resources. He emphasized reinvesting revenues from oil and gas into education, healthcare, and infrastructure to create long-term prosperity.
Suriname's Minister of Foreign Affairs, Albert Ramdin reinforced the critical role of energy in Suriname’s economic future, advocating for a just transition to renewable energy. Highlighting Suriname’s vast potential in hydropower, solar, and wind energy, he urged investments in education and training to empower the local workforce. NJ Ayuk, Executive Chairman of the African Energy Chamber, praised Suriname’s ambition, stressing that a balance must be struck between sustainability and economic development. He underscored that Suriname’s vast forest cover makes it a carbon sink, reinforcing the need for responsible energy production.
This shift aligns with Suriname’s broader sustainability efforts, including the launch of the Suriname Conservation Caucus in the National Assembly. The caucus, supported by ICCF Group and Conservation International, aims to strengthen legislation on forest management, environmental protection, and wildlife conservation. DNA Chairman Marinus Bee called for sustainable development, prudent policies, and environmental stewardship to ensure Suriname’s natural wealth benefits future generations.
Suriname’s Rice Industry on the rise
Once regarded as the “rice barn of the Caribbean,” Suriname’s rice industry has faced challenges, policy inconsistencies, the need for more advanced technology, and competition from other markets.
A strategic business model aims to reposition Suriname as a leader in large-scale, export-oriented agriculture, with a focus on precision farming, infrastructure development, and sustainable practices.
Key initiatives include:
Expansion of 10 large-scale farms covering 50,000 hectares by 2030
Introduction of climate-resilient crops, including rice, cassava, bananas, and sugarcane
Use of technology such as drones, sensors, and data analytics to optimize water and fertilizer use
Infrastructure investments for modernized irrigation systems and improved financing for farmers
Commitment to maintaining Suriname’s carbon-negative status through eco-friendly agricultural practices
This transformation will create thousands of jobs and boost economic growth.
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