Suriname economy: Need to diversify.

The Suriname economy is sustained by the mining industry, with bauxite leading the way. Other important activities in mining include gold mining, and oil exploration.

The oil sector now looks set to occupy an important place in the economy of the country. Several international companies have been involved in the development of the oil sector, though Government retains control of the industry as a whole.

Among other industries that are being explored to add to the basket of economic activities are development of wood based industries, and also tourism. But mining continues to be the main contributor to the GDP, with services contributing 65% of the inputs, followed by industry at 25%, and agriculture at 10%.

In the same fashion, services industry provides employment to 80% of the workforce, with industry chipping in with 14% jobs, and agriculture 8%. Among the agricultural produce of Suriname are rice, bananas, peanuts, coconuts, etc. Forest produce is also an important addition to the allied agricultural activities.

In the industrial sector, apart from the mining industry, lumbering, fishing, food processing, etc., are important industries. The country exports gold, crude oil, alumina, rice, bananas, etc., and imports capital equipment, machinery, foodstuffs, chemicals, etc. The United States, Netherlands, Cananda, etc are among the major trading partners of Suriname.

The major problem facing the country is unemployment, with over half of the workforce looking for work. Another problem is the non availability of proper infrastructure, especially energy that is acting as a hindrance to rapid economic progress and development. Cheap energy can act as a catalyst for the expansion of the economy and its diversity.

Suriname needs to rejig its priorities, and diversity its economic activities by taking advantage of its location and its strong ties with Europe, especially, the Netherlands in its quest for economic development.