‘Invest in infrastructure, train your people’ – Pres. Ali advises, as Suriname prepares for oil boom

With the International Monetary Fund (IMF) projecting that Suriname’s economic growth will soar to 55 percent by 2028 – driven by major offshore oil production, President Dr. Irfaan Ali has outlined key lessons from Guyana’s experience in managing oil wealth and fostering sustainable development.

Highlighting the importance of proactive planning, the Head of State advised Suriname to act swiftly to prepare for the economic boom and cautioned against overreliance on oil revenues, noting that fluctuating global prices could destabilise economies.

He made the remarks virtually during the International Business Conference being held at the Assuria Event Center, Suriname.

“The years before an economic boom are critical. They are not the time for complacency or daydreaming of prosperous days ahead. They are a time for laying the groundwork for sustained development,” President Ali emphasised.

“Suriname is poised for an upward economic growth trajectory. The IMF projects, with the intensified oil production, your growth could soar to 55% in 2028. 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. It requires strong and stable leadership,” he added.

The Guyanese Leader also urged Suriname to strengthen other industries such as agriculture, mining, forestry, tourism, and renewable energy. Using Guyana’s example, he pointed out that despite oil-driven growth, the country’s non-oil sector has expanded by more than 40% in recent years.

“Start planning for these services today, build the partnerships, invest in infrastructure, and train your people so that when the oil flows increase substantially, Suriname is not only ready to receive it, but ready to grow sustainably from it. The third concern and lesson I want to share is the importance of a diversified economy. We have all seen what happens to economies that become overly reliant on oil…Look to your strengths—whether in agriculture, gold mining, or forestry—and invest in them. But also look beyond. Tourism is one sector in which I believe Suriname has tremendous potential…Your rich culture, lush rainforests, and vibrant history can make Suriname a sought-after destination for ecotourism,” President Ali outlined.

Recognising that small states must work together to remain competitive, President Ali further advocated for stronger regional partnerships. He highlighted the potential of a Guyana-Suriname-Brazil energy corridor to enhance regional energy security and urged cooperation in agriculture to position the two nations as the “breadbasket of the Caribbean.”

The Guyanese Leader is one of many key speakers slated for the International Business Conference Suriname 2025.

The event features three days of discussions, strategic collaborations, and investment-driven initiatives, all under the theme “Unlocking the Potential of Suriname.”