Surinam officially known as the Republic of Suriname is a country on the northeastern Atlantic coast of South America. It is bordered by French Guiana to the east, Guyana to the west and Brazil to the south.
Surinam was colonized by the English and the Dutch in the 17th century. In 1667 it was captured by the Dutch, who governed Suriname as Dutch Guiana until 1954. At that time it was designated as one of the constituent countries of the Kingdom of the Netherlands, next to the Netherlands and the Netherlands Antilles (dissolved in 2010). On 25 November 1975, the country of Suriname left the Kingdom of the Netherlands to become independent. A member of CARICOM, it is considered to be a culturally Caribbean country and has extensive trade and cultural exchange with the Caribbean nations.
At just under 165,000 km2 (64,000 sq mi), Suriname is the smallest sovereign state in South America. (French Guiana, while less extensive and populous, is an overseas department of France.) Suriname has a population of approximately 566,000, most of whom live on the country’s north coast, where the capital Paramaribo is located. Suriname is a mostly Dutch-speaking country; Sranang, an English-based creole language, is a widely used lingua franca. It is the only independent entity in the Americas where Dutch is spoken by a majority of the population.
You should consider investing in the Republic of Suriname. You cannot go wrong here as Suriname contains extraordinary natural maritime life and air transportation facilities. Suriname owes its multi-ethnic, diverse and colorful heritage to the past acquaintances (and colonization, namely the Dutch). Part of the Amazon, this tropical gem in South America. It’s multi-ethnic, embracing different cultures for example the many different churches, temples, mosques and synagogues in the city.
Economy: the economy grew by 4.1 percent in 2010, pushed up by a strong growth in commodity exports and local construction activity. The IMF assessed the economic outlook of Suriname as favorable. Growth is expected to accelerate due to continued high commodity prices and activity in the mining and energy sectors. In the years ahead, the economy will also benefit from large investments in mining that are underway or expected to begin soon in the mining (gold, petroleum, bauxite) and (renewable) energy sectors.
Culture: Suriname is a multi ethnic plural society with a very rich diverse culture and a largely Asian and African influence.
Education: Education in Suriname is compulsory (until age 14, literacy rate is 95%). The relatively well educated labor force presents a significant opportunity for the country’s development.
Labor Standards: Suriname’s labor laws adhere to the ILO conventions protecting workers’ rights. The law on work permits states that foreign companies should give priority to local nationals, but in some cases, the government and the companies agree on certain ratios of local/foreign staff. Labor unions in Suriname are independent of the government, but play an active role in politics. Suriname has ratified the ILO core Convention on the Right to Organize and Collective Bargaining as well as the Convention on Freedom of Association and Protection of the Right to Organize.
The advantages for oil palm production in Suriname include:
- Low costs and easy acquisition of land.
- Relatively low cost of electricity;
- Substantial revenues from (commercial) timber from land clearing), which help to cover initial investment costs;
- Relative low level of investments: US$6.000 per hectare including establishments of plantations and factory for processing into crude palm oil and kernels;
- Availability of renewable energy from using palm oil waste (biofuel)
- Suriname has access to preferential market treatment in the European Union and CARICOM market (reduced or omission of import duties);
- Recent rehabilitation of the port capacity in Paramaribo (with support from the EU), providing excellent facilities;
- Favorable climate conditions (rainfall & sunshine). Sufficient climatologically circumstances and absence of natural disasters;
- Carbon fixation remains in place due to replacement of natural forest by palm oil plantation, with a good forest cover (canopy) ;
- The Suriname labor policy is abiding to the rules of the ILO (International Labor Organization) convention.
Incentives for investing in Suriname
- Acquisition of land through joint-ventures with the government of Suriname through the Investment and Development Corporation Suriname (IDCS NV)
- 90% of reduction of import duties on capital goods and inputs
- Exemption on import duties is allowed for all investment equipment and for operational cost for inputs such as fertilizer and pesticides.
- No taxes on exports, only a 3% charge for statistical duties and concise duties per ha.
- Schedules for depreciation cost can be agreed upon for taxation purposes (free depreciation of according Investment Law 2001).
- Land taxes are very low, while the government provides land and external infrastructure.
- Palm oil producers are allowed to generate their own electricity, also using waste from oil palm as fuel.
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