Address by H.E., The President of the Republic of Suriname, Drs. Runaldo Ronald Venetiaan on the occasion of the business session with the Business Community, organized by Federation of Indian Chambers of Commerce and Industry (FICCI) and Confederation of Indian Industry (CII).

New Delhi, March 17, 2003.

Mr.Sunil Kant Munjal, Chairman CII Economic Affair Committee

Mr.Yogendra K. Modi, Senior Vice President FICCI

Mr.R.Ameerali, Chairman of the Chamber of Commerce and Industry of Suriname.

Mr.R.Thapar, Representative of the Indian Government in Suriname

Mr.K.Bajnath, Representative of the Suriname Government in India

Distinguished Guests,

I am really honoured to be here today in response to the kind invitation by the Federation of Indian Chamber of Commerce and Industry (FICCI) and Confederation of Indian Industry (CII) to talk about Suriname and the economic opportunities we have to offer.

My standing here in front of you is a clear proof that Suriname would very much like to strengthen our ties.

In the world today India is the tenth economic power, playing a major role in the industrial, agricultural and the technological developments.

All of us here know that both the Federation of the Indian Chamber of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII) have played a substantial role in achieving these developments.

I am convinced that there are some people among you who do know about Suriname. Others may only have heard about my country. Fact is that Suriname is far from India. This might be the reason why there is little or no trade between Suriname and India. At the same time Suriname is so close to “ Mother India,” the name many in my Country like to refer to, when they refer to the country where their cultural roots lay.

Suriname is situated at the Atlantic Ocean, on the north-coast of South America, bordered by Guyana in the west and French Guyana in the east and has Brazil as a neighbour in the south. The country covers an area of 166.ooo km2. Ninety percent of our country is covered with tropical rainforest and the basement shield of the country has an abundance of natural resources.

· There is bauxite – and alumina industry that has exploited the bauxite reserves for more than 90 years. In this sub-sector there will be an investment expansion valued at 1 to 3 billion US$ dollars in the coming 5 years.

· At this very moment 100 million US dollars are being invested in the gold sub sector.

· Staatsolie, the State oil company, a small company manages an investment of more than 175 million US$ dollars.

· Kaolin and granite, although in abundance, are not yet developed.

· The coastal zone is very fertile and tropical crops thrive well among which rice and a variety of vegetables and fruits; there are vast offshore fishing-grounds where our renowned shrimps are being caught and the on-shore shrimp farming industry is expanding every year. There is sufficient clean potable water available for domestic and commercial use, but also for export.

The exploitation of these natural resources are the basis for the national industrial sector. National and international, but also public and private capital play significant roles in investments and economic developments. Most of our production is export oriented.

Suriname is fortunate not to have ever recurring natural disasters, In addition to this blessing we have a pleasant tropical climate. Suriname’s biggest asset, however, is its people, multicultural, multiethnic, and living in harmony. We have little or almost no illiteracy, a highly skilled labour force, and our hospitality speaks for itself. This is Suriname in a nutshell.

Suriname has just half a million of inhabitants. It seems this number amounts to the total of people being born in a few days in India.

I have come with leaders of the Suriname business and state officials to invite you to come to Suriname and learn about my Country.

Because of the regional and hemispheric integration processes our country’s market potential and market access are exceeding the number of our local population of half a million. Every day this political and economical integration is becoming a more important reality for Suriname. As a member of the Caricom, we are part of a regional market of 13 million people. Moreover, as a participant in the Free Trade Area of the America’s (FTAA), set to be realized by 2005, Suriname will be part of and have access to a market of more than 600 million people. De facto and de jure this means that all manufacturers, in Suriname, including joint-venture partners and investors from India, have all the opportunities to serve these markets. As you can see, Suriname has a lot to offer.

Suriname’s political climate under all circumstances has been consistent in fair play towards foreign investors.

We know that India too has a lot to offer. The market of 1 billion people with a middle class of 300 million, which has a seemingly ever-increasing purchasing power, immediately strikes the eye.

India has caught the world’s attention for its outstanding performance in particularly technological development.

I am not trying to give you an essay on your country but I like to admit that I am very impressed by your economic growth of more than 5% per year. This must be the result of the efforts of the people of India and their leaders over the past 25 years. We also understand that since the beginning of the nineties the private sector has played an important and special role in the economic development of your country.

Suriname’s private sector has to go for its specific role in the economic development of my Country. One way to realize this is through intensive co-operation. This consideration applies to trade and industry, as well as agriculture.

The measures my government is considering or has already implemented and the execution of important programs in the public sector, including simplified procedures to obtain licenses, the introduction of a new investment code, and an institute for investments are all efforts aimed at creating a better entrepreneurial – and investment climate. I believe that these efforts will open the way for the process of cooperation with entrepreneurs from abroad.

I invite the Boards of the Chambers and interested entrepreneurs to meet with representatives of the trade and industry organizations of Suriname and with the entrepreneurs who are in my delegation. I am sure that they can give you more detailed information about the many investment and trade opportunities we have to offer.

Today a Memorandum of Understanding between the Federation of Indian Chambers of Commerce and Industry (FICCI) and our Chambers of Commerce and Industry (KKF) has been signed. I am appealing to institutions from both sides to make use of the possibilities this MoU has to offer, both in terms of trade and industry.

Let us avail ourselves of this opportunity to strengthen our business ties and establish alliances for the best of our two countries, for the best of our peoples.

Thank you very much.