“Uphold democracy, invest in infrastructure, train your people” – Pres Ali to Suriname

…as IMF projects oil production could soar to 55% in 2028

President Dr Irfaan Ali has called on Suriname to uphold democracy, invest in infrastructure, strengthen partnerships, and invest in human capital as the country stands on the brink of an economic transformation fuelled by its burgeoning oil sector.

Delivering a virtual address at the International Business Conference in Suriname, President Ali outlined key lessons from Guyana’s experience in managing oil wealth and fostering sustainable development. His remarks come at a time when the International Monetary Fund (IMF) has projected Suriname’s economic growth to soar to 55 percent by 2028, driven by major offshore oil production.
The Head of State welcomed the positive economic indicators outlined in the IMF’s Article IV consultation report, which noted stabilizing inflation, increasing donor support, and declining public debt. However, he cautioned that natural resource wealth alone does not guarantee prosperity, and emphasized the need for careful planning and leadership.
“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. 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,” the President said.
Highlighting the importance of proactive planning, President Ali advised Suriname to act swiftly to prepare for the economic boom, and cautioned against overreliance on oil revenues, noting that fluctuating global prices could destabilize economies.
He 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,” the Head of State said.
Recognizing that small states must work together to remain competitive, Ali 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 “bread basket of the Caribbean.”
“Suriname has the potential to become a leader in our region and the world, but potential must be matched with the purpose, that purpose that we seek, that purpose that we would want to support, that partnership that we would want to be a part of. Let the vision of a prosperous Suriname guide your action. Let the principles of democracy, inclusivity, and sustainability inform your decisions, and let the lessons of the past remind you that true prosperity is not measured by the wealth of a few, but the well-being of all,” Ali added.
The Guyanese Leader is one of many key speakers slated for the International Business Conference (IBC) in Suriname in 2025, which commenced on February 4th at the Assuria Event Center in Suriname.
IBC marks the beginning of three days of discussions, strategic collaborations, and investment-driven initiatives, all under the theme “Unlocking the Potential of Suriname.”
Over 500 delegates, featuring high-profile business leaders, policymakers, and industry pioneers from Guyana, Trinidad & Tobago, Curacao, and other international markets are in attendance.