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SURINAME | Economy

Suriname is an upper middle income country with a relatively strong performing economy. It is the smallest country in South America but rich in natural resources and biodiversity. The economy is reliant on a few sectors for growth and development, extractive industries being the largest: alumina, gold and oil represent more than 80% of total exports and 30% of the Gross Domestic Product (GDP). 
 
The bauxite-industry, which is very important for the production of alumina, is in hands of: Suriname Aluminum Co. (Suralco), a wholly-owned Alcoa subsidiary (Alcoa is however considering terminating its activities in Suriname and is in discussion with the Government in connection with such termination). The government is looking into cost-effective ways to develop new mines, as the major mining sites at Moengo and Lelydorp are maturing. Other proven reserves exist in the country and are projected to last until 2045. 
 
Although agriculture and manufacturing are relatively small, they also remain important producing sectors. Suriname is self-sufficient in rice, and exports large amounts thereof; however, Suriname is a net food importer. Imports account for more than 80% of consumption. Agricultural and fishery products account for almost 10% of the GDP, with hardwood, rice, bananas, vegetables, shrimp, red snapper, as the principal products.

Caricom
On 4 July 1995 Suriname acceded to  the Caribbean Community Secretariat (CARICOM) ruled by The Revised Treaty of Chaguaramas Establishing the Caribbean Community, including the CARICOM Single Market and Economy. The main purpose of the CARICOM is to provide a Single Market between its members. In disputes on Caricom matters, Suriname is subject to the Caribbean Court of Justice of the CARICOM (see for further info and identity of member states Employment).

Enforcement Treaties
Suriname is not a member of the well-known New York Arbitration Convention, providing for the recognition and enforcement of arbitral awards. With respect to (reciprocal) recognition and enforcement of civil judgments and notarial deeds, Surinam only acceded to one treaty, being the agreement with The Netherlands on this subject of 1975. This treaty has very recently been extended to Aruba, Curacao and Sint Maarten. Such extension is however not yet in force.