In the ever-evolving landscape of global trade and commerce, strategic partnerships between nations have become integral for fostering economic growth, stability, and mutual benefit. One such partnership that merits attention is the trade relationship between Barbados and Suriname. In this article is derived from the program “The People’s Business” hosted by the Caribbean Broadcasting Corporation. On behalf of the VSB, Chairperson Rekha Bissumbhar, participated as a panelist in the program aired on October the 1st 2023.
The Current State of Trade
Miss Alfia Wiggins, the Prime Minister’s Special Envoy to Suriname and Guyana, commenced our discussion by underlining the significance of the strategic cooperation framework signed between the two nations. This framework encompasses various facets of collaboration, including political consultations, economic cooperation, investment, tourism, transportation, agriculture, education, and more. Nonetheless, Barbados currently grapples with a significant trade deficit vis-à-vis Suriname, primarily attributed to low exports and a high volume of fish imports.
Miss Bissumbhar, elaborated on the trade decline between the two nations, drawing a stark comparison to its zenith in 2013 when trade reached tenfold the current volume. She fervently emphasized the urgency of addressing challenges and capitalizing on opportunities to reinvigorate trade relations.
Mr. Henk John, Director of the Suriname Investment and Trade Agency, underscored the imperative need to diversify the economy beyond oil and gas. He highlighted the pivotal role the private sector plays in boosting exports and emphasized the necessity for improved coordination between the government and the private sector.
Ms. Trisha Tannis, Chairperson of the Barbados Private Sector Association, shed light on the intrinsic complementarity of both economies. While Barbados leans toward services, Suriname boasts an abundance of natural resources. This synergy opens up avenues for collaboration in sectors such as renewable energy, agriculture, and tourism.
Challenges and Opportunities
Several challenges hinder the attainment of equitable trade between Barbados and Suriname, including imbalances in commodity exports and the necessity for efficient transportation links.
Summarizing the key points conveyed by Miss Bissumbhar during her address, the primary focus is on Suriname’s rich natural resources. Miss Bissumbhar emphasized the significance of these resources, which encompass forestry products such as wood, oil, and an abundance of fresh water. This sector holds great importance for our future endeavors.
Furthermore, Miss Bissumbhar highlighted another area of interest: agriculture. Specifically, she discussed the potential for Suriname to supply fruits and vegetables to Barbados. However, to fully realize this opportunity, it may be necessary to explore more effective partnerships, possibly with wholesale suppliers and producers within Suriname. Additionally, input from Barbados would be invaluable in strengthening our mutual agricultural initiatives.
Another area of discussion pertained to Suriname’s thriving IT sector, which offers services like software development and the potential for call centers to support Barbados as needed. Nevertheless, our primary focus, as underscored by Miss Bissumbhar, is tourism. Suriname, often described as a hidden gem in South America, boasts remarkable diversity in terms of biodiversity, population, and wildlife.
Moreover, Miss Bissumbhar proudly highlighted Suriname’s excellence in ecotourism and its role as a carbon sink, achieving a net-zero carbon footprint. This remarkable achievement presents an exciting opportunity for carbon credit potential and further investments in Suriname. Given our capacity to handle slightly more emissions while actively reducing them, there are numerous avenues to explore and build upon in this area.
The other panelists identified key areas where concerted action is requisite to surmount these challenges and foster mutually advantageous trade relations:
- Transportation Links: Miss Wiggins stressed the vital necessity for the establishment of air and sea bridges connecting Barbados and Suriname. Enhanced connectivity forms the bedrock for facilitating seamless trade and robust economic cooperation.
- Advocacy and Investment: Mr. John emphasized the pivotal role of advocacy and research in bolstering trade links. He called for the optimization of shipping routes and improved overseas connectivity.
- Innovation and Diversification: Ms. Tannis passionately advocated for innovative solutions and diversification in trade. She underscored the importance of developing service-oriented trade, such as renewable energy and tourism, to complement the prevalent commodity-based trade.
Renewable Energy
Suriname’s keen interest in renewable energy, particularly solar technology, presents an auspicious opportunity for collaboration with Barbados, a recognized leader in the solar sector. This collaboration holds the potential to facilitate the transition to cleaner and more sustainable energy sources for both nations.
Conclusion
The trade relationship between Barbados and Surinam holds immense potential for mutual growth and prosperity. While challenges loom, the unwavering commitment of key stakeholders from both countries to collaborate and address these challenges signifies a promising trajectory. By harnessing innovative solutions, diversifying their trade portfolio, and improving transportation links, these nations can fortify their trade relationship and make substantial contributions to regional economic development. As they work collectively to surmount obstacles, Barbados and Suriname stand on the precipice of realizing the benefits of a more robust, equitable, and enduring trade partnership.