Suriname Investment and Trade Agency

Last updated
Suriname Investment and Trade Agency
AbbreviationSITA
FounderMinistry of Foreign Affairs, International Business, and International Cooperation (BIBIS)
TypeGovernmental organization
HeadquartersBrokopondolaan #97
Location
Coordinates 5°48′57″N55°11′38″W / 5.81575°N 55.193972°W / 5.81575; -55.193972
Servicescooperation in investment and export
Fieldsinvestment and trade
Official languages
English and Dutch
OwnerMinistry of Foreign Affairs, International Business, and International Cooperation (BIBIS)
Website sita.sr OOjs UI icon edit-ltr-progressive.svg

Suriname Investment and Trade Agency (SITA) is a Surinamese government institution that was founded in 2021. [1]

Contents

Functions

The objective of SITA is to support international investments and to stimulate Surinamese exports. For this means it organizes meetings between companies, like on 24 July 2023 with ConnectAmericas, [2] the biggest trade community of the Americas that was founded by the Inter-American Development Bank (IDB). [3] In June 2024 SITA signed a memorandum of understanding with the Guyana Office for Investment (GO-Invest) to promote investments and trade between the two countries. [4]

In addition, investments in Suriname are being encouraged. Through President Santokhi and Minister Ramdin of Foreign Affairs, International Business, and International Cooperation, SITA is involved in supporting foreign investors, such as in August 2023 with the investment plans of a Brazilian cattle company in Suriname. [5] The president also brings SITA to the attention of investors abroad, such as during bilateral talks with Prime Minister Jan Jambon of Flanders (Belgium) in July 2023 [6] and during the Suriname Business Forum in New York in September 2023. [7] In July 2024, SITA signed a memorandum of understanding for cooperation with the Suriname-Guyana Chamber of Commerce. [8]

Establishment

SITA functions as the investment arm of the Surinamese government. It was established at the end of 2021 as the successor to Investsur and IDCS, which had not successfully taken off under previous governments. For the establishment of SITA, work was done on a new and expectedly more efficient framework. [1] In March 2022, a delegation from the Agência Brasileira de Promoção de Exportações e Investimentos (ApexBrasil) was present to assist in the establishment of SITA. This cooperation came about following President Jair Bolsonaro's state visit to Suriname in January 2022. [9] In April 2022, the Caribbean Export Development Agency (CEDA) also visited Suriname to provide technical assistance to SITA. [10]

See also

Related Research Articles

<span class="mw-page-title-main">Foreign relations of Guyana</span>

After independence in 1966, Guyana sought an influential role in international affairs, particularly among Third World and non-aligned nations. It served twice on the UN Security Council. Former Vice President, Deputy Prime Minister, and Attorney General Mohamed Shahabuddeen served a 9-year term on the International Court of Justice (1987–96). In June 2023, Guyana was elected as a non-permanent member to the UN Security Council. The country will serve on the Council for a period of two years, beginning in January 2024.

<span class="mw-page-title-main">Suriname</span> Country in South America

Suriname, officially the Republic of Suriname, is a country in northern South America, sometimes considered part of the Caribbean and the West Indies. Situated slightly north of the equator, over 90% of its territory is covered by rainforests, the highest proportion of forest cover in the world. Suriname is bordered by the Atlantic Ocean to the north, French Guiana to the east, Guyana to the west, and Brazil to the south. It is the smallest country in South America by both population and territory, with around 612,985 inhabitants in an area of approximately 163,820 square kilometers. The capital and largest city is Paramaribo, which is home to roughly half the population.

The economy of Suriname was largely dependent upon the exports of aluminium oxide and small amounts of aluminium produced from bauxite mined in the country. However, after the departure of Alcoa, the economy depended on the exports of crude oil and gold. Suriname was ranked the 124th safest investment destination in the world in the March 2011 Euromoney Country Risk rankings.

The early history of Suriname dates from 3000 BCE when Native Americans first inhabited the area. The Dutch acquired Suriname from the English, and European settlement in any numbers dates from the 17th century, when it was a plantation colony utilizing slavery for sugar cultivation. With abolition in the late 19th century, planters sought labor from China, Madeira, India, and Indonesia, which was also colonized by the Dutch. Dutch is Suriname's official language. Owing to its diverse population, it has also developed a creole language, Sranan Tongo.

<span class="mw-page-title-main">Dési Bouterse</span> 8th President of Suriname

Desiré Delano Bouterse is a Surinamese military officer, politician, convicted murderer and drug trafficker who served as President of Suriname from 2010 to 2020. From 1980 to 1987, he was Suriname's de facto leader after conducting a military coup and establishing a period of military rule. In 1987, Bouterse founded the National Democratic Party (NDP). On 25 May 2010, Bouterse's political alliance, the Megacombinatie, which included the NDP, won the parliamentary elections, and on 19 July 2010, Bouterse was elected as President of Suriname with 36 of 50 parliament votes. He was inaugurated on 12 August 2010.

<span class="mw-page-title-main">Outline of Suriname</span> Overview of and topical guide to Suriname

The following outline is provided as an overview of and topical guide to Suriname:

<span class="mw-page-title-main">Ronnie Brunswijk</span> Surinamese politician and former rebel (born 1961)

Ronnie Brunswijk is a Surinamese politician, businessman, former rebel leader, footballer and convicted drug trafficker, who is serving as the current Vice President of Suriname.

<span class="mw-page-title-main">Chan Santokhi</span> 9th President of Suriname

Chandrikapersad "Chan" Santokhi is a Surinamese politician and former police officer who is the 9th president of Suriname, since 2020. After winning the 2020 elections, Santokhi was the sole nominee for president of Suriname. On 13 July, Santokhi was elected president by acclamation in an uncontested election. He was inaugurated on 16 July.

<span class="mw-page-title-main">Netherlands–Suriname relations</span> Bilateral relations

Netherlands–Suriname relations refers to the current and historical relations between the Netherlands and Suriname. Both nations share historic ties and a common language (Dutch) and are members of the Dutch Language Union.

<span class="mw-page-title-main">Guyana–Suriname relations</span> Bilateral relations

Guyana – Suriname relations are the bilateral relations between Guyana and Suriname. Suriname has an embassy in Georgetown. Guyana has an embassy in Paramaribo. The Courentyne River makes up most of the border between the two countries.

<span class="mw-page-title-main">Mexico–Suriname relations</span> Bilateral relations

The nations of Mexico and Suriname established diplomatic relations in 1975. Both nations are members of the Association of Caribbean States, Community of Latin American and Caribbean States, Organization of American States and the United Nations.

<span class="mw-page-title-main">2020 Surinamese general election</span>

General elections were held in Suriname on 25 May 2020. The elections occurred concurrently with an economic crisis in Suriname, as well as the COVID-19 crisis.

The COVID-19 pandemic in Suriname was caused by Severe acute respiratory syndrome coronavirus 2. The virus was confirmed to have reached Suriname on 13 March 2020. The case was a person who travelled from the Netherlands the previous week. On 3 April 2020, one person died. On 3 May 2020, all nine cases had recovered. On 18 May, an eleventh case was identified.

<span class="mw-page-title-main">Staatsolie Maatschappij Suriname</span> Suriname oil and Gold company

Staatsolie, officially Staatsolie Maatschappij Suriname, is a Surinamese oil and gold company which was established to execute the oil policy which includes exploration, drilling and processing oil. In 2014 Staatsolie expanded its business to gold. Staatsolie is wholly state-owned.

<span class="mw-page-title-main">Albert Ramdin</span> Surinamese diplomat

Albert Ramchand Ramdin is a Surinamese diplomat serving as Minister of Foreign Affairs in the Santokhi cabinet since 16 July 2020. He is a member of the Progressive Reform Party (VHP). He was a diplomat until 2015 and was, among other roles, Assistant Secretary-General of the Organization of American States (OAS).

<span class="mw-page-title-main">Suriname–Venezuela relations</span> Bilateral relations

Diplomatic relations between Suriname and Venezuela were established in November 1975, shortly after the independence of Suriname. Suriname has an embassy in Caracas since 1976. Venezuela has an embassy in Paramaribo. As of 30 June 1978, there is no travel visa requirement between the two countries.

<span class="mw-page-title-main">Cuba–Suriname relations</span> Bilateral relations

Diplomatic relations between Cuba and Suriname were established on 23 March 1979. Suriname has had an embassy in Havana since 2003. Cuba has had an embassy in Paramaribo since 1981.

<span class="mw-page-title-main">ApexBrasil</span>

The Brazilian Trade and Investment Promotion Agency, or ApexBrasil is both the trade promotion organisation (TPO) and the investment promotion agency (IPA) of Brazil. Founded in 1997 as a subsidiary of the micro and small business support organisation SEBRAE, ApexBrasil became in 2003 an autonomous non-profit entity funded by the private sector and supervised by the Federal Government of Brazil. Formally linked to the Foreign Ministry since 2016, it promotes Brazilian products and services abroad, attracts foreign direct investment and supports national companies, especially small and medium-sized, on their international journey.   Through its programmes and services, ApexBrasil supports approximately one third of Brazil's annual exports and contributes to facilitate at least one fourth of its foreign direct investment (FDI) inward flows each year. More than 15 thousand Brazilian companies are directly supported by the agency, virtually all of them micro, small or medium-sized.    

<span class="mw-page-title-main">Santokhi cabinet</span>

The Santokhi cabinet has governed Suriname since 16 July 2020. It was formed by President Chan Santokhi after the 2020 Surinamese general election.

The Suriname-Guyana Chamber of Commerce (SGCC) is an international chamber of commerce that is aiming at strengthening the economic ties between Suriname and Guyana. The SGCC was lanced on 24 February 2024.

References

  1. 1 2 United News, Investsur eruit SITA erin, 14 November 2021 (in Dutch)
  2. United News, Via ConnectAmericas kunnen lokale ondernemers nu in contact komen met 800.000 zakenmensen, 25 July 2023 (in Dutch)
  3. Ministry of Foreign Affairs, International Business an International Cooperation (BIBIS), ConnectAmericas biedt kansen voor Surinaamse bedrijven, 24 July 2024 (in Dutch)
  4. United News, Investeringsinstituten Suriname en Guyana gaan samen optrekken, 7 June 2024 (in Dutch)
  5. Suriname Herald, Braziliaans veebedrijf wil investeren in Suriname, 13 August 2023 (in Dutch)
  6. Dagblad Suriname, President Santokhi spreekt Vlaamse premier Jambon over verdere samenwerking, 17 July 2023 (in Dutch)
  7. Suriname Herald, President Santokhi moedigt Amerikaanse investeringen in Suriname aan, 19 September 2023 (in Dutch)
  8. De Ware Tijd, Suriname-Guyana Kamer van Koophandel tekent MOU’s met partners, 19 July 2024 (in Dutch)
  9. United News, Suriname Investment And Trade Agency (SITA) krijgt ondersteuning van APEX-Brasil, 15 March 2022 (in Dutch)
  10. Suriname Herald, Suriname krijgt ondersteuning van CEDA, 10 April 2022 (in Dutch)