Suriname plans to strengthen cooperation among the government, businesses and educational institutions to spur growth and diversify its economy, Minister of Economic Affairs, Entrepreneurship and Technological Innovation Andrew Baasaron said.
Report informs that Baasaron was speaking at the UN Governance Innovation Summit: Advancing Future-Ready Institutions in Baku.
"Suriname is a small economy, but we expect significant growth as the offshore oil and gas sector develops. That is why we need to invest in our institutions and lay a solid foundation for distributing the revenues effectively," he said.
Baasaron said the government should engage with businesses regularly and involve them in developing policy and legislation.
"The government should go beyond simply listening to private sector representatives after policies and legal frameworks have been drawn up. They need to be involved as partners in the process," he said.
The minister also stressed the importance of digitizing government processes and modernizing infrastructure.
"We need to collect enough reliable data to use artificial intelligence and new technologies to serve the public more effectively," Baasaron said.
He added that small and medium-sized businesses, which account for 50–60% of employment, needed easier access to financing.
"To support emerging sectors, including oil and gas, and diversify the economy, we need to pay particular attention to training and development for startups, young people and women," he said.
Baasaron said cooperation among the government, businesses and educational institutions, as well as cooperation across the region, was essential for sustainable development.