Suriname 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 The mining industry is the most dominating industry in the economy of Suriname: oil and gold and alumina represent more than 80% of total exports and 30% of the Gross Domestic Product (GDP).
The oil industry is very important for the economy of Suriname leading to Suriname being the fourth largest oil producing country in the Caribbean region. In January 2020 a significant oil field was found off the coast of Suriname by the American oil company Apache together with its French industry colleague Total. In April 2020 a second major oil discovery was made off the coast of Suriname. The oil companies work together with Staatsolie Maatschappij Suriname N.V. (State Oil Company Suriname) and both have a 50% interest in the partnership.
The bauxite-industry, which is very important for the production of alumina, was in hands of: Suriname Aluminum Co. (Suralco), a wholly-owned Alcoa subsidiary. Alcoa has however terminated most of 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.
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 the Employment section).
Judgment Enforcement Treaties
The Republic of Suriname is presumed to be member to the New York Convention by some countries like the United States. However, the Republic of Suriname is not mentioned in the formal list of members.
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.