Latest update November 29th, 2024 1:00 AM
‘Oil resources don’t belong to any Govt. or political party’
…it belongs to the people, they should benefit – Surinamese President says
By Renay Sambach
Kaieteur News – “Our natural ecosystem including oil and gas is God-given so it cannot be claimed or owned by any government or any political party it belongs to the people of the nation and they should benefit from the wealth that is being generated.”
Those were the words of President of Suriname, Chandrikapersad “Chan” Santokhi.
President of Suriname, Chandrikapersad “Chan” Santokhi
The Surinamese President made the remarks during his feature address at the opening ceremony of the Suriname Oil and Gas Energy Conference (SOGEC) which is being held in Paramaribo, Suriname. While President Santokhi invited persons to invest in Suriname’s oil and gas sector, he was keen to note that the new found oil and gas resources must be managed in a way that steer the economy to the next level of development, and also deliver on common goals in a sustainable way to secure the lives of the next generation.
The President then added: “We have created, in my country a wealth and a stabilisation fund that must be the financial basket for the future of our country. We are keenly aware that securing the funds for the purpose for which it was created also requires a government committed to being prudent and efficient in using those funds with cheques and balances built in.”
After highlighting that the oil and gas wealth belongs to the people of the country and that they must benefit, the Surinamese President underscored that the government has the responsibility to protect the good use of the resources. President Santokhi stated that he believes that the income from oil and gas should be utilised by investing in the present generation as well as that of future generations. As such, he noted that the wealth and stabilisation fund is instrumental to save a portion of the income for the future generation.
He added, “Furthermore, the income of oil and gas will be used to develop the transition to renewable and green energy and also that this income should be utilised to diversify our economy and industry to strengthen government institutions and to invest in human capital in order to build a resilient community.”
He explained that oil and gas cannot be an end in themselves, and it should be seen as a means to achieve higher goals for creating stable, prosperous and peaceful societies. “For this, the short term benefit must come from long term strategic boost and to end defining this future path we must be both and ambitious. We must demonstrate trust in our capabilities,” the president added.
Moreover, President Santokhi noted that the oil and gas strategy of Suriname will be a part of its vision 2060 strategy. He then explained that soon he will commission the national commission vision 2060 which will develop a road map outlining where the country wants to be in 40 years and how it can be achieved.
He also noted that part of this vision must be how the country can develop and strengthen its domestic capabilities regarding labour, services and expertise. Notably, this is not the first time the Surinamese President has underscored as important that citizens of the country must benefit from wealth generated from the oil and gas resources.
In fact, in February, while addressing the opening of the four-day International Energy Conference and Expo, which was held at the Guyana Marriott Hotel, President Santokhi urged Guyana’s leaders to ensure that Guyana’s newfound oil wealth benefits all Guyanese and to secure for the future generations.
In fact, he had said, “These fortunate countries [Guyana and Suriname] have saved a major part of the revenues to be able to provide for generations to come. We have the same goal and commitment to our current and certainly, our future generations.” In addition to being able to provide for generations to come, the President urged too that the two countries be responsible in the development of the oil resources in an “environmentally-friendly and sound manner.”
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