PARAMARIBO, Suriname, Jun 20, CMC — The third edition of the Suriname Energy, Oil and Gas Summit (SEOGS) has started here with President Chandrikapersad “Chan” Santokhi pledging to make the Dutch-speaking Caribbean Community (Caricom) country one of the top oil-producing countries.

He told the opening ceremony that in order to achieve that goal foreign investments would be needed as well as good governance.

“There is no room for political short cuts if we want to become what we can be,” said Santokhi, adding that while his Administration is going to do everything it can to accommodate the oil and gas industry, it is also going to go to great lengths to move away from fossil fuels like the rest of the world.

Foreign Affairs, International Business and International Cooperation Minister Albert Ramdin said that the summit is a success, noting that it is being attended by a greater number of people.

“This year, we have 150 exhibitors, participants from 40 countries, more than 200 speakers, and 560 top executives. That’s impressive. More than 6,000 visitors are expected. That is a lot for a country with a population of 600,000. There are participants from 40 countries. In my view, that is a success in itself,” Ramdin said.

Santokhi told the event that in order for Suriname to be among the top oil-producing countries, there is need for investment in energy, artificial intelligence, infrastructure, including roads, airports, and ports.

“If we aspire to be what we can be, there is no room for political short cuts… and this approach is the only sustainable path forward.”

Santokhi said that a Savings and Stabilization Fund is essential and that income from the oil and gas industry would be invested in other sectors, such as tourism, education, and the agro sector.

The head of State said that diversification is necessary to move away from fossil fuels, in keeping with the global trend, adding that there is enough potential to generate energy from water, windmills, and solar energy.

He said there are plenty of opportunities to start money flows with carbon credits and that companies in the oil and gas sector could offset the pollution they cause by purchasing carbon credits.