As Suriname prepares to receive more than one billion dollars annually in oil revenues beginning in 2029, there is a growing realization that these monies are ideally suited to make targeted investments in our human capital. Schooling programs that develop the right skills can not only enhance the opportunities of individual Surinamese, but more importantly sustainably strengthen our economy and make it more resilient to external shocks.
Internationally, there are numerous examples of countries that reward such investments with high returns. In Singapore, adult residents can claim up to SG$ 500 back each year for approved continuing and retraining programs, and as of 2016, more than 285,000 participants have taken advantage of this. Within the OECD, Austria, Estonia and the Netherlands managed to grow their adult education by 20 to 30 percent thanks to consistent policies and public-private partnerships, both lowering the share of workers with skills shortages and significantly reducing overqualification.
In Suriname itself, the starting position is fragile. By the end of 2024, only 8.5 percent of the population was enrolled in tertiary education, while employers are increasingly identifying a shortage of technological and digital skills. The ICT and communications sector in particular lacks sufficient programs to teach young people the necessary competencies, leaving them unable to meet the high demands of new technologies and international competition. What is also observed is that many young people and, unfortunately, adults would rather watch series on Netflix than actively work on their own skillset. On top of that, artificial intelligence, if not deployed effectively can replace traditional jobs, and subsequently create a new larger gap between the highly skilled and the under-skilled. It is therefore crucial that we focus our investments on training in AI, big data and cybersecurity so that we do not fall behind in this technological revolution.
The Oil Revenue Stabilization Fund, which will house oil profits and could generate some $10 billion between 2028 and 2048, provides the perfect opportunity for this. By setting aside a portion of the fund interest each year for strategic training in digital technology, communication sciences and related fields, we can establish large-scale learning programs. In addition, up-skilling civil servants in project and financial management is indispensable so that the government itself has the capacity to effectively manage complex ICT infrastructures and communication campaigns.
The lesson from history is clear, oil-rich countries that do not translate their wealth into human capital are falling behind . By investing in skill upgrades, we can reduce our oil dependence, double national productivity and reduce unemployment by at least 50 percent within a decade. This is how we create an innovative society and guarantee that Suriname armed with modern ICT knowledge and effective communication strategies will remain a full player in a rapidly digitizing world.
