Table of contents

1. TTrade in Services Pilot project in Suriname October 6-21,2016 Presenter: Marjorie Sandjon November 25,2016

2. Table of contents • Role of General Bureau of Statistics • Data gaps • Improving data gaps • Specific areas • Status of work • List of establishment • Recommendation

3. Role of the General Bureau of Statistics Suriname is one of the pilot countries regarding Trade in Services (TIS) that volunteered in this project. In that context MrsLucilla Lewis (Caricom consultant) visited the General Bureau of Statistics from October 6 to 21,2016. For this project we did not have a project assistant and therefore Mr Ryan Bynoe came to Suriname before the lead consultant. During her mission she was assisted by Joel Joseph and Marissa Ramotar. The GBS will strive to bring the projects activity and objectives at the highest level and allocate the resources towards this end within existing results

4. Data gaps • The GBS signed an MOU with the Central Bank of Suriname, which has worked very well. • Since then, MOUs have been entered into with the following: • -National Planning Office • -Tourism Foundation • -Business Forum • -ICT Association • Recommendations from this meeting is that the Ministry of Trade will conduct consultations with the General Bureau of Statistics and the Central Bank of Suriname. • Issues that are interested and very important in making policy on trade in services is the availability of data on the trade of services. • In this regards it is a necessity to improve and enhance all the institutions and personnel, that are collecting, processing, compiling and producing the services data.

5. Within the ministry of trade there are efforts made in updating the Business Registry, which can contribute the work process at the General Bureau of Statistics in identifying services companies operating in the Surinamese market.

6. Specific areas relative to Extended Balance of Payments (EBOPS) • The Central Bank of Suriname collect statistics from businesses in Suriname to the compilation of the balance of payments (BOP). The BOP is compiled based on BPM5, and though the EBOPS is not compiled, the detailed services account of the BOP on the basis of BPM5 provides several of the EBOPS details,however does not provide the much needed information on trading partners. • Currently, the main source of information for compiling the BOP is the international transactions reporting system (ITRS), which provides detailed records of sales and purchases of foreign exchange by the commercial banks. Other data sources reported by the Central Bank Officials included: • -Survey of Mining Sector; • -Survey of FDIs; • -Survey of shipping and airline and other services companies.

7. Also a quarterly survey of construction activity is undertaken. • Because of the increased level of details now required for insurance services consideration is being given to introduction of a survey form for the insurance sector. • Significantly, to avoid double counting, the survey forms were designed to address the data gaps in the ITRS and not to cover all cross border trade in services • The Bank reports that having invested substantial levels of resources in building relationships with the business community and training data suppliers, it has achieved and sustained a response rate of 100% to its BOP survey in recent years. • The Bank is about to benefit from Technical Assistance from CARTAC to convert BOP compilation from BPM5 to BPM6, which it hopes to complete in 2017. The meeting agreed that every effort should be

8. Foreign Affiliates • All of the statistics on Foreign Affiliates to be compiled are already compiled as part of the National Accounts, BOP and merchandise trade compilation process. • For the national accounts, because of low survey response rates compilation is based primarily on data from administrative sources, and estimation made on a global sector basis. So that, in addition to the inability to generate the register of Foreign Affiliates, it is not now possible to draw out the variables by establishment from the National Accounts database.

9. Status of work Our sample is based on 55 companies which we obtained from the Central Bank list use for their Balance of Payments (list of companies that provided services to non residents). The sample covered companies in the different sectors: • Communication services • Computer and Information services • Construction services • Financial services • Other private services • Transport services • Travel agencies We also get a list from the Central Bank of Suriname (CBvS) for the Foreign Direct Investment.

11. Summary of Activities undertaken in the TIS Programme • Welcome speech by the director of GBS to the lead consultant and introduction of the the TIS team. • Brief meetings with Chief statisticians to discuss the findings of baseline assessment and any outstanding matters relating to the TIS questionnaire. • Visit to the Central Bank of Suriname (CBvS) • Training in compilation of EBOPS . • Sensitization with stakeholders at Krasnapolsy • Visits to associations and companies, before the questionnaire is sent by e-mail to the companies. • Besides the piloting companies also the following association were visited: Ministry of trade Ministry of Culture Tourism foundation Suriname Trade & Industry Association IT Association Construction Association

12. Best Practices Steps undertaken: • Before the sensitization with the stake holders we sent them an invitation. • We have a cross cutting seminar. • We mailed the questionnaire to all targeted companies in the pilot project and the association. • We made appointments by phone , when they can meet with us. • We pay them visit, go through the questionnaire with them and show them which component is applicable for them. • For the 23 companies and 6 associations that we were targeting in the pilot 14 were face to face meeting and 12 were phone calls sensitization and 3 no contacts. • 1 company sent completed questionairre • Besides the targeted companies we also visited associations. • The intension is that the associations can sensity their member and distribute the questionnaire among them.

13. Recommendations For follow up of the project: • The GBS has to build up a special unit that will be in charge with Trade in Services (TIS). The unit must be staffed with 2 or 3 people for collecting , processing the data and compiling the sets for TIS. • The staff must be sufficient trained in TIS. • The Suriname Business Register form must be adjusted to meet the requirements for compiling the FDI flows and stocks and the FATS

14. Thank you