By: Spokesman Newsroom
BASSETERRE, St. Kitts (Wednesday 16th October 2024)-“Over the next two to three years, we anticipate an economic boom in construction, tourism, agriculture and sustainability projects.”
So said Prime Minister and Minister of Finance Dr. Terrance Drew during a national address on Thursday 17th October 2024 on topic of the evolution of the Citizenship by Investment (CBI) Programme.
According to the Finance Minister, the programme generated EC $280 million in revenue up to September 2024, a decline from previous years due to “necessary reforms and market adjustments.”
He, however, emphasized that such changes were crucial for ensuring the program’s long-term viability.
“Without these changes, all would have been lost. This now signals that the era of gross mismanagement is over. Instead, CBI will now fuel real, tangible, sustainable projects that will create permanent jobs and opportunities for the people of our beloved St. Kitts and Nevis.”
Among the major job-creating projects outlined are the construction of the new JNF Climate Smart General Hospital and the Basseterre High School, both of which are funded through CBI and international partnerships. The Prime Minister noted that these projects would provide significant employment opportunities for locals, particularly in the construction sector.
“The Smart Homes Initiative, funded by CIBC Caribbean, will bring hundreds of homes to our people, with 90% of the construction workforce being local,” he said, adding that construction on the first 100 homes will begin by the end of 2024.
Dr. Drew also highlighted ongoing efforts in agriculture, aimed at reducing the Federation’s dependency on food imports. As understood, partnership with global hot sauce manufacturer Tabasco will allow local farmers to cultivate high-quality peppers for export, bringing additional jobs and revenue to the agricultural sector.
The Prime Minister further discussed major sustainability initiatives, including a two-million-gallon-per-day desalination plant, which will begin construction by the end of 2024, and the expansion of the Needmust Power Plant, which will create numerous jobs in both construction and permanent plant operations.
“Our agricultural sector is also undergoing a transformation as we seek to reduce our dependency on imports and empower our local farmers,” Dr. Drew said, outlining the importance of agriculture in the country’s broader economic strategy. He continued, “By adopting climate-smart practices, by protecting our marine ecosystems, and by reducing food waste, we are not just feeding ourselves, we are laying the groundwork for generations to come.”
Dr. Drew also stressed that while the government is leading the charge, success will require the participation of all sectors of society.
“Government alone cannot drive this transformation. We need you to commit to diligent work and productivity, to embrace innovation and entrepreneurship. We need our diaspora to be part of this transformation.”
The Prime Minister reiterated the need for collective effort to realize the economic potential of St. Kitts and Nevis, saying: “The future belongs to us. Let us do it together.”
The projects, he explained, are part of the government’s larger National Development Planning Framework, which seeks to shape the nation’s economy for the next 15 years.
Front Page Image: Used for illustration purposes only, this image shows a construction site worker on the job (Credit: Sofi.com)