Prime Minister and Minister of Finance of St. Kitts and Nevis, Dr. Terrance Drew, has assured citizens that his administration is leading the country towards sustainable economic development through a series of bold initiatives. Speaking on the local programme “The Edge,” on 22nd October, Dr. Drew outlined his administration’s Sustainable Economic Expansion and Diversification (SEED) Programme, which aims to transform and diversify the economy by 2025.
Acknowledging public concerns about the country’s heavy reliance on a single economic sector, which currently makes up 60-70% of the national economy, Dr. Drew emphasised the need for diversification. He cited lessons learned from the sugar and tourism industries, noting that an overdependence on one sector poses significant risks, particularly when external factors beyond the government’s control influence that industry.
“I ask for their patience, I ask for their support. The plan is clear: these projects that I am talking about are not projects that are coming, these are projects that are already underway. They are already happening, so that we know for sure where we are heading in the future.
“So, I say to all people that 2025 will be a transformative year as we diversify the economy,” Prime Minister Drew stated, while addressing concerns of Kittitians and Nevisians at home and abroad.
Dr. Drew described the SEED initiative as a multi-pronged strategy that will create a more resilient and stable economy by expanding into multiple sectors, thus reducing reliance on any single industry. The programme, which will be a key pivot for the 2025 national budget, has already commenced, with several projects already underway.
The Prime Minister further reassured citizens that the government is making progress on the Citizenship by Investment (CBI) Programme, which he described as having been successfully rejuvenated under new principles of good governance, transparency, and integrity. This, he explained, will preserve the programme’s international prestige and secure the country’s important visa arrangements with global partners.
During his interview, Dr. Drew also compared the economic strategies of the Middle East, where countries like Saudi Arabia and the United Arab Emirates have successfully used proceeds from oil to diversify their economies. He highlighted the importance of creating a similar model for St. Kitts and Nevis, leveraging current economic strengths to build long-term sustainability.
By 2025, the SEED Programme aims to significantly diversify the economy, creating new opportunities for growth and prosperity.
Last week, during a national address, Prime Minister Dr. Drew unveiled several projects, including the Joseph N. France Climate Smart General Hospital, funded by Taiwan, which will be a hurricane-resistant, renewable energy-powered facility. The construction of the new Basseterre High School, funded by CBI, will begin by mid-2025. The Smart Homes Initiative, funded by CIBC Caribbean, will deliver hurricane-resistant homes starting in late 2024, with a local workforce.
Dr. Drew also highlighted the Basseterre Desalination Plant and the Needsmust Power Plant expansion, aimed at improving water security and energy infrastructure. Agriculture will also see a boost through a partnership with Tabasco, enabling local farmers to export high-quality peppers.
Additionally, geothermal energy development is advancing, and major tourism projects like Kittitian Hill and Christophe Harbour are set to reinvigorate the sector. The Prime Minister also announced the Prime Creative Arts Centre, aimed at fostering local artistic expression.
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