In a recent media address, Prime Minister Dr. Terrance Drew underscored the importance of economic diversification for the resilience and stability of St. Kitts and Nevis. Central to his message was the government’s Sustainable Economic Expansion and Diversification (SEED) initiative, which seeks to secure the Federation’s future through a diversified economic base. Prime Minister Drew pointed out the risks of dependency on a single sector, specifically the Citizenship by Investment (CBI) programme, which currently constitutes an estimated 60-70% of the economy.
“Our economy was 60-70% dependent on one sector. That is unsustainable,” said Dr. Drew. “Diversification is critical for any country that wants to remain stable. We’ve learned from our past experiences with sugar and tourism, and now with CBI, that no economy should rely on just one pillar.”
Through SEED, Dr. Drew’s administration aims to take St. Kitts and Nevis in a new direction, drawing lessons from nations like those in the Middle East that have effectively used natural resources to spur growth in a variety of sectors. In St. Kitts and Nevis, the SEED programme seeks to channel proceeds from the CBI programme into emerging sectors such as renewable energy, sustainable agriculture, and tourism.
“We must not make the same mistake again,” Dr. Drew stressed. “We are taking bold steps to diversify our economy so that external shocks and uncertainties in one sector do not jeopardise the economic stability of our nation.”
In his upcoming budget presentation for 2025, Dr. Drew plans to outline SEED’s strategy to establish a robust foundation for future generations, ensuring that the economy of St. Kitts and Nevis is more resilient, diverse, and sustainable.
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