PRIME MINISTER DR. DREW STRESSES THE NEED FOR ECONOMIC RESILIENCY AND DIVERSIFICATION AS THE WAY FORWARD FOR ST. KITTS AND NEVIS

BASSETERRE, ST. KITTS, OCTOBER 30, 2024 (SKNIS) – At the hugely successful Budget 2025 National Forum on October 30, Prime Minister, the Honourable Dr. Terrance Drew, indicated that the path to a sustainable future for St. Kitts and Nevis hinges upon economic resiliency and diversification.

Prime Minister Dr. Drew told the attendees of Wednesday’s forum that his government’s intention is to build an economy that leverages both traditional strengths and new industries, ensuring stability and the achievement of the Sustainable Development Goals (SDGs) by the target date of 2030.

“To reduce vulnerability to global shocks, economic diversification is indeed a cornerstone of the government’s strategy to ensure that the economy is not dependent on a single sector, but can be transformed into a multisectoral and broad-based type of economy,” the prime minister said.

In this regard, Prime Minister Dr. Drew highlighted the government’s new Sustainable Economic Expansion and Diversification (SEED) initiative as part of the Sustainable Island State Agenda. This transformative approach seeks to ensure long-term economic stability and prosperity in the twin-island Federation.

“The Sustainable Economic Expansion and Diversification (SEED) pillars were identified to promote the transition toward high productivity and a service-oriented economy that would yield improved macroeconomic and fiscal outcomes including fostering economic growth and improved standard of living” said Dr. Drew. “As such, some of the key indicators of the Sustainable Development Goals are deeply etched in the SEED pillars which require permanent and stable commitment, and efficient and action-oriented policies that ensure that the goal is attained.” 

The honourable prime minister said for too long St. Kitts and Nevis was heavily dependent on a single sector, namely the Citizenship by Investment (CBI) Programme. The dependency on the CBI Programme, according to Prime Minister Dr. Drew, reached as high as 60-70 percent under the previous administration.

The prime minister emphasised that, although the Citizenship by Investment Programme plays a significant role in advancing the development of St. Kitts and Nevis, it should not be regarded as the sole foundation for the nation’s growth.

Building economic resiliency and diversification is however, not just a task of the government. As such, Prime Minister Dr. Drew used his keynote address at Wednesday’s session to again encourage citizens and residents to join the government in its pursuit of creating a sustainable island state for all.

“Let us harness the power of innovation, foster inclusivity, and pursue sustainability in everything we do. Together, we can build a future where every citizen, every community, plays a role in shaping a brighter tomorrow,” Prime Minister Dr. Drew said.

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