Diversification Critical for Long-Term Stability, Says Prime Minister Drew

BASSETERRE, ST. KITTS (October 24, 2024: PMO)– Prime Minister of St. Kitts and Nevis, Hon. Dr. Terrance Drew, emphasized the critical need for economic diversification during his appearance on ZIZ Radio’s ‘The Edge’ program on October 22, 2024. Speaking on the government’s Sustainable Economic Expansion and Diversification (SEED) initiative, Prime Minister Drew highlighted the risks associated with the nation’s overreliance on one sector, specifically the Citizenship by Investment (CBI) program.

“Our economy was 60-70% dependent on one sector. That is unsustainable,” said Prime Minister 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.”

The SEED initiative, introduced by Prime Minister Drew’s administration, seeks to establish a resilient and diversified economy, drawing lessons from global models such as those of Middle Eastern countries which have used oil revenues to develop broad-based economies. St. Kitts and Nevis, according to the Prime Minister, will follow a similar path by using the proceeds from CBI and other viable sources to invest in a variety of sectors including renewable energy, agriculture, and tourism.

“We must not make the same mistake again,” said Dr. Drew. “We are taking bold steps to diversify our economy so that external shocks and uncertainties in one sector do not jeopardize the economic stability of our nation.”

The SEED program forms part of the government’s overarching strategy to ensure long-term economic security and prosperity for the people of St. Kitts and Nevis. 

The initiative will be further highlighted in the upcoming budget presentation for 2025.

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