Human and capital investment is the focus
Economic and human development are the key areas for transforming the economy of Nevis, according to the Premier of Nevis, Hon. Joseph Parry. “Our vision is for a stronger and secure economy for all Nevisians. A stronger Nevis must envision a broader education base for all Nevisians; it must signal that training at all levels of our society is the way for social and economic mobility and the precursor to ownership of the resources of our country.”
Sustaining growth through sound financial policies
“The Government is satisfied that through prudent management, sound financial and investment policies, we will sustain the levels of economic activity to strengthen our economy, sustain full employment, and meet our financial obligations to all at home and abroad, and of course, maintain a positive growth rate over the next five years,” said Parry, who is also the Minister of Finance.
Community development through educational assistance and business development programs
This year over 90 graduates have gone on to tertiary educational institutions abroad, through the island’s educational assistance program. Providing educational opportunities for the young and old is one of the main priorities of Parry. University educational assistance programs in environmental health, accounting, civil engineering, community health, medicine, law, architecture, business management, and agriculture are benefiting the young people seeking to prepare for career opportunities and lifelong learning so vital for strategic economic growth.
Every primary and secondary school is being provided with computers and Internet access. Homes without these facilities are being given the opportunity to have them installed through special financial and technical assistance provided by the community outreach program of Cable and Wireless St Kitts and Nevis Limited.
The Premier indicated that professional development and community training in business skills, such as computer technology and small business development, are proving effective. Many people are applying for the opportunity to start small businesses.
Community development is progressing through homework assistance programs, the community centers’ offerings, and the small business assistance program. “I wish to assist every Nevisian with a solid business plan and, in return, our island of Nevis will be better off as we invest in the people of Nevis,” Parry said. He indicated that the necessary resources have been instituted to realize the dream of making every Nevisian a homeowner, with equal opportunity to acquire, establish, and grow his own business, great or small.
“Our people must be empowered; they must be at the center of all economic and social activity on Nevis. We will achieve this through education and training and insisting that they are employed at all levels of activity in any new investments. We are encouraging and supporting entrepreneurship activity through concessions, marketing assistance, managerial support, by providing government land at reduced prices, and by the construction of affordable homes.”
Special concession has also been made for young entrepreneurs to access duty-free vehicles for activities in the fields of manufacturing, guesthouses, fisheries, and agriculture. The Land and Housing Corporation has reduced the cost of land for first time buyers and provided funds for all Government workers to obtain homes. “For this project, over $10 million was made available in the first instance and another sum of $10 million is already available.”
Many prospects for future economic growth
Parry said that successful negotiations with local and foreign investors have resulted in major capital investments to be realized in the next few years.
“In the upcoming year a 120-room hotel/marina project will commence construction at Lovers’ Beach and another 100-room hotel at Herbert’s Beach. These will be precursors to one of the world’s top hotels beginning construction in 2009 at the Pinney’s Newfound site,” said the Premier.
This major hotel is projected to infuse “several hundred million dollars into the economy at the construction stage and will create over 1000 permanent jobs at its completion. This will be the first major injection of foreign exchange since the construction of the Four Seasons Hotel, and it would lead to considerable spin-offs in the economy and a major boost to government revenue.”
The Premier also indicated that Nevis is in the process of establishing an agro-processing plant on Nevis. “The fisheries’ plant in Charlestown will be rehabilitated and, in conjunction with the Taiwanese Mission, the Department of Agriculture is seeking to introduce new crops and deepen its farmer base.”
Another investment prospect is in information technology. “We have the commitment of one investor in telecommunications to establish its headquarters for the East Caribbean on Nevis. Over the next 24 months we anticipate employment of between 100 to 200 skilled persons as a result of this activity,” Parry said.
