CONSTRUCTION SECTOR AND SMALL BUSINESSES SET TO BENEFIT FROM ECONOMIC DIVERSIFICATION AND GOVERNMENT INVESTMENT

BASSETERRE, St. Kitts, November 16, 2022 (SKNIS) – Prime Minister of St. Kitts and Nevis, the Hon. Dr. Terrance Drew has made the diversification of the domestic economy a major part of the Government’s agenda. During the Prime Minister’s press conference on November 15, 2022, Prime Minister Dr. Drew reiterated the Government’s plans for the construction sector and small businesses.
 
“We are going to launch a housing programme with our Citizenship by Investment (CBI) programme to stir our construction industry, and put our men fundamentally who work in that area to work and my hope is to see some women in that field as well. Women should learn to run blocks too because some women are running blocks and are very good at it. There is no difference. And so, that would create a number of opportunities for our people. It will create homeownership, opportunities to build real wealth and collateral to approach a bank which you can use to borrow to do business or to send your children to study. We are going to start other major projects such as our hospital and as I said before we have the first rendering of our new hospital to come and we are looking at the Basseterre High School as well. So, these construction opportunities will have a multiplier effect,” said Prime Minister Dr. Drew.
 
The Government has made it a priority to strengthen the Federation’s economic buffers, noting an overdependency on CBI revenues. Job creation remains at the heart of the Government’s development plan. With more well-paying jobs being created the goal is to reduce the number of persons relying on the various social assistance programmes.
 
“Via the Development Bank, we will be injecting millions of dollars to provide loans for our small and medium-sized businesses to stir economic activity because our hope, our plan and our goal are to not have everybody on social programmes but that people can really generate real economic activity, grow wealth and will not have the need for social programmes. That is what we want to do. We want to dwindle down those programmes as much as possible, but of course, being responsible about it by making sure people are moving into jobs and businesses where they can sustain themselves even better than being on social programmes,” said Prime Minister Dr. Drew.
 
Across the Federation of St. Kitts and Nevis, entrepreneurs can rest assured that the Government is working tirelessly to create conditions necessary for sustainable economic growth and diverse business opportunities.