Dubai, Dec. 02, 2022 (GLOBE NEWSWIRE) — The Prime Minister of St Kitts and Nevis, Dr. Terrance Drew, set the tone for the direction his country will take at a recent exclusive invitation-only event in Dubai.
The event was one of many engagements by the Prime Minister and his delegation which included the country’s Tourism Minister Marsha Henderson, Attorney General Garth Wilkin and Cabinet Secretaries Dr Marcus Natta, Sylvester Anthony and Veira Galloway .
The new administration has been at the helm of the country since August this year following a snap election and has set bold ambitions for the twin island federation to become a premium business hub in the Caribbean catering to smart investors smart and demanding.
Against the backdrop of one of the world’s most remarkable success stories, Prime Minister Terrance Drew’s first visit to Dubai signaled his intention to drive economic growth that will make the country a notable contender in the world stage.
Much of this growth will be funded by St Kitts and Nevis’ Citizenship by Investment program, the oldest program of its kind in the world.
Speaking at the event, Prime Minister Drew said: “Given that Dubai is such an important financial center and is fast becoming an epicenter for the global citizen, it is fitting that I am here tonight to discuss the attributes of my special nation and more. especially our renowned citizenship-by-investment program that stands apart from others.”
“In this ever-changing and unpredictable world, it is imperative that the Government of St Kitts and Nevis and its Citizenship by Investment program continue to adapt to the needs of our people and attract the right kind of international investment needed to improve our country.”
For almost 40 years, Saint Kitts and Nevis’ Citizenship by Investment program has had a remarkable impact on the country, generating funds that have built and improved hospitals, schools, roads and diversified the economy of an economy rooted primarily in agriculture and tourism to another. incipient manufacturing and focused on finance.
Dubai has become one of the world’s favorite economic destinations for investors, consumers, as well as job seekers and tourists. The under-resourced nation has galloped from a primitive social environment and pre-industrial economic structure to what many have called the pinnacle of success.
Dubai derives only 6% of its GDP from oil and gas, but has grown the size of its economy since 2000, showing annual monetary development rates higher than even the economies of China or of Asian tigers.
These are some of the insights that the St Kitts and Nevis delegation tried to take away from the visit. This year, the gross domestic product (GDP) of Saint Kitts and Nevis grew by 13.39% compared to last year.
Saint Kitts and Nevis’ economy traditionally depended on the cultivation and processing of sugar cane, but declining world prices have hurt the industry in recent years. Tourism, export-oriented manufacturing and offshore banking have assumed a larger role in the country.
The citizenship by investment program has been a way for the government to protect itself and revitalize the sugar sector, while strengthening revenue collection to better fund social programs.
With today’s global environment demanding more from governments around the world, the Drew administration has realized that to meet the needs of both locals and investors, the program that has been a financial pillar for the nation needed to be updated.
“The vision of using economic citizenship to attract international investment was groundbreaking in 1984. The first major evolution of the citizenship by investment program, 27 years later in 2011, was bold and creative. Now, in the third iteration of its evolution, in 2022, after four decades of scholarship and development, we must use that same creativity and boldness to bring the program into the modern age; and the security infrastructure is improved and strengthened.
“We need to ensure that our valuable Citizenship by Investment program is mutually beneficial for all stakeholders, from the people of St Kitts and Nevis, the investors themselves, developers, local service providers and marketers international
“While we have always been the benchmark in the global investor immigration industry, we understand that in order to remain one of the most sought-after economic citizenship programs in the world, we must continue to evolve and blaze a trail for ourselves that is sustainable in the long term,” added Premier Drew.
The Prime Minister has been laser focused and hard at work since taking the helm and has had extensive consultations with stakeholders including local communities, developers, government officials, businesses and investors to understand where the program was lacking and where you had to do updates to make sure. that the program continues to meet the needs of the intelligent, investment-minded individual seeking an enriching foundation for their families and businesses, while more importantly uplifting Kittitian and Nevisian society through options beneficial investments that provide tangible value.
Prime Minister Drew also assured guests at the event, which included high-level government officials, global investors, government-approved agents and promoters, that stakeholders need not be concerned about the upcoming changes and that the program it would be guided by three fundamental principles: sustainability. , good governance and pragmatism.
The government has developed a sustainable model that will continue to be the envy of the international community by injecting high levels of integrity. The program has also been structured to allow for greater transparency and accountability, hallmarks of the good governance framework that solidifies the foundations of any successful endeavor. And finally, the government has tailored investment options to align with market realities while preserving the platinum brand that St Kitts and Nevis has nurtured for four decades.
Bold and innovative steps have been taken to strengthen the legislative and administrative structures of the program and to ensure that real estate projects funded by the program are completed: “Therefore, let it be known throughout the world that St Kitts and Nevis is looking well .respected and serious investors who see our nation’s potential and who are ready to put capital behind innovative projects, investments and industries that will improve our acceptability to global immigration investors.”
Exact changes and information around the program will be communicated in 2023.
The visit shows the world that St Kitts and Nevis is open for business and the Prime Minister has identified and discussed new areas of collaboration to advance economic recovery, stability and reaffirm the strong foundations between St Kitts and Nevis and Dubai .
CONTACT: PR St Kitts and Nevis Government of St. Kitts and Nevis [email protected]