BASSETERRE (SKNIS): Prime Minister, the Honourable Dr. Terrance Drew, has reaffirmed that the government’s long-term strategy to reduce the country’s reliance on the Citizenship by Investment (CBI) Programme is proving to be the right course, as Saint Kitts and Nevis continues to build a more diversified and resilient economy through the Sustainable Island State Agenda (SISA).
Speaking during the July 16 edition of The Roundtable, Prime Minister Drew said the government deliberately set out from the beginning of its term in 2022 to ensure the country’s economic growth would not depend primarily on CBI revenues.
“We made the decision from the beginning that we have to bring the economy to a point where it does not have to rely on the CBI,” the prime minister said. “I think it was vindication that we had taken the right decision and the right strategy in shifting our economy to a diversified economy premised on the Sustainable Island State Agenda.”
Dr. Drew noted that while the CBI remains an important contributor to national development, the government has significantly reduced the country’s dependence on the programme. According to the prime minister, CBI’s contribution to Gross Domestic Product (GDP) has fallen from approximately 22 percent to less than 10 percent, with that figure expected to decline further as the Sustainable Island State Agenda continues to mature.
Prime Minister Drew further acknowledged that changes affecting the CBI industry will have some impact, but emphasised that Saint Kitts and Nevis is well-positioned to navigate those challenges because of the government’s forward-looking economic strategy.
“The revenues from CBI are critically important, but we recognise that we had to set up an economy that could survive without CBI,” Dr. Drew stated. “We’ll continue to work with our regional partners and with the European Union to reach the best position that we can reach because, at the end of the day, the fundamental question is economic development.”
The Sustainable Island State Agenda remains the government’s blueprint for transforming Saint Kitts and Nevis into a resilient, inclusive and sustainable economy that creates opportunities for present and future generations.