KUALA LUMPUR, Feb 17 (Bernama) -- The International Monetary Fund (IMF) latest report released in January indicated a projected growth of 4.5 per cent for the nation of St Kitts and Nevis this year, driven by a steady recovery from the tourism sector and various service sectors.
The report also found that the country’s Citizenship by Investment Programme played a role in supporting the Twin Federation’s growth.
The current St Kitts-Nevis Labour Administration Party under the leadership of Prime Minister, Dr Terrance Drew, has made very well-considered changes to the country’s investment migration programme in attempts to transform the economy into a Sustainable Island State, as highlighted in the 2023 Budget Address.
The prime minister highlighted that the CBI Programme was also designed to generate significant revenue to create a diverse economy that would promote entrepreneurship, profitable job creation and increase homeownership.
In a statement, St Kitts and Nevis government is looking to develop a Sovereign Wealth Fund which will be used as a long-term investment vehicle in international markets and industries, and will be managed by high-level authorities and a thorough policy to ensure the funds are directed intentionally towards disaster management.
Investors will have the opportunity to improve the country’s healthcare system, and social services, develop public infrastructure including energy and water security for all the Kittitian and Nevisian population, as well as digital transformation.
St Kitts and Nevis is a two-island small yet rich economy with tourism being the island’s largest contributor to their gross domestic product (GDP), followed by the CBI Programme, agriculture, construction and manufacturing sectors.
-- BERNAMA
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