St Kitts and Nevis pushes for Industrial Development in Budget 2024

Prime Minister Terrance Drew of St Kitts and Nevis unveiled the nation’s Budget recently, giving a glimpse of what the government has planned for the coming year in terms of industrial development and the promotion of enterprises.

The Prime Minister’s address regarding the Industrial Sector began with a focus on diversifying the economy of St Kitts and Nevis and making sure that the nation is not overly reliant on one particular industry.

He stated the following, “In a world of heightened uncertainty and mounting risks for small states, we must continually seek to expand and diversify our economy and reduce over reliance on any one industry. This is an important tenet for the Sustainable Island State agenda which identifies Sustainable Industry as one of its strategic pillars.”

There have also been concerns regarding the delay in job recoveries in the manufacturing sector, stemming from job losses during the pandemic. This has impacted the job market significantly as the Manufacturing Sector in St Kitts and Nevis is very important when it comes to creating jobs and expanding the nation’s export capacity.

This is why, PM Terrance Drew stated that the government is actively seeking investments in renewable energy components and semiconductor production. This is being done not to have an immediate impact but so that the nation can benefit from this initiative in the near future.

PM Drew added that the development and adoption of national standards is essential for the advancement of the productive sectors which is why the government continues to work towards strengthening the National Quality Infrastructure of the country.

This is an important step towards building trust in trade relationships, providing assurances with regard to the quality of products and services, promote safety and reliability and reducing barriers to trade and trade disputes minimization.

Under this remit, St Kitts and Nevis continues to improve its capacity to deliver the highest quality service in food, water and environmental testing and monitoring compliance of the related standards and regulations. This is down to the excellent work put in by the Bureau of Standards, according to Prime Minister Terrance Drew.

St Kitts and Nevis is also collaborating with the Caribbean Development Bank, aiming at providing the Chemistry and Microbiology laboratory with significant upgrades in its capacity to identify pesticide residue in food products and to conduct Cannabis testing, through the acquisition of a Gas Chromatograph Mass Spectrometer in 2024.

This will provide St Kitts and Nevis with the level of testing and assurance required for export to EU ports which is a precursor to the Chemistry and Microbiology Laboratory seeking ISO 9001 Certification in 2024.

The Carib Brewery was officially recognized as an ISO 22000 Certified company and the Bureau was instrumental in assisting the Brewery to attain international accreditation. This has placed the Carib Brewery as a leading manufacturer of beverages in the region.

PM Drew used the Carib Brewery as an example of the fact that some very important developments are taking place to assist businesses in gaining access to markets outside the nation. The Prime Minister added that the government recognized the importance of such developments to fuel the march towards a Sustainable Island State in particular, achieving the Sustainable Industry pillar.

Prime Minister Terrance Drew stated that the government is also aiming at bolstering the small business sector so that it can become the backbone of the nation’s economy. The Ministry of Small Business and Entrepreneurship plays a pivotal role in realizing St. Kitts and Nevis’ vision of a Sustainable Island State. The new strategic focus of the Ministry is to prepare small businesses to lead the charge for long term economic growth while contributing significantly to environmental sustainability and social inclusion.

This will be facilitated by fostering innovation, providing tailored support to small businesses and aligning with global sustainability principles. PM Drew’s aim is to position St Kitts and Nevis as a leader in sustainable entrepreneurial growth.

With this in mind the government is focusing specially on SDG 8 (Decent Work and 22 Economic Growth) and SDG 12 (Responsible Consumption and Production). These goals have now become a part of the Ministry’s strategic plan, which is meant to help build an economy that thrives on innovation and sustainable business practices.