Better access to banking services and financing for entrepreneurs. Better alignment between education and labour market. Digitalisation of processes and availability of data for policy and implementation. These preconditions for economic development of the Caribbean part of the Kingdom are included in the vision that State Secretary Zsolt Szabó (Digitalisation and Kingdom Relations) sent to the House of Representatives today, also on behalf of Minister Dirk Beljaarts (Economic Affairs).

Economic development and self-sufficiency

The Cabinet wants to work with the authorities, entrepreneurs, and public and private stakeholders on the islands to develop concrete solutions to further develop the economies of the islands. It is noted that all the islands are responsible for this themselves. The Central Government also has a role to play in the promotion of economic development and self-sufficiency on Bonaire, St. Eustatius, and Saba. The Netherlands supports the autonomous countries through the so-called ‘Country Packages’.

State Secretary Szabó: “A broadly supported long-term vision on the economy, sufficient public investments, a properly functioning capital market, and good regional cooperation are, in addition to good governance and a financially healthy government, important for economic development and self-sufficiency. This is essential for the improvement of the living conditions and the offer of new opportunities for residents and entrepreneurs in the Caribbean part of our Kingdom.”

Minister Beljaarts: “A clear approach, targeted investments, and good cooperation are crucial for a strong and future-proof economy in the Caribbean part of our Kingdom. By giving entrepreneurs room to manoeuvre and by offering residents perspective, we strengthen the economic resilience of the region.”

 Economic priorities on Bonaire, St. Eustatius, and Saba

Each island was asked to indicate what they see as the most important economic priorities in both the short and the long term. For example, Bonaire is working on sustainable tourism and strengthening of the infrastructure, St. Eustatius is focusing on the further development of the cultural-historical heritage and tourism, and Saba is concentrating on the strengthening of ecotourism and development of the port. The allocated Region Deals shall contribute to the realisation of the plans for all islands.

 Various reports and discussions with entrepreneurs, the Public Entities, and civil society organisations have identified five important tasks that are not new, but are important for economic development. For example, access to banking services and financing are necessary for the promotion of the business climate. Other preconditions are connectivity and infrastructure, lower transport costs and regulatory pressure, a well-functioning labour market, digitalisation, and availability of data.

Targeted support for economic development of autonomous countries

Steering the economic development is an autonomous matter for Aruba, Curaçao, and St. Maarten. The Netherlands is working with the Caribbean countries on issues including accessible financing for SMEs through the SME Credit Guarantee Scheme. On the basis of the agreements made in the Country Packages, the parties work together on, among other things, improving the alignment between education and labour market and digitalisation.

On St. Maarten, investments in the infrastructure are being made via the Trust Fund for the Reconstruction of St. Maarten of the World Bank. In addition, Curaçao is collaborating on the development of a green hydrogen chain, and the Caribbean Regional Technical Assistance Centre (CARTAC) is providing support in all three Caribbean countries.

Less dependency on food imports

Food security is an important issue on all six islands. They are largely dependent on food imports from abroad, which makes them vulnerable and leads to high food prices. To tackle this challenge, the Cabinet has released €24 million to increase the food security and to reduce the dependency on imports in the long term. State Secretary Szabó appointed a quartermaster to investigate which tool is most suitable for achieving sustainable and innovative results. The goal is to start the implementation of this plan after the summer.

On 16 April, the Kingdom Relations Committee is debating economic development and self-sufficiency of the Caribbean parts of the Kingdom with State Secretary Szabó and Minister Beljaarts.

RCN