“From CBI to SEED” – Prime Minister Drew: St. Kitts and Nevis Pivots to Sustainable Economic Growth

BASSETERRE, ST. KITTS (October 18, 2024: PMO) – The Government of St. Kitts and Nevis led by Prime Minister Honourable Dr. Terrance M. Drew, has ramped up efforts to move the Federation away from being heavily reliant on the Citizenship by Investment (CBI) Programme. This plan was outlined by Prime Minister Drew in the October 17 Address to the nation on the state of the CBI programme.

“Over the next two to three years, we anticipate an economic boom in construction, tourism, agriculture, and sustainable projects. This will be driven by a pivot from our dependency on CBI to Sustainable Economic Expansion and Diversification (SEED)”, said Prime Minister Drew.  These SEED pillars, according to the Prime Minister, are core to the Federation’s Sustainable Island State Agenda (SISA), a forward-looking economic blueprint that aims to reduce dependence on any single revenue source while fostering growth across critical sectors.

Prime Minister Dr. Drew further emphasised that this shift from CBI to SEED is a transformation that aligns with the National Development Planning Framework—a 15-year plan of his government, to promote self-reliance and economic resilience. Accordingly, SEED represents a series of diversified investment pillars, encompassing geothermal energy, agricultural growth, creative industries, and infrastructure development.

One significant project within SEED’s framework, as outlined by the prime minister, is the Geothermal Energy Development initiative, which is currently under negotiation with major investors.“This [project] could become a major game changer for our Federation’s energy independence and resilience”. Another key initiative is a new agricultural partnership with Tabasco, where local farmers will grow peppers for export. This partnership, Prime Minister Drew shared, provides a lucrative opportunity for local agriculture, integrating St. Kitts and Nevis into the global spice market and enabling economic empowerment within the farming community.

The Federation’s commitment to cultural development was also a highlight of Prime Minister Drew’s address, where he spoke of the construction of a Creative Arts Center, a state-of-the-art facility designed to support local artists and foster community pride. This project, he outlined, “will be historic for creative and artistic expression, providing a platform for our artists and fostering cultural pride”.

This transformation from a CBI-relient to SEED-driven nation “represents the government’s resolute commitment to improving the lives of every Kittitian and Nevisian”, said Prime Prime Minister Drew, who invited citizens and members of the diaspora to actively participate in the Federation’s growth journey.

In outlining the vitality of the switch, The prime minister explained that although the CBI programme has provided significant financial support to St. Kitts and Nevis, the Federation’s dependence on CBI revenues, especially under previous administrations, created vulnerabilities to external forces, particularly shifting international policies and regulations. Recognising this risk, Prime Minister Drew expressed that his administration has spearheaded efforts to enhance CBI’s sustainability and credibility, which includes the establishment of CBI as a statutory corporation, a move that has facilitated the appointment of a new Board of Governors and an experienced head, ensuring a strong governance framework to guide CBI’s strategic direction.

These changes reflect an emphasis on ethical standards and transparency, aligning the programme with rigorous international due diligence practices, he explained.

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