Better access to banking services and financing for entrepreneurs. Better alignment between education and the labor market. Digitization of processes and availability of data for policy and implementation. These conditions for economic development of the Caribbean part of the Kingdom are outlined in the vision that Secretary of State Zsolt Szabó (Digitalization and Kingdom Relations) today, on behalf of Minister Dirk Beljaarts (Economic Affairs), sent to the House of Representatives.
Economic Development and Self-Reliance
The cabinet wants to work with governments, entrepreneurs, and public and private stakeholders on the islands to find concrete solutions to further develop the economies of the islands. For all islands, they are responsible for this themselves. For Bonaire, Sint Eustatius, and Saba, the Kingdom also has a role in promoting economic development and self-reliance. Through the Land Packages, the Netherlands supports the autonomous countries.
Secretary of State Szabó: “A broadly supported long-term vision for the economy, sufficient public investments, a well-functioning capital market, and good regional cooperation are, alongside good governance and a financially healthy government, important for economic development and self-reliance. This is essential for improving living conditions and providing new opportunities for residents and entrepreneurs of the Caribbean part of our Kingdom.”
Minister Beljaarts: For a strong and future-proof economy in the Caribbean part of our Kingdom, a clear approach, targeted investments, and good cooperation are crucial. By giving entrepreneurs space and providing residents with perspective, we strengthen the economic resilience of the region.
Economic Priorities for Bonaire, Sint Eustatius, and Saba
Each island has been asked to indicate what they see as the most important economic priorities in the short and long term. For example, Bonaire is working on sustainable tourism and strengthening infrastructure, Sint Eustatius is focusing on further development of cultural-historical heritage and tourism, and Saba is aiming to strengthen ecotourism and develop the port. For all islands, the assigned Regional Deals will contribute to realizing the plans.
Various reports and discussions with entrepreneurs, public bodies, and civil society reveal five important challenges that are not new but are crucial for economic development. Access to banking services and financing are needed to promote the entrepreneurial climate. Other conditions include connectivity and infrastructure, lower transport costs and regulatory pressure, a well-functioning labor market, digitization, and availability of data.
Targeted Support for Economic Development of Autonomous Countries
Guiding economic development is an autonomous matter for Aruba, Curaçao, and Sint Maarten. The Netherlands is working with the Caribbean countries on accessible financing for SMEs through the SME Credit Guarantee. Based on the agreements made in the Land Packages, collaboration is underway on better alignment between education and the labor market and digitization.
In Sint Maarten, investments in infrastructure are taking place through the Trust Fund for Reconstruction of Sint Maarten from the World Bank. Additionally, cooperation is happening in Curaçao for the development of a green hydrogen chain, and support is being provided by the Caribbean Regional Technical Assistance Centre (CARTAC) in all three Caribbean countries.
Less Dependence 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 made 24 million euros available to increase food security and reduce dependence on imports in the long term. Secretary of State Szabó has appointed a coordinator to investigate which instrument is most suitable for achieving sustainable and innovative results. The goal is to start implementing this plan after the summer.
On April 16, the Committee for Kingdom Relations will debate with Secretary of State Szabó and Minister Beljaarts about economic development and self-reliance of the Caribbean parts of the Kingdom.