The New Democratic Party (NDP) is committed to fostering sustainable economic growth and development in St. Vincent and the Grenadines. Our comprehensive plan focuses on developing the four pillars of the economy: agriculture, tourism, the new economy, and the blue economy. Additionally, we will implement the Citizenship by Investment (CBI) program as part of our strategic plan to further stimulate economic development.
St Vincent and the Grenadines’ economic situation continues to deteriorate. Despite numerous promises made by the Unity Labour Party (ULP) during its election campaign and reaffirmed in their budget presentations, the government has failed to deliver. Their policies have contributed to ongoing economic hardship, leaving most Vincentians struggling to make ends meet.
The unemployment crisis where 42% of young people are unemployed and an overall unemployment of 26% highlights a significant failure on the part of the ULP government to effectively tackle the economic challenges facing our nation. This failure has led to a surge in emigration, with hundreds of Vincentians leaving the country in search of better opportunities abroad. Our country also pays the lowest wages within the Organization of Eastern Caribbean States, making it increasingly difficult for families to sustain themselves.
The escalating national debt, which is approaching 3 billion dollars and a debt-to-GDP ratio of 93%, underscores significant challenges facing the economy. Moreover, the ULP government has struggled to effectively develop the productive sectors, which are crucial for sustainable economic development. This failure to stimulate the productive sectors has led to increased reliance on borrowing which results in a high debt burden that poses risks to fiscal stability.
Importance of CBI and Economic Pillars
It is evident that comprehensive actions are needed to enhance the economy and improve the well-being of Vincentians. The NDP is the only viable alternative committed to transforming the economic landscape of St. Vincent and the Grenadines. With the development of the four economic pillars and the effective implementation of the Citizenship by Investment (CBI) program, we will create numerous job opportunities, increase incomes and attract vital foreign direct investment which will benefit Vincentians.
To provide essential support to Vincentians, we will purposefully allocate funds from the CBI program to our National Development Bank, which will fuel crucial local projects and initiatives. We will introduce special bonuses and double salaries in December for public servants, thereby ensuring our citizens can celebrate the festive season with greater financial security, similar to what is happening in St. Kitts and Nevis. We will significantly increase public assistance and National Insurance Services (NIS) pensions for our elderly, the poor, and vulnerable, recognizing their invaluable contributions to the nation and ensuring they live with dignity and comfort.
The tourism industry has the potential to provide hundreds of jobs and economic development for the Vincentians. But more needs to be done to develop this economic pillar. St. Vincent and the Grenadines has the natural beauty that positions it as one of the most attractive destinations in the region. To realize this potential, we will enhance our marketing efforts and invest in the development of our tourist sites.
The ULP government has been faced with major challenges in attracting investors to the tourism sector. We have had a number of failed hotel projects such as, Buccament Bay Resort, (Dave Ames); Marriott Resort, Mt. Wynne; Black Sands Hotel, Peters Hope and Royal Mills, Ratho Mill. Funds from the National Insurance Services (NIS) were also used to finance the construction of the hotel at Diamond, raising concerns about the management and sustainability of such investments. Had there been a well-regulated and transparent CBI program, credible investors would have been more confident to invest in the industry which would have led to more successful developments and a stronger tourism sector overall.
Further, the NDP will develop the agricultural sector to promote food security and foster economic development. Our plan includes establishing a dedicated Marketing Board to help farmers access reliable markets, thereby ensuring sustainable prices for their produce and encouraging increased production. We will also work on developing the feeder roads to improve transportation and market access. Embracing modern technology will enhance productivity and efficiency across the sector. We also recognize the importance of addressing the persistent issue of praedial larceny by implementing effective security measures. Through these initiatives, we will create sustainable opportunities for our farmers,
The CBI program presents a valuable opportunity to stimulate development within the agricultural sector by attracting targeted investments. For example, our planned agro-processing factory can benefit significantly from funding secured through the CBI initiative. Investors can provide much needed capital to build this facility. This investment will not only support the development of the agro-processing industry but also creates benefits such as increased employment, improved value added, and increase our export.
The blue economy presents a significant opportunity for sustainable growth and development. Grenada, with a smaller Exclusive Economic Zone, has had notable success in its fishing industry, outperforming St. Vincent and the Grenadines. To capitalize on our Exclusive Economic Zone, we will provide the avenue where essential financial resources will be made available to support our fisherfolk, enabling them to upgrade their boats and to increase their catch. We will introduce modern technologies such as Fish Aggregating Devices (FADs) to enhance efficiency and productivity. The NDP will unlock the full potential of our blue economy to foster economic development.
The NDP is committed to making significant improvements in the lives of all Vincentians. We believe that progress begins with investing in our people and provide the opportunities to ensure everyone has the chance to succeed. Our focus is on addressing the issues that truly matter to our people, from reducing poverty to improving infrastructure. With dedicated effort and strategic investment, we will create a brighter and a more prosperous future for the people of St Vincent and the Grenadines.
