BASSETERRE, St. Kitts, CMC – Prime Minister Dr. Terrance Drew says sustainable improvement within the Twin Island Federation can solely be achieved by collaboration and partnership with stakeholders from all sectors of society.
“As we embark on this transformative journey, it’s equally essential that we establish and focus on the obstacles to financial progress and search to handle these challenges collaboratively,” Drew advised members of the St. Kitts and Nevis Chamber of Trade and Commerce forward of its seventy fifth annual common assembly.
In a digital tackle to the occasion, Prime Minister Drew the Chamber of Trade and Commerce, as an important pillar of the financial system, performs a pivotal function in shaping insurance policies and initiatives that foster financial progress and prosperity.
“Your invaluable insights and experience are instrumental in guiding our efforts in direction of a sustainable future,” he mentioned, including the projections for 2023 indicated a commendable total surplus of EC$11.2 million (One EC greenback=US$0.37 cents) and a major surplus of US$28.2 million, underscoring the dedication to fiscal accountability and prudent monetary administration.
“The medium-term outlook presents a promising trajectory of sustainable debt discount and financial progress. Actual GDP (gross home product) is projected to develop 3.6 p.c in 2024, signaling optimistic financial momentum.”
Prime Minister Drew mentioned that his administration had dedicated to attaining the aim of a sustainable island state (SIS) by 2035. Within the 2024 nationwide price range, the Authorities outlined the SIS technique constructed upon seven pillars essential to the Federation’s SIS agenda.
He mentioned these included inexperienced vitality transition, meals safety, financial diversification, sustainable industries, the artistic financial system, COVID-19 restoration, and social safety, including that the transformation will likely be underpinned by sustainable fiscal and debt administration.
“It is very important notice that this agenda aligns with our commitments outlined within the Paris Settlement, the Multilateral Environmental Agreements (MEAs), our Nationwide Decided Contribution (NDC), and our Nationwide Growth Planning Framework (NDPF),” Drew mentioned, noting that the Authorities, to translate the agenda into packages, tasks, and actions has commenced engagement with stakeholders during which members of the non-public sector have been included.
Prime Minister Drew mentioned relating to the enterprise group, his administration, which got here to energy in August 2022, has been an important companion in supporting enterprise improvement and stands able to proceed serving to companies, giant and small.
“Central to our fiscal technique is the discount of reliance on Citizenship by Funding Programme (CBI) revenues and adopting an equitable tax regime. We’ll proceed to offer tax concessions to companies primarily based on the related laws and present tax incentive coverage.”
Beneath the CBI program, international buyers are granted Citizenship of the Twin Island Federation in return for making a major funding within the socio-economic improvement of St. Kitts-Nevis.
“As you already know, the Company Revenue Tax fee has already been lowered to ease the monetary burden for companies as they proceed to function within the post-pandemic period. The enterprise group additionally continues to learn from the extension of the momentary discount within the Unincorporated Enterprise Tax fee throughout 2024.
“Additional, the federal government intends to undertake a extra complete method to tax reform in session with our non-public sector and social companions, “Prime Minister Drew mentioned, including, “We’ll present extra particulars of those plans as they’re developed throughout this yr and over the medium time period.”
He mentioned bettering the nation’s infrastructure is paramount to fostering financial progress and enhancing the standard of life for residents.
“We acknowledge the urgent want to handle highway infrastructure deficiencies in numerous residential areas throughout the Federation,” he mentioned, noting that constructing upon the investments made in 2023, the Authorities is dedicated to extending these efforts.
“Over the subsequent two years, we are going to allocate assets to develop highway works to residential developments,” he mentioned, including, “Moreover, we’re poised to provoke a number of main capital tasks within the upcoming yr.”
Prime Minister Drew mentioned that it’s important for the non-public sector group to proceed its advocacy for strong infrastructure improvement that aligns seamlessly with the Authorities’s objectives, “making certain that our initiatives not solely meet the wants of the group but in addition promote enterprise pursuits and financial prosperity.
“By collaborating with the Chamber, we are able to leverage experience, assets, and networks to drive these tasks ahead, creating jobs, fostering innovation, and stimulating financial exercise throughout sectors,” he mentioned, urging the stakeholders to “seize the alternatives earlier than us, overcome the challenges forward, and construct a future the place each citizen thrives and thrives.”
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