PAM representative for Central Basseterre Nubian Greaux has questioned the Labour Government’s record on economic diversification, while Prime Minister Dr. Terrance Drew says his administration is already reducing the economy’s dependence on Citizenship by Investment.
Speaking on Freedom FM’s Issues, Greaux accused Labour of repeatedly discussing diversification without clearly explaining what it means.
“I realize this current Labour administration like to talk about diversifying the economy and diversification and diversification, and you get lost in trying to figure out what diversification means.”
Greaux argued that true diversification began under the former PAM administration led by National Hero Sir Kennedy Simmonds. He pointed to the development of Port Zante, the opening of the Southeast Peninsula and the expansion of hotels as key steps in moving the economy beyond sugar.
However, Drew presented a different assessment during his most recent Roundtable. He said the Sustainable Island State Agenda is taking root and that CBI’s contribution to GDP has fallen from 22 percent when Labour took office to less than 10 percent.
“But are we in dire straits? No, because the Sustainable Island State Agenda is taking root. And as I told you, we have cut the dependence with respect to our GDP from 22 percent down to less than 10 percent. And as the Sustainable Island State Agenda continues to mature, we will see less reliance on the CBI programme. And I’m very pleased with where we are at. So this decision, when it came, I think I smiled because I think it was vindication that we had taken the right decision and the right strategy in shifting our economy to a diversified economy premised on the Sustainable Island State Agenda, and to decrease as much and as fast as possible our reliance on CBI.”
Drew also pointed to construction, the expanding yachting industry, tourism’s recovery, agriculture and the digital and creative economy as sectors generating employment and broadening economic activity.
Greaux’s argument credits PAM with establishing the foundation for diversification, while Drew maintains that Labour is advancing the process by reducing CBI dependence and expanding multiple sectors.