The Caribbean's original Citizenship-By-Investment (CBI) pioneer, St Kitts and Nevis, is exploring the development of a sustainable economic zone as it looks to ensure its future economic success.
The twin-island federation recently passed a bill authorising the exploration of a 'Special Sustainability Zone (SSZ)' which emphasises sustainable development, environmental safeguards, and job creation.
Nevis is set to house the first of such zones following an official government announcement in late August. Premier Mark Brantley, in an address to the nation, highlighted that the scale of the proposed project is a 'game changer' and a crucial turning point for the island.
Unlike traditional economic zones seen in the likes of Dubai and even elsewhere in the Caribbean, Nevis' zone will do things in a uniquely Nevisian way, putting both locals and the environment first.
Under the bill, developers must, among other things, commit to more than just profits, ensuring the long-term safeguarding of the local community and environment.
This zone has manifested largely as a result of reduced CBI revenue, a key source of government income, driven in part by turbulent economic conditions. Per IMF recommendations and as with other Caribbean nations, St Kitts and Nevis must explore new options for growth, reducing reliance on CBI revenue while enhancing FDI attractiveness. The proposed SSZ, therefore, comes at a crucial next step for St Kitts and Nevis, which is looking to secure its future.
The SSZ plans to utilise isolated, undeveloped lands on the island's South coast, transforming an area of unused land into a multi-use social project attracting international developers, including leading hotel chains.
Crucially, the project will generate thousands of new jobs across a variety of sectors; creating opportunities for local suppliers, service providers, and entrepreneurs; and supporting environmentally sustainable infrastructure such as renewable energy, green buildings, and improved utilities.
Special Economic Zones (SEZs) have long been a tried and proven method to enhance socioeconomic development.
Reviews from the World Bank and UN show that well-governed SEZs attract significant foreign direct investment (FDI), stimulate exports, and generate employment.
Yet, the strongest examples also show benefits flowing beyond investors and governments, reaching ordinary households through jobs, training, and improved services.
There is already a precedent for having such zones in the Caribbean, as seen with Jamaica. The country's Special Economic Zones Authority (JSEZA) has rapidly expanded the SEZ ecosystem in the country, contributing to over USD $750 million in investment and the creation of over 43,000 jobs in sectors like global digital services, agro-processing, manufacturing, and logistics.
These zones have opened doors to stable employment, reducing reliance on just tourism while also stimulating demand for local suppliers, keeping money circulating in communities.
A similar story can be seen in the Cayman Islands, where Cayman Enterprise City (CEC), a special economic zone (SEZ), in 2024 contributed roughly USD $136 million to local economic activity, bringing the total impact since its inception to over USD $1bn.
About 77 percent of Caymanian-held jobs in zone companies are in sectors with high social returns and global demand, offering salaries well above the island's average. The zone has directly led to new opportunities to launch businesses, gain work experience, and improve the local quality of life.
Across the globe, well-designed SEZs demonstrate that economic growth and community benefit can go hand in hand.
By linking investment to local opportunities, skill-building, and sustainable practices, these zones offer a pathway for development that nurtures local enterprise and raises living standards.
Nevis' offering appears to go beyond traditional SEZs, with a major emphasis placed on the environment and local community.
Before any development commences, significant preconditions must be met, including an independent economic analysis of the zone's benefits for the local community and a commitment to generate water and renewable electricity to meet its energy needs, aligning with the wider federation's climate goals.
As plans become clearer in the coming months, excitement builds for further details to be officially announced.
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