WILLEMSTAD - During the recent visit of the Delegation from the Financial Supervision Committee (CFT) to Curaçao, they requested a meeting with Minister Cijntje to discuss economic development, Damen, and Curaçao's investment agenda. A sizable delegation led by the president, Mrs. Lidewijde Ongering, and other members of the committee, including Mr. Gregory Damon representing the Curaçao Government, participated in this meeting.
The delegation was keen on understanding how Minister Cijntje and his Ministry are fostering sustainable economic growth.
Minister Cijntje conveyed that the formula for stimulating the economy to achieve rapid growth involves having sufficient human capacity and substantial funding to jumpstart the economy. He shared that without the people and resources, swift progress cannot be achieved, and the delegation was well aware of this fact. Moreover, Minister illustrated that due to Curaçao's diversified economy, its growth might appear slower in comparison to Aruba or St. Maarten, which have economies predominantly reliant on tourism. Minister Cijntje pointed out that the resurgence of tourism has accelerated economic growth, reaching pre-COVID levels by 2022 instead of the initially projected 2024 as forecasted by the IMF.
Hence, without financial assistance from the Netherlands to fuel economic development, Minister Cijntje managed to achieve economic growth in the last two years through considerable efforts, attracting more airlines and increasing flight frequencies. Minister Cijntje emphatically stressed that without the needed space and genuine assistance from the Netherlands, achieving significantly higher economic growth wouldn't be feasible. Nevertheless, the focus is also on ensuring a resilient and more diversified economy.
Minister Cijntje illustrated the great economic potential present in Curaçao and the numerous programs and projects available that can contribute to building a strong, sustainable, and diversified economy. However, without sufficient resources and an increased budget for the Ministry of Economic Development (MEO) to stimulate the economy in a way that generates revenue and increases sustainable and diversified employment, we remain limited. Furthermore, investments in education and infrastructure are crucial; otherwise, we cannot maintain the current level of growth and prosperity.
On the financial front, the College of Financial Supervision indicated that public investments are significantly lower compared to the region, and the Government isn't utilizing all allocated funds for investment. Minister Cijntje mentioned that as part of the process initiated with the IMF, attention will be given to allow ministries to invest public funds and focus on the public investment cycle. The Government has also begun drafting a concrete investment plan that has been submitted for financing. Minister Cijntje emphasized that his investment program includes sustainable energy production using Hydrogen, fostering the IT sector, and maritime industries as integral components of the national export strategy.
Additionally, the financial college informed that the Dutch company, Damen Shipyards, expressed that their work permits are taking time to be processed. Minister Cijntje clarified that, initially, Damen has not fulfilled all the commitments that were made. Beyond that, he suggested consulting other sectors and ministries to obtain a realistic view of the situation instead of solely conversing with Damen. Minister Cijntje also indicated to the College that there is an expedited procedure in place for companies like Damen and Aqualectra regarding foreign workers.
Regarding the sustainable energy sector, Minister Cijntje is urging the Dutch Government to formalize a commission consisting of officials from the Dutch Ministries of Economic Affairs and Climate Policy (EZK) and Kingdom Relations (BZK) to oversee the renewable energy trajectory. While Curaçao has its own commission and is taking significant steps to realize the pilot project that will provide 72 MW of energy, with 15 MW going to Aqualectra, Dutch companies are interested in sustainable energy-produced fuels such as Jet Fuel for KLM. Minister Cijntje emphasized Curaçao's determination in the realm of sustainable energy by financing a comprehensive study of our waters conducted by the Dutch company Fugro.