WILLEMSTAD - "Willemstad is gold; it's a matter of cashing in." This was the headline of a newspaper article over 4 years ago. The process of cashing in has been underway in recent years, but there is still much more to develop and capitalize on in the future. On December 5, the two-day lustrum edition of "Invest in Willemstad" concluded. For most of the 100 participants, it was clear that there has been significant investment in Willemstad over the past 5 years, but there are still many developments expected in the coming years.
The lustrum edition of Invest in Willemstad featured an extensive program aimed at convincing both local and foreign investors of the potential of Willemstad as a historically authentic city with a unique blend of Dutch and Caribbean culture, offering many opportunities for investment and business.
There were three types of participants in this summit: project developers and investors, entrepreneurs interested in real estate exploitation in the city center, and facilitating entrepreneurs such as construction companies, suppliers, architects, etc.
During the opening of this investment summit, tribute was paid to the late Hans de Boer, chairman of VNO-NCW in 2019, who, along with his Curaçao friend Rob van den Bergh, believed in the economic potential of Willemstad. Having the right idea is not the same as being proven right, which is why they decided to convince Dutch and Curaçao entrepreneurs that investing and doing business in Willemstad is a good choice. And, indeed, it was done with a bit more effort.
Billy Jonckheer, the chairman of the Chamber of Commerce, mentioned that especially through this summit, the smaller follow-up summits from 2020-2022, and the increasing awareness of Willemstad, many investments have been made, and projects have been initiated. Jeanette Bonet, the interim director of CINEX (Curaçao Investment and Export Promotion Agency), emphasized the positive effects that the "cultural legacy" has on investments in Willemstad. For the outside world, historic Willemstad presents a unique opportunity for sustainable investment.
For the coming years, numerous projects, both large and small, are in the pipeline. Some have commenced, while others are still on the drawing board. According to a preliminary estimate by economist Rob van den Bergh, there is a very realistic chance that Willemstad will see an investment of NAf. 800-1000 million in the next 5 years. One of these projects is the Waterfort-Plaza project, acquired by APC over three years ago. The potential demolition and reconstruction of Plaza may lead to the loss of Willemstad's UNESCO World Heritage status. This prompted Minister Charles Cooper of VVRP to question whether we should continue with UNESCO and whether this World Heritage status brings any benefits to Curaçao. On the other hand, Minister Ruisandro Cijntje saw the World Heritage status as part of the effort to make Willemstad a place for our people, tourists, digital nomads, "all by all a thriving community."
Dino Daal made it clear that the UNESCO status brings benefits and could bring even more. It would be good to quantify and map as much as possible the pros and cons.
The notion that Willemstad should not solely be a city of monuments and Airbnb was evident in the investment summit. According to Arjen van der Meulen, Kura Hulanda is designed to be part of Otrobanda with a variety of functions, where permanent residence in houses and apartments is an essential component.
The chairpersons of the four city districts Punda, Otrobanda, Scharloo, and Pietermaai envisioned their neighborhoods developing extremely positively in the next five to ten years, although Marcel Dennert noted that there are still some challenges to overcome in Scharloo.
One advantage is that fiscal incentives are available in all and subsidies in some cases in Willemstad. "Very attractive," according to Walter Blijleven of the Curaçao Heritage Fund. Minister Javier Silvania, who is responsible for tax facilities, also found it attractive. Therefore, he did not bring extra money for Willemstad, but an economic opportunity: the prospect that internet gambling companies will be required to open a physical office in the future to create "substance." That office could be conveniently located in Willemstad.
A point of concern is the lack of a clear spatial policy for Willemstad, public investments in funds for the preservation of our monuments instead of austerity measures, city management, investment in public infrastructure, vacant government buildings, and enforcement of existing rules. According to Minister Cooper, most of the issues criticized by the monuments, neighborhood organizations, and entrepreneurs will be addressed in the coming year.
Despite a few critical notes, many private projects are underway or starting. Families and retirees can live comfortably in the city in the future. For an investor or entrepreneur, it is now a matter of getting involved to reap the benefits in the future.
