WILLEMSTAD - "The residents of Curaçao enjoy a relatively high standard of living comparable to, and even slightly better than, that of the developing countries in the region." This is part of the conclusions in the report titled 'The Curaçaoan economy in relation to other small island states,' prepared by Professor Roger Hosein from the University of the West Indies after examining the macroeconomic structure of the Curaçaoan economy in comparison with other small developing countries, also known as Small Island Developing States (SIDS). 

The aim of the research was to gain better insight into the untapped economic potential in comparison to other SIDS and how to fulfill it. Based on the conclusions, recommendations are made to the Country of Curaçao regarding investment opportunities and the conditions the economic policy should meet in this regard. The report looks at economic interventions in other SIDS to achieve the growth and development of Curaçao. The Council of Ministers has acknowledged the report, and the Minister of Economic Development is committed to implementing the prioritized recommendations. In the context of the execution of the Country Package, the Ministry of Economic Development (TWO) will provide support as necessary. 

Transnational Education 

The research provides an overview of the importance of transnational education, international universities in Curaçao for the economy. The contributions from students, faculty members, and family visits significantly contribute to the economy. "It is expected that Curaçao will continue to push the economy in this direction as part of the National Export Strategy," the report states. Curaçao is encouraged to further focus on this sector and consider the establishment of two more major offshore medical universities. Positive tourist activities, such as new hotels, also contribute to the economic development of Curaçao. 

Free Zone 

The report concludes that the Free Zone uses more foreign exchange than it generates. It is recommended to explore in the future whether there is room for production activities that at least support the Curaçaoan economy. The report suggests expanding production in the agricultural sector to supply the growing tourism sector.