Four pillars of the economy
What are the Four Pillars of the Economy?
The four pillars of our economy will be the driver of economic growth. They have huge potential to massively increases production, leading to more exports and creating more jobs. Of course there are other parts of our economy that are critical. For example, we need a strong and thriving public sector to underpin these pillars. We want to encourage innovation and entrepreneurship so that people can set up their own businesses. The four Pillars of the economy are Agriculture, Tourism, The Blue Economy and The New Economy,
Under this ULP government our agriculture sector has not received the support it needs to become one of our leading exporters. Despite repeated promises that things would improve they have failed to support our agriculture sector and this sector actually got smaller in 2023, The NDP know that that the only way to grow our economy is to put our agriculture sector at the heart of that growth. We want massively increase production and exports, ensure high value products are being farmed, and develop a sector that from farm, to processing to export delivers high value to our country.
The blue economy should be a key part of our economy but under this ULP government they have simply not made any progress in realising the value and potential of this sector. We in the NDP know central role of agriculture and fishing to the economy of Saint Vincent and the Grenadines and its contribution to the livelihood and well-being of Vincentians throughout successive generations. We need to nurture this vital to unleash potential, grow our economy and create jobs. We will create a standalone ministry to drive growth in the blue economy, partner with existing global experts to develop a major fish industry, Support technological improvement and open new markets.
Tourism is improving but we are a long way away from what was promised. The ULP government has failed to grasp the opportunities from tourism. There has been no attempt to increase the spend per tourist, to ensure that money is being spent in the local economy.
The NDP will increase not only tourist numbers but also tourist spend. We will invest in ensuring that local businesses have the opportunity to be part of the growth in tourism. We will make sure that tourism spend is spread across the country. We will do this by creating more local amenities, linking up local business with major tourist attraction, supporting the growth of local business, and create a national eco-tourism to boost that sector.
The New economy is one of the newer parts of the economy. It encompasses our craft, heritage and services sector. SVG has huge potential to become a cultural and heritage hotspot and we need to take advantage of this incredible potential. Many of the businesses in this sector are small home grown business, this is a huge opportunity to support growth. At the same time the growth of the service sector underpinned by internet services is an important facet of future growth. We will create and capitalise a National Development Bank focussing on this key sector of the economy, Establish a national performing arts centre and establish the National Innovation Hub to promote entrepreneurship and new business.