Message for the New Year from the Minister of Economic Development

The year 2023 presented itself as a year with many challenges both internationally and locally. Despite this, through perseverance and confidence, it is rewarding to announce that there will be a substantial growth of 4.1% in 2023 and 4.4% in 2024, according to the forecast of the Central Bank. With the mentioned growth, it is concluded that Curaçao’s economy has rapidly recovered and surpassed the pre-pandemic level (COVID).

The main driving force behind the economic growth in 2023 is the record growth in tourism, where we exceeded the set target of half a million stay-over tourists visiting the country. Meanwhile, we reached 600 thousand stay-over tourists, and in terms of cruise tourism, we also exceeded the projected numbers. The number of airlines that have been attracted and/or expanded their flights is crucial in this spectacular growth. Specifically, this includes Azul from Brazil, Corendon Airlines from Amsterdam, Delta Airlines from Atlanta, and United Airlines from New Jersey. Additionally, American Airlines, which we succeeded in expanding with three flights per day, Air Canada, Jet Blue, Copa Airlines, and Avianca, all increased their flights to Curaçao. Surinam Airways started the route to Miami, connecting Curaçao with Paramaribo. From the Mid-Atlantic route, there is an increase in flights from TUI and KLM, which, along with Corendon Airlines, ensures 30 flights per week from Amsterdam.

Also, the tourism sector can count on a large number of new hotel rooms. Corendon expanded its hotel with 450 rooms in the past year. Other hotels that started operations in 2023 include Kurá Botanica and Harbor Hotel, both investments by local entrepreneurs. One Mambo Beach, Pyrmont, The Ridge, Dolphin Suites, Marriott Courtyard, and Bed & Bike in Westpunt, all owned by local investors, are completing construction to start operations soon. In the capacity-building process for the hospitality sector, more than 450 students in various tourism areas were educated.

Various cruise ships also visited Curaçao for the first time, such as Carnival Celebration and Harmony of the Seas, among others. The popularity of Curaçao as a tourist destination attracted a substantial number of individuals with the means to purchase a second home on the island.

In the effort to diversify Curaçao’s economy, an MoU was signed with the Proteus Ocean Group for the construction of the first underwater laboratory. There is also a local initiative to create a submerged sea aquarium, adding value to the tourist product.

The signing of the MOU with Minister Rob Jetten has resulted in tangible achievements. A seabed soil study, conducted by the Fugro company, is a crucial step in starting the project to produce sustainable hydrogen using floating wind turbines and realizing the ambition to export hydrogen to the Netherlands and other parts of the world.

Additionally, in close cooperation with the Ministry of Economic Development (BPD) and the Ministry of Justice, the digital system eCuraCase was launched to facilitate the digital application for economic permits and other services. The MEO (Ministry of Economic Development) is closer to businesses in neighborhoods through the initiative called “Orea pa Empresario,” during which the MEO listens to and assists our current and future entrepreneurs.

There has also been the commencement of the renovation of the New Market in Punda, and the inauguration of the Art Plaza at Megapier where local crafts and souvenirs are sold. Sha Caprileskade has resumed receiving shipments of fruits and vegetables from Venezuela, and the famous Social Economic Market – BETH has returned to stimulate more micro-entrepreneurs.

To raise consumer awareness and increase competition among supermarkets, the Mi PÒTMÒNI app was launched, allowing users to conveniently track their shopping lists.

Aqualectra signed a contract with Nu Capital for the expansion of an onshore wind turbine park, resulting in a 30% increase in renewable energy production in 2021 to around 50% by mid-2024.

In the process of boosting local sectors, the Minister of Economic Development introduced, in 2023, a special irrigation water tariff for farmers.

The Minister of Economic Development also initiated the process for the introduction of higher-quality gasoline and diesel, equivalent to the EURO 4 standard, after successfully introducing new specifications regarding fuel quality. It is expected that by the beginning of 2024, the new fuel will gradually be introduced to the local market.

What will be the focus in 2024?

The focus in 2024 will be directed towards sustainable development, with the vision to ensure Curaçao’s economic growth, create sufficient decent job opportunities, and reduce unemployment so that everyone willing to work can have a job. The Ministry of Economic Development will continue to stimulate sustainable and inclusive economic growth, with the main goal of improving economic resilience and competitiveness through:

Creating the necessary conditions to ensure a strong and diversified economic structure;

Stimulating value-added sectors;

Creating stability in prices, improving the investment climate, and increasing foreign exchange;

Generating job opportunities by encouraging small businesses in sub-sectors.

2023 was a year filled with many positive developments. With this spirit, we aim to achieve even more concrete accomplishments for Curaçao in 2024. Minister Cijntje and his team at MEO wish the people of Curaçao a Happy and Prosperous 2024.

Bron: Curacao Chronicle