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volUME 2 | Issue 1 | 2015
Stanley Palm
Minister of Economic Development
In this Issue
International Developments
The growth of the global economy is
forecasted at 3.5 % in 2015....page 3
Ministry of
Projected Economic Growth 2015
for Curaçao
Growth between 0.4% (cautious scenario)
and 0.9% (optimistic scenario) forecasted
for Curaçao’s economy in 2015... page 6
Economic Development
Short and Mid-Term Policies
Continued efforts of the Minister of
Economic Development, Stanley Palm,
to stimulate sustainable economic development… page 9
Foreword
VOlUME 2 | ISSUE 1 | 2015
Dear reader,
International Developments
In my endeavor to continue keeping stakeholders,
investors and the community informed regarding our economic development, I am pleased to present to you the
2015 Macro Monitor volume 2.
This publication consists of an overview of international
developments regarding our main trading-partners and
the projection of the economic growth of Curaçao for 2015.
In addition, I elaborate on my short and midterm policies,
including my vital achievements and other initiatives currently in execution. These policies and initiatives all contribute toward sustainable economic growth for Curaçao.
I would like to express my gratitude to all stakeholders for
their cooperation in providing us with essential information for this publication, and I count on your further cooperation in the future.
For additional information or comments regarding this
publication, please contact us at
[email protected].
Sincerely,
Stanley Palm
Minister of Economic Development
Global outlook
The growth of the global economy in 2015 is forecasted by the International Monetary Fund (IMF) at 3.5%. The global
economy will grow stronger this year as compared to the estimated economic growth in 2014. The forecasted growth
in 2015 will be driven by the economic growth in the developed economies, especially the United States (US), caused
by among other things the lower international oil prices. However, developing economies are expected to experience
a decline in their growth compared to the previous year owing to the adverse effects of the decline in the international
oil prices for the oil-exporting countries, the decrease of prices of other commodities and a slowdown in the economic
growth of China. Global inflation is expected to remain low in 2015, reflecting mainly the effect of the decline in the
international oil prices according to the IMF.
United States
According to the IMF, economic growth in the United States (US) is expected to reach 3.1% in 2015. The adverse effects
of the strengthening of the dollar are mitigated by a combination of factors, including an improving housing market,
decreasing energy prices and an improved fiscal position. Consumption, being the main driver of economic growth
for the US, will benefit from an improving labor market, increasing consumer confidence and the lower oil prices. The
lower oil prices, on the other hand have adverse effects for the domestic energy sector, where it has a negative impact
on profits and consequently on the carried out investments.
3
Europe
The Brazilian economy is projected by the IMF to contract by 1% in 2015. This expected contraction of economic
The European Commission projects a real GDP growth of 1.3% in 2015 for the euro area and a real GDP growth of 1.7%
growth is due to the low confidence of the private sector in the economy, which is reflected in the drop in private
for the European Union (EU)’s economy in 2015. The significant drop in energy prices will lead to a negative inflation
investments. In addition, domestic supply limitations, particularly infrastructure, along with high borrowing costs,
rate of -0.1% for the euro area and 2% for the EU. Weak investment and high unemployment rates are expected to
also negatively impact the amount of investments. Consumer confidence in the economy is also low, which similarly
negatively influence economic growth. The export sector, however, will be the driver of economic growth in Europe as
contributes to the contraction of GDP.
a result of the positive impact of the depreciation of the euro on total exports.
The Caribbean region will however benefit from the same declining interThe Netherlands
national oil prices, with the exception being Trinidad and Tobago, whose
The CPB Netherlands Bureau for Economic Policy Analysis has indicated that the steady recovery of the global econo-
export sector is composed for a majority part of oil and gas export. Ac-
my and the depreciation of the euro against the dollar are expected to positively impact the Dutch economy, leading to
cording to the Economic Commission for Latin America and the Carib-
an expected real GDP growth of 1.7% in 2015. The strengthening of the dollar will also have its positive effects on the
bean, the Caribbean region is expected to experience a 1.9% real GDP
external sector. Private consumption, domestic investments and profits are expected to increase, benefitting from the
growth in 2015. Caribbean islands such as Jamaica, St. Maarten, Aruba
low inflation. This will lead to a minor improvement of the labor market that will slightly reduce the unemployment
and the Dominican Republic are all expected to reap the benefits from
rate. These developments will lead to an increase of the population’s purchasing power in 2015 by 1.2%.
an expected increase in US private consumption, which implies that an
increase in tourist arrivals flow can be expected from the US market, as indicated by Business Monitor International.
The Jamaican economy is expected to grow by 1.6%, as a result of the improving business climate, coupled with lower
Latin America & The Caribbean
inflation which will support private consumer spending. These are expected to drive stronger growth in 2015 than in
2014. The forecasted real GDP growth of St. Maarten’s economy is 1.8% in 2015. This is as a result of the previously
mentioned benefits of the North American market, along with the expectation that the tourism sector’s growth will
stimulate other sectors in the economy, such as trade, retail and transport.
Aruba’s economy is projected by the Central Bank of Aruba to grow by 2.4% in 2015. This growth will be driven by
private investments and the tourism sector. A 4.5% increase is expected for private investments and a 3.6% increase
in tourism receipts. These will lead to an increase in employment opportunities which could lead to an increase in
private consumption. Consumer confidence in the economy is low and therefore only a moderate increase is expected.
The expected real GDP growth for the Dominican Republic indicated by Business Monitor International is 6.6% in
2015. The expected increase in US private consumption will positively affect the labor market of the Dominican Republic, as it implies that an increased flow of tourist arrivals can be expected from the US market. Additional employment
opportunities will be generated in the tourism sector and have a positive impact on economic growth. Moreover, the
benefits of the decline in the oil prices manifest themselves in lower costs in the transport sector, which allows for
increased consumer spending on other goods and services. Real private consumption is expected to grow and also
contribute towards economic growth.
The Latin American and Caribbean regions are expected to have a 1% economic growth in 2015, according to the IMF.
The falling commodity prices will have a negative effect in most commodity-exporting economies. The net commodity
importers, on the other hand, are expected to benefit from the sharp decline in oil prices.
Specifically, the countries of the Latin American region are set to experience a setback in their national income due to
the decline in the prices of oil. There are difficult times ahead for the Venezuelan economy. The decline in the international oil prices in combination with pervading administrative controls and other policy distortions are expected to
drive up inflation beyond 70% and cause a deep recession in 2015. Venezuela’s real GDP growth is expected to contract
by -3.6% in 2015 according to the Business Monitor International. Another Latin American country whose economy
is dependent on the oil sector is Colombia. Its economy has a better outlook than Venezuela’s. Real GDP growth is
expected to reach 3.1% in 2015. The lower international oil prices negatively affect businesses that depend on the export of oil. It is expected to lead to fewer exports and revenues, decreasing private investments and subsequently less
economic growth than the previous year.
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Table 1: Real GDP growth in %
Table 2: Inflation in %
2014
2015
Developed economies
1.4
0.4
1.7
European Union
0.6
0.2
2.4
3.1
United States
1.6
0.1
The Netherlands
0.8
1.7
The Netherlands
0.3
-0.1
Latin America and Caribbean
1.3
1
Latin America and Caribbean
8.6
8.2
Brazil
0.1
-1.0
Brazil
6.3
7.8
Colombia
4.9
3.1
Colombia
3.7
3.4
Venezuela
-2.5
-3.6
Venezuela
61.7
77
Real GDP growth in %
2014
2015
World
3.4
3.5
European Union
1.3
United States
Source: CPB, IMF, ECLAC, European Commission
Inflation in %
Source: CPB, IMF, ECLAC, European Commission
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Table 3: Macro Economic Indicators Cautious Scenario
Economic Forecast 2015
Changes in real value in %
(compared to the previous year)
Inflation in %
• Non-tourism exports are expected to increase by 1%,
2015
1.5
Private consumption
-0.8
Public consumption
1.5
Private investments
-4.3
Public investments
10.6
resulting from, among other things, the refining fee
Exports
3.2
that reflects activities at the refinery, which are pro-
Tourism Exports
5.0
Imports
0.2
GDP
0.4
jected to increase substantially. Ship repairing activities and bunkering services are expected to increase in
2015 compared to 2014. In addition, the outlook for the
international financial and business sector is also posi-
Amount*1000
employment
tive compared to the previous year.
0.6
Source: Curalyse Macro-economic model
The Ministry of Economic Development expects the local economy to grow between 0.4% (cautious scenario) and
Outcome
0.9% (optimistic scenario) in 2015. The projected growth can be ascribed to the expected higher exports of both tour-
Based on these assumptions, the Ministry of Economic Development expects the economy to grow by 0.4%. This
ism and non-tourism products and services. The 2015 economic forecast includes both a cautious scenario and an
growth will be driven by the exports, consisting of non-tourism products and services export as well as tourism ex-
optimistic scenario. The estimations are made using the Curalyse macroeconomic model, based on international de-
ports. Planned public investments will also stimulate private investment and will positively impact employment on
velopments expectations, local sectoral expectations and past trends. The following are the projections corresponding
the island. The reduced direct tax rates as part of the tax reforms effective as of January 1 and the lower fuel prices
to the cautious and optimistic scenarios respectively.
are expected to have a positive effect on the disposable income. This will lead to higher local spending, yet failing to
compensate for last year’s policy reforms which had a negative impact on the disposable income. Private consump-
Cautious Scenario
tion has therefore decreased by less compared to last year. Tourism will continue to play a vital role for the economy
in general and for its suppliers.
Assumptions:
• Inflation is estimated at 1.5% for 2015. The decline in oil prices and other commodities on the international level are
Optimistic scenario
expected to affect the level of inflation of our main trading partners, subduing the imported inflation. A relatively
low import bill in combination with the expected lower domestic costs, owing to a.o. the expected lower fuel costs,
Assumptions
are expected to maintain the inflationary pressure at the same level as in 2014.
• Inflation is estimated at 1.5%. The slight expected increase in economic activities in this scenario is not expected to
• Private investments are expected to decrease by 4% in comparison to last year, given the expected downturn in
construction activities. This is reflected in the sharp decrease expected in the amount of projects in the construction
sector for this year.
• The volume of public consumption in 2015 is projected to increase by 3% due to the expected acquisition of additional office supplies and other goods and services.
• Public investments are forecasted at NAf 236 million which include, among other things, the required investment
for the building of the new hospital in Otrobanda and infrastructural works all around the island.
have an upward pressure on inflation.
• Public investments are projected at NAf 236 million, the same as in the cautious scenario, aimed at stimulating the
private sector and increasing confidence in the economy.
• Tourism growth will reach at least the same level of growth as in 2014. A 6% increase is expected in the tourist nights
spent, led by the expected increase in tourist arrivals from the North-American and South-American markets owing
to additional airlift form these regions.
• Non-tourism exports are expected to grow by 2%. The positive expectations regarding ship repairing activities, re-
• An increase is expected in the number of stay-over arrivals resulting in a 5% increase in stay-over nights driven by
fining activities, bunkering services and the international financial and business services sector lead to this higher
additional tourists from the European, North American and South American markets as a result of additional airlift
expected percentage of non-tourism exports. This is on account of the higher expected foreign demand resulting
and marketing activities.
from the improving outlook of our main trading partner economies.
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Short and mid-term policies
• Private investments are expected to decrease by 3 %, at
a slower pace, due to the positive outlook for tourism
exports, non-tourism exports and the expected improvement of the business confidence in the economy.
Table 4: Macro-economic indicators Optimistic Scenario
Changes in real value in %
(compared to the previous year)
Inflation in %
2015
1.5
aimed towards the development and implementation of policies that have sustainable economic development as
their ultimate objective. Policies are being developed for the further improvement of the local economy. The strategy
Private consumption
-0.5
Public consumption
1.1
Private investments
-2.9
Public investments
11.2
In the Minister’s endeavor to achieve sustainable economic development, he presses on with the creation of the condi-
Exports
4.1
tions necessary to realize economic growth in terms of creating jobs, attracting foreign direct investments, generating
Tourism Exports
6.0
foreign exchange and stimulating innovation. In this regard, the Minister has accomplished the following concrete
Imports
1.0
policy initiatives and objectives within the following economic areas:
GDP
0.9
focuses on, among other things, stimulating target sectors, revitalizing the economic structure and improving overall
conditions for economic growth.
Stimulation of target sectors:
Amount*1000
Outcome
The policy of the Minister of Economic Development, Mr. Stanley Palm (hereinafter referred to as the Minister), is
employment
0.9
The Ministry of Economic Development projects a 0.9%
Source: Curalyse Macro-economic model
real GDP growth in this scenario, which is primarily the
in this scenario. Public investments to be carried out are
- The approval and implementation of the Harbor Policy.
result of the positive expectations regarding the external
expected to trigger activities in the private sector to fur-
The Harbor Policy provides a framework within which concrete policy actions can be implemented in order to
sector. The negative growth rate of the private invest-
ther increase business confidence in the local economy.
tap into new markets to further expand and diversify the local economy and realize sustainable development. The
ments and consumption is mitigated by the significant
Private investments are expected to be stimulated further
Harbor Policy is directed towards improving and strengthening the institutional structure of the maritime sector,
expected increase of the tourism and non-tourism ex-
as a response to the expected increase of economic activi-
developing a new sector–the yachting market–and leveraging existing ones. With respect to the improvement of
ports, resulting in additional economic growth in 2015.
ties in the external sector such as the increasing tourist
the institutional structure of Curaçao Ports Authority, the Minister, in close cooperation with the aforementioned
The inflation level is forecasted to remain the same as
arrivals, ship repairing activities, bunkering and refining
state-owned enterprise, is at an advanced stage of executing several of the proposed recommendations stemming
in the cautious scenario, at 1.5%. A relatively low import
activities. Employment is expected to increase further in
from the approved policy.
bill, in combination with the expected lower domestic
this scenario as a result of the increase of activities in the
costs, is expected to maintain inflation rather subdued
tourism and logistics sectors.
8
Logistics:
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Tourism:
-The development of the Strategic Tourism Master plan 2015-2020
The Strategic Tourism Master plan 2015-2020 outlines the strategy for a sustainable development of the tourism
sector. The main objective of this plan is to realize a considerable increase in the economic contribution of the
tourism industry within the next five years. In addition, this plan aims at an improvement of the competitiveness
of Curaçao within the Caribbean region.The strategy to increase the economic contribution of the tourism sector
entails a strategic emphasis on tourist arrivals from the United States (US) while sustaining the three other main
markets, namely the Dutch market, the Venezuelan market and the Latin American market.
In this regard, it is intended to conduct brand awareness and an aggressive market penetration within the US market to attract additional inflow of US arrivals. Furthermore, the tourism strategy is directed towards the enhancement of specific components of the tourism product such as: human capital development, service culture, education, service delivery. The realization of the tourism strategy will improve the economic contribution of the tourism
sector in terms of accelerated job creation, increase in foreign exchange, higher tourism spending and increased
Additionally, concrete steps have been taken to:
• assess the possibilities for having a marina in the Waaigat area and;
• construct a second Mega Cruise-Ship Pier, which involves an investment of USD 31 million, and an adjacent Rif Seaport Village and facilities for USD 12 million, expected to be in operation in 2017 and 2019 respectively.
-The investment in equipment and machineries for the CDM training school
An investment will be made this year to acquire equipment and machinery for the CDM training school. The school
fulfills an important role in maintaining and increasing the flow of skilled craftsmen for the ship-repair yard in
particular and other companies in general on the island of Curaçao. During the 2015-2019 period, the school will
train a minimum of 120 new recruits each year. The expectation is that within one and a half (1.5) years, the CDM
training school will deliver skilled workers able to enter the ship-repair industry. The investment will be phased by
investing first in the strongly needed equipment to train local youngsters, in order to satisfy the demand for skilled
labor at the ship-repair yard. The increase in the supply of skilled workers is expected to positively impact activities
at the ship yard, which in turn can have a positive influence on Curaçao’s economy. In the second phase to follow
soon, investments will be pursued to either renew the existing building or build a new structure with proper and
modern facilities.
- Investments in the Curaçao Hato Airport Infrastructure
Several investments were carried out related to the Curaçao Hato Airport Infrastructure. These included the construction of the Jet Centre Curaçao (JCC), a stand-alone terminal for private jets that was inaugurated in January
2015. The air-conditioning and expansion of the check-in hall and the Curaçao Mirador have also been completed.
This year, Curaçao Airport Partners is expected to invest at least 8 USD million in the airport. Some major investments are the refurbishment of the runway and the Hato Handling hangar. Also, investments will be carried out for
the construction of the new arrival hall and the expansion of the shopping plaza, while investments for the further
economic growth. The implementation of the Strategic Tourism Master plan requires an investment of US$40 million spread out over five years.
-Renovation of the old market building “Plasa Bieu”
Plasa Bieu is a well-known tourist attraction in the downtown area, where tourists together with locals enjoy the
traditional cuisine of Curaçao. The renovation of this local cuisine food court forms part of a comprehensive downtown revitalization strategy. The renovation entails, among other things, a renewing of the interior of the kitchen
area, the furniture, the ladies’ room and men’s room, the roof and the floor. The renovation will definitely enhance
the physical appearance of the downtown area and the luncheon experience of the visitors. The renovation process
will take approximately five to six months with a possible extension of one month.
-The approval and implementation of the Transnational Education Policy.
Transnational Education (TNE) is higher education provided by existing and new institutions. The vision and strategy for Curaçao is to attract institutions and international students to Curaçao by attracting branch campuses and
realizing twinning and franchising initiatives. Potential markets for Curaçao TNE are Venezuela, Colombia, the
Netherlands and India. During the implementation phase, critical success factors including legislation, regulations, quality assurance and the conditions for this sector to develop will be analyzed, in order to attract renowned
institutes. TNE on Curaçao will contribute to the further development of the knowledge economy. The economic
benefits of TNE to Curaçao lie in foreign revenues flowing in from the foreign students, as these students spend on
housing, consumption and other goods and services. In addition, visits from friends and relatives will contribute to
the tourism sector and their spending will have a spin-off effect on the local economy, on the creation of employment and on the government budget. Through the construction of universities and/or campuses, TNE on Curaçao
will attract both local and international investments, contribute to foreign exchange with a positive effect on the
balance of payments and a positive impact on the real GDP growth of Curaçao.
expansion of the terminal will continue.
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-The construction of the Marriot Courtyard hotel
The construction of the Marriott Courtyard will increase the available accommodation options on Curaçao. The Marriott Courtyard
will be located at the south coast, within walking distance of the
Rif Seaport and Willemstad. The hotel will include 177 luxury guest
rooms including 20 suites, and will cater to upscale visitors. It will
Fishery sector:
also have a commercial area with renowned restaurants, a casino, a
-The establishment of the Fishery monitoring center.
swimming pool and other attractions. The investments required for
The Fishery monitoring center is responsible for the supervision and coordination of the international fishing and/
the construction of the hotel are approximately USD 35 million. The
or industrial fishing activities of Curaçao. The center’s tasks involve coordinating, monitoring, controlling and su-
four-star hotel is expected to officially open its doors in 2017. The
pervising international or industrial fishing vessels equipped with a Vessel Monitoring System which are registered
Marriott Courtyard hotel will add value to the economy of Curaçao
in Curaçao and operate in international waters or in the exclusive economic zone waters of Curaçao and third coun-
in general and in particular to the existing tourism product.
tries. Currently, the necessary steps are being taken for the adoption of the National Fisheries ordinance in order to
comply with ICCAT/EU requirements.
-The development of the Curaçao Marie Pampoen Beach Boulevard
The Marie Pampoen Beach Boulevard will stretch over the south coast with a length of approximately 600 meters.
This will allow for the registering of additional international fishing boats operating under ICCAT permits issued
Apart from the longest public beach of 350 meters, the boulevard will provide several function areas and activities
by the local government. The revenues from the registration of vessels with permits issued by the government will
where local citizens and tourists will be able to meet and interact in a cultural ambience. The construction of the
benefit the local economy in terms of foreign exchange and will have a positive impact on government revenues.
beach, including the breakwaters and the boulevard with its associated facilities, will require an investment of USD
This additional income will be used to further develop the local fishery sector. In the near future, observers and
6 million. According to the implementation plan, the entire project will be completed by mid-2016. Some functions
inspectors will be required to inspect and control the fishing activities of ships registered under the Curaçaoan flag,
are expected to be in operation early in 2016.
which represents additional employment opportunities for the local population.
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Specifically, CINEX is currently in the process of further strengthening its institutional structure by a.o. assessing the
possibilities to join forces with counterparts in target markets, with the objective of directly attracting and facilitating
foreign direct investments from source markets in Curaçao.
Initiatives to institutionalize direct points of contact or foreign representatives in Panama City, Miami, Santo
Domingo, The Hague and Shanghai will be implemented during 2015. According to plans, the Minister, together with
CINEX, will gradually launch these foreign representatives during the upcoming two quarters of this year.
Additionally, CINEX is facilitating the construction of baseball training facilities comprising 4 academies in 2 complexes called “Project 421”. The project is a partnership between Curaçao’s government and the International Baseball
Partners, LLC. This cooperation seeks to create an international baseball–player development headquarters in Curaçao
where regional talent can further explore professional opportunities. This project is expected to have a direct positive effect on the tourism sector in particular and the economy in general in terms of job creation, foreign-exchange
income and knowledge exchange.
-The establishment of the Curaçao Development Bank NV (CDB)
PROJECT 421
In order to create sustainable economic development, the country needs an instrument that can support the process of designing and implementing a strategic development vision while considering the macroeconomic challenges faced by a small and open economy.
Improving the economic structure:
-The approval of the investment promotion policy
The investment promotion policy and strategy, together with its corresponding implementation plan, concretely
enable the formulation of a medium-term budget exclusively for investment promotion, sector coordination measures and a performance monitoring scheme, and to give form to an organizational structure for the newly established Curaçao Investment and Export Development Foundation (CINEX). CINEX’s mandate is to proactively
promote foreign direct investment and stimulate export for Curaçao. With the approval of the proposed Investment
Promotion Policy, concrete policy initiatives relating to foreign direct investment within the target sectors and the
most likely source markets can be implemented.
- Curaçao Investment and Export Development Foundation (CINEX)
CINEX was established in 2014 and has since been actively engaged in fostering investment projects for the island.
The vision of CINEX is to become the leading organization that, in close cooperation with key stakeholders, ensures
a structural flow of investments, the improvement of the investment climate and the promotion of export to substantially contribute to the sustainable economic development of Curaçao.
The CDB is envisaged to be the instrument to support the implementation of the strategic vision for sustainable
economic development in Curaçao, with the capacity to mobilize public and private resources (local and international) to contribute towards that vision.
The new organization is to be developed as a talented, state of the art organization capable of supporting the
comprehensive implementation of the development management cycle. It should support:
I.
the programming and planning of strategic sectors (and geographical areas),
II.
the mobilization of domestic and international savings/funding, the appraisal of development programs
and projects,
III. the financing of programs and projects, specifically relating to the assistance and promotion of SMEs
IV. the coordination of the implementation of such programs and projects whenever needed and
V.
the periodic evaluation of the development impact of these programs and projects on the sustainable
development of Curaçao
VI. while contributing to the development of the capital market
The strategy of CINEX is directed towards:
•
acquiring and promoting investments and exports;
•
facilitating and guiding local as well as international investors through the process to establish and expand 14
their business in Curaçao.
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The CDB has a clear mandate and strong corporate-governance arrangements which clearly define the responsibility,
authority and accountability of its shareholders, Board of Supervision and Board of Directors. Furthermore, the CDB
is intended to mandate research to measure the implication and effects of its activities on the economy, for example,
studies relating its activities to the GDP
-The establishment of the Fair Trade Authority Curaçao (FTAC).
The Fair Trade Authority Curaçao will be an integrated supervisory organization, combining competition supervision, consumer protection and regulation. The main goal of competition supervision is to encourage fair competition practices and discourage abusive practices. The introduction of the Competition Ordinance will benefit
suppliers (businesses) by enforcing rules for creating a level playing field and avoiding abuse by dominant market
suppliers. Effective competition policy also increases consumer welfare because it results in competitive prices,
more innovation and increased quality of goods and services.
The primary objective of the FTAC in regards to consumer protection is to strengthen the consumer’s position in
the economy by protecting consumers’ interests and welfare. They will supervise and enforce compliance with consumer laws and regulations. Consumers and business-organizations will be informed about their legal rights and
obligations. In addition, advice will be given by the FTAC regarding consumer laws and legislations.
The main goal of the FTAC with the regulation of the offering of goods and services on (monopolistic or oligopolistic) markets is to positively impact consumer welfare on Curaçao by correcting the outcome of monopolistic or
imperfectly competitive markets, solving externalities and information asymmetry problems. Prices and/or quality
will be regulated where necessary to contribute to the creation or strengthening of market incentives and thus lead
to price reductions, cost savings and quality improvements.
Besides the above-mentioned achievements that stimulate key sectors and improve the economic structure,
the Minister, together with the government and in cooperation with the private sector, is committed to further
implement the policy initiatives required to create the necessary conditions in order to further stimulate the
economy on the short, medium and long term.
Ministry of
Economic Development
16
AmiDos Building (4th Floor) Pletterijweg 43 Tel
: +5999 462 14 44
Fax
: +5999 462 75 90
E-mail : [email protected]