SKN GOVERNMENT TO ADDRESS NEGATIVE GLOBAL IMPACT ON LOCAL MANUFACTURING SECTOR
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BASSETERRE, St. Kitts, October 25, 2022 (SKNIS) – Plans are being made to address the decline in activity within the manufacturing sector across St. Kitts and Nevis.
The Governor General’s Deputy, Her Excellency Marcella Liburd JP, while delivering the Throne Speech at the Opening of the new Session of Parliament today (October 25), stated that the Government, through the St. Kitts Investment Promotion Agency, will be aggressively pursuing opportunities to attract investments in modern technologies such as renewable energy.
“We will seek to establish at least one factory in the Federation to build solar panels and related accessories that will provide low-cost energy-saving options for homeowners and businesses,” Her Excellency Marcella Liburd said.
The Government anticipates that the establishment of a factory here that builds solar panels will help preserve the manufacturing sector’s ability to earn foreign exchange which is necessary for maintaining monetary stability within our Eastern Caribbean Currency Union.
It was noted that St. Kitts and Nevis has seen a decline in activity within the manufacturing sector and a significant reduction in the number of persons employed by manufacturing enterprises over the last few years.
The Throne Speech read, “Since March 2019, we have witnessed the closure of three factories with a fourth to close this coming November. At least four hundred persons, mainly women, would have lost their jobs in the process. The Sector is therefore in desperate need of an updated strategy to chart the way forward for attracting new investments.”
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