Curacao Ministry of Economic Development

deficit, primarily driven by a trade in goods deficit, partially offset by a positive trade in services balance. This deficit underscores the central challenge in the island’s economy: the need to grow sectors generating foreign currency to maintain the ability to import goods and services crucial for business productivity. Recognizing the changing global landscape and the imperative for economic diversification, the National Export Strategy (NES) aims to address these challenges. While historical pillars like oil refining, international financial services and Tourism have served well, the NES emphasizes the importance of broadening sources of well-being and prioritizing sectors with strong potential for foreign exchange earnings. The NES identifies seven priority sectors for export potential: the blue bioeconomy, creative industries, education services, financial services, information technology services, Medical and Wellness Tourism, and port andmaritime services.These sectors not only hold export potential but also offer opportunities for creating linkages, fostering a strong and resilient economy. To support these efforts, the NES includes trade support strategies such as skills and entrepreneurship development, trade and investment promotion, trade information dissemination, and trade facilitation. These strategies aim to revitalize Curaçao’s business environment, lower the cost of doing business, promote local entrepreneurship and innovation, and position the country as an attractive destination for business investment. The NES represents a critical development project for Curaçao, endorsed by the Council of Ministers in May 2022, indicating strong political support. It is a comprehensive plan emphasizing the need for a diversified and resilient economy in the face of challenges like the COVID-19 pandemic and the decline of traditional economic pillars. The implementation of the NES will require collaborative efforts from all stakeholders, with a focus on legislative agility, institutional alignment, digital technology leverage, reduced bureaucratic 4 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 03