Betrian pleads for diversification economy

October 23, 2008 4:49 AM

The current financial crisis on the international market proves once again that the economy must not be dependent on just one sector, says Stanley Betrian, chairman of the Social Economic Council (SER).

According to Betrian, the local economy must be diversified as much as possible, and not make it dependent on just the tourism.

Reacting on the international financial crisis, Betrian says that the consequences for Curacao and the Antilles are until now better than anticipated. He refers in connection to this, to recent remarks coming from representatives of local banks and supervisor Bank of the Netherlands Antilles (BNA).

But according to Betrian, the consequences are limited, because the local banks have very little association with the international financial institutions that are now in trouble. Despite the fact that the consequences appear to be better than anticipated, Betrian warns the Antilles and especially Curacao to remain vigilant. “We are not directly confronted with the consequences. But it can happen indirectly. I can imagine that American tourists that are confronted with the consequences of this international crisis won’t travel and spend money like before. I have always made out a case for diversification of our economy. As a country, you shouldn’t be dependant on just one source of income.”

He has always been in favour of a well-developed knowledge-economy on the island. He misses a plan regarding the development of tourism on the island. “We must not rely on just income from tourism. I have said that often enough in the past, and people were not happy at that time. It is on the one hand labour-intensive and many people can get employed in a short period of time. But it is a vulnerable industry that is sensitive to international developments. So you must deal with it very carefully.”

Speaking in a personal capacity, Betrian says that he believes in an overall plan, in which is indicated to what extent tourism may contribute to the gross national product. This must prevent that the island becomes too dependent on one source of income. The plan must also pay attention to which other sectors should be developed.

(Source: National newspaper Amigoe)

22 October, 2008