St Helena has launched a period of public engagement on the draft Sustainable Economic Development Strategy and Delivery Plan 2023-2033 (SEDS). The SEDS will serve as the overarching blueprint for developing the territory’s economy, replacing the Sustainable Economic Development Plan 2018-2028 (SEDP).
The new SEDS focuses on two key goals: the growth of the working age population and the increase in government revenue collected through economic activity. These priorities are reflected in the six objectives outlined in the SEDS, aimed at advancing these goals and driving economic development on the island.
Minister for Economic Development, Mark Brooks, expressed his enthusiasm for the new strategy, stating, “I am pleased to invite comments on the new Sustainable Economic Development Strategy. The SEDS will be the driving force of change across the economy and will guide all strategic policy decisions.”
The SEDS can be accessed on the SHG website, and feedback can be submitted to Director of Economic Development, Damian Burns. The public engagement session for the SEDS will be announced in due course, providing an opportunity for stakeholders to participate in shaping the economic future of St Helena.
The development of the SEDS was prompted by a reassessment of the existing economic policies in response to the new government in power since 2021 and the changing economic landscape post-Covid-19. The revised strategy aims to unlock the true potential of St Helena’s economy and ensure its flourishing in the coming years.
The SEDP, which guided economic development initiatives until now, was based on export promotion and import substitution strategies. However, a review concluded that a shift in economic policy was necessary to focus on areas of comparative advantage, reduce barriers to economic activity, and promote investment and productivity.
The revised economic development strategy aligns with the government’s vision and strategy, emphasizing the importance of creating a business-friendly environment, establishing effective infrastructure, and increasing investment and value adding in the economy.
St Helena is now poised to embark on a new chapter of economic development guided by the SEDS, with a clear focus on sustainable growth and prosperity for the benefit of all on the island.
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