As the government is moving forward to create inclusive and decent jobs, promoting entrepreneurship, investment, innovation and business development, there is an implicit collective understanding of the sectors that the economy of Aruba needs to engage in. The sectors vary in degrees of technology depth but are summarized in six Promising Sectors: Tourism, Knowledge Economy, Agriculture, Logistics, Circular Economy and Creative Industries. The key-sectors and their specific sub-sectors for focus are presented below.
Since the Wever-Croes cabinet took office, the Government’s central purpose has been to turn the disrupted government finances into a sustainable, responsible financial policy, which is a prerequisite for creating a solid and resilient economy. At the same time, the government worked together with important stakeholders to formulate an economic vision and economic policy. It’s our determination to build a more successful country, with opportunities for all Arubans to flourish, through increasing sustainable economic growth.
A robust and diverse economy is vital to our national prosperity and in creating the wealth to support high quality public services. Ensuring that growth is shared and sustainable is the key to unlocking all of Aruba’s potential and strengthening our greatest asset – the people of Aruba.
Our people are creative and resilient, and we are home to a very diverse and multicultural workforce. We will continue to build on the strengths of our society, to create a more competitive and sustainable economy. As we look forward, we want to achieve more than simply return to a slight positive economic performance, after a couple of years of recession. We need to tackle the underlying challenges in our economy and labor market, increase the labor productivity, competitiveness and sustainability of the Aruban economy. We need to ensure that there are sufficiently skilled and well-paid job opportunities available, take advantage of the opportunities presented by globalization, innovation and technological change and ensure that the benefits of economic success are shared by everyone.
The Aruban economy was challenged after the closure of the oil refinery, and we depend only on one economic sector. The dependency on tourism has increased heavily since the nineties, which urges the need to diversify our economy. Previous diversification efforts had failed, partly because they were perceived as being owned only by the Government. This policy is therefore, broad-based scope, non-partisan and inclusive, the recipient of input from the public and private sectors, Trade Unions, NGOs and external agencies. Through a participatory process specific economic sectors were identified. This Economic policy sets out an overarching framework for how we aim to achieve a more productive, cohesive and fairer Aruba. It prioritizes boosting investment and innovation, supporting inclusive growth and maintaining our focus on increasing internationalization.
Creating more prosperity and justice is a shared national effort. Only by working together with the broader public and private sector in Aruba, the third sector, trade unions, companies and communities we will be able to create a society in which the benefits of economic growth are more evenly distributed, and future economic growth is stronger and more sustainable.
The Econonmic Policy A Strong and Resilient Economy 2019-2022 drafts the road to achieve the economic vision “To improve the investment climate in Aruba and to stimulate an innovative, competitive and diversified economy, which contributes to a higher quality of life for all citizens”
Investment Strategy 2019-2024
The Investment Strategy 2019-2024 comes at a crucial time for Aruba. The economy of Aruba being a small island economy is highly dependent on the international market fluctuations and international politics. Over the years Aruba has been able to manage the international events and fluctuations making it possible for the economy of Aruba to experience a high economic development.
Concerted actions towards developing Aruba’s Promising Sectors will lead to a balanced and sustainable economic growth for the coming decades. Furthermore, this Investment Strategy is part of the Economic Policy, which entails a vision towards strength and resiliency as the bedrock of a balanced and sustainable economic growth for Aruba. History has shown that Aruba can recuperate rapidly and return to a steady growth. With the strategy, Aruba will be able to turn the tide once more.
In this strategy we present a baseline assessment of the total jobs and businesses in each Promising Sector. The aim is to achieve with this strategy a significant increase in the total numbers of jobs created and businesses opened in the Promising Sectors by 2024.
Furthermore, this strategy will contribute to the implementation of the SDG Agenda 2030 in Aruba. This strategy will support “productive activities, decent job creation, entrepreneurship, creativity and innovation, and encourage the formalization and growth of micro-, small and medium-sized enterprises”, as SDG 8 states. Aruba will focus on activities that will stimulate the diversification of the economy, stimulate the creation of opportunities for new business ventures both within and outside existing industries, stimulate a sustainable, high value, responsible and balanced tourism, promote capital-intensive and technology-driven activities, increase efficiency in the labor force and attract highly skilled workers. New industries shall be in harmony with the government’s human-centered approach and the quality of the environment and attractiveness of the island.
National Action Plan 2023-2025
The government of Aruba has approved the action plan ‘Aruba’s Transition to a Sustainable & Inclusive Economic Model- National Action Plan 2023-2025’; an actionable plan that provides concrete implementation for the transition to a new economic model.
“This action plan is a guideline to keep us focused on where we want to go and how we can get there”. Mr. Geoffrey Wever, Minister of Economic Affairs, Communication and Sustainable Development.
Investment Promotion (ARINA)
Aruba Investment Agency, Arina, is the first and main point of contact for all Foreign Direct Investment in Aruba. Arina was established in order to make it easier for investors to establish a business on Aruba or use Aruba as a gateway to enter new markets.
Arina’s services include:
- Providing comprehensive intelligence on Aruba;
- Providing sector and market intelligence;
- Advising and assisting you on investment opportunities and policies;
- Introducing you to important and relevant contacts;
- Assisting in all government procedures (e.g. licenses and permits);
- Offering site visit assistance;
- Providing information on all procedures and requirements for establishment.
Through Arina the permits and licenses will be processed in a much shorter time frame due to their fast tracks. Also, the client will have one main point of contact in Aruba, and Arina’s services are offered completely free of charge.Scroll To Top
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