Master Planning the Singapore Way
International Marketing and Business
Caribbean University, Aruba
Palm Beach, January 2005
The paper examines the possibilities for the Island of Aruba to make use of a economic Master Plan to diversify its market. It focuses on issues like economic hub, logistics hub, knowledge economy, similarities of economies, captive insurance, as well as the viability of implementing a Master Plan, possible limitations and minimum requirements. In the discussion challenges and opportunities are assessed if using a Master Plan. The paper concludes that using a Master Plan could be a viable move toward a diversified economy for Aruba, taking into account that it will probably take 3 or 4 decennia to accomplish the goal, and that without a Master (policy) Plan, supported by all future governments, it will fail.
Aruba as an Economic hub
The relevance of discussing Aruba as a potential economic hub in the Caribbean, lies within recent statements of the Aruban Government which is striving for diversification of the economy. According to the government, Aruba must diversify its economy, in order to lessen the risks related to a back fall in the tourist industry, which is currently the only economic pillar of the island. The vulnerability of the tourism industry has become more than evident after the terrorists attacks of September 11th, that caused a massive decline in tourists coming to the Island.
According to the Aruban Government there are 4 major focus points which can be used to develop the current economy into a more diversified economy, namely:
1. Diversification of the existing tourism sector
2. Turning Aruba into a knowledge Economy
3. Globalizing the Financial Sector of Aruba
4. Turning the local transportation and logistics facilities into a hub for Latin American countries to the USA and Europe.
These factors were also... [continues]
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