BASSETERRE, ST. KITTS (MARCH 16TH 2004) – The Cabinet of the Federation of St. Kitts and Nevis in keeping with its policy of agricultural diversification has approved a US$90 million investment plan by NaturalSweet Corporation to proceed with the cultivation and commercial development of Stevia.
The company hopes to grow Stevia – a natural herbal plant and construct a plant to produce NaturalSweet – an all natural Stevia extract – a dietary supplement which is 350 times sweeter than sugar, is calorie-free and dietary safe.
“Stevia production is known to have greater income power,” said Chairman and Director of NaturalSweet Corporation, Mr. Jonathan Chin.
He said that in his search for a good location and good soil in St. Kitts and Nevis, his team is committed to the development of an environmentally-friendly and sustainable product, which will create hundreds of jobs in the agricultural, manufacturing, and service sectors.
The First Phase of Stevia cultivation and commercial development will involve the injection of over US$20 million in the initial 12 months of the project on some 50 acres of land at Ogees (also known as Canada Hill).
“The impact of this US$90 million agricultural-commercial investment on the economy of St. Kitts and Nevis will be far reaching. This massive project and resulting economic spin-off will support GDP growth and the financial foundation of St. Kitts and Nevis,” said Mr. Chin.
He added that the investment will support the Government’s economic diversification programme and further enhance the various government initiatives to create a framework for sustainability prosperity by creating high-valued jobs across various sectors, creating new revenue streams and increasing foreign exchange.
Mr. Chin said the roll-out plan for the first 12 months of the project calls for the creation of 300 new jobs, the setting up of manufacturing and processing facilities.
“NaturalSweet Corporation will provide state-of-the-art technology, greenhouses with watering facilities and a centre for research and development, as soon as circumstances allow. NaturalSweet Corporation has all the mechanism in place and is ready move on this project,” said Chin, who added that the Ministry of Agriculture is currently discussing the process of land preparation with its technical staff, as it is most anxious and ready to start this project and create needed jobs in this sector.
“We have already acquired 22 million seeds which are ready to be shipped to St. Kitts to make full use of the climatic conditions,” said Mr. Chin in an interview with the Communications Unit of the Prime Minister’s Office.
“We already have on order, the processing equipment and have acquired the largest leaf dryer in the world to bring in to St. Kitts,” said Mr. Chin.
He said Stevia provides an excellent alternative to sugar consumption and the related health issues of obesity, diabetes and hypoglycemia.
Stevia is today used in beverages – carbonated drinks, fruit juices, teas, health drinks and flavoured milks; in foods – seasonings, sauces, snacks, cakes, confectionaries, cakes, jams and cereals; and non-food products – cosmetics, toothpaste, mouthwash, pill coating, chewing gums and tobacco coating.
He said the NaturalSweet products will be marketed locally as well as exported in the Caribbean and internationally where NaturalSweet has established markets
