New Strides in New Markets: Curaçao’s International Image

THE KINGDOM OF THE NETHERLANDS SIGNS MOU WITH THE DOMINICAN REPUBLIC

After three years of ongoing negotiations, the Kingdom of the Netherlands and the Dominican Republic signed a Memorandum of Understanding (MoU). The signing took place in Santo Domingo where the Minister of Economic Development, Eugene Rhuggenaath, signed on behalf of Curaçao; Prime Minister William Marlin, on behalf of Sint Maarten; and the Kingdom Ambassador to the Dominican Republic and Haiti, Marijke van Druinen- Littel, for the Netherlands and Aruba. Minister of Foreign Affairs, Miguel Vargas, signed the MoU on behalf of the Dominican Republic.

The MoU contains several areas of cooperation including commerce, education, health, regional security, trans-shipment and tourism. In addition, the MoU has provisions entailing technical and political consultations in order or ensure the momentum is kept in developing protocols to give content to the signed document. This provides renewed opportunities for the business community in Curaçao, stimulating foreign direct investment and increased cooperation between the Dominican Republic and all parts of the Kingdom of the Netherlands.

CURAÇAO RENEWS OPEN SKIES
AGREEMENT WITH THE UNITED STATES
OF AMERICA
On 26 September 2016, the Minister of Traffic, Transport and Spatial Planning of Curaçao, Suzanne Camelia-Romer, and the U.S. Consul General to Curaçao., Aruba, and Sint Maarten, Margaret D. Hawthorne, signed an Open Skies Agreement between the United States and the Kingdom of the Netherlands, in respect of Curaçao.

This Agreement’s aim is to deepen the commercial and economic ties that exist between the United States and Curaçao, which is achieved by establishing a framework for a modern commercial aviation relationship. It will in turn lead to the creation of various opportunities for growth in air transportation services, as well as offering potential benefits for travelers, airlines and businesses. It is expected that by facilitating the development of air links, both the Governments of the United States and Curaçao will advance economic growth in sectors beyond aviation, including tourism.

CURAÇAO’S CONCESSION AGREEMENT WITH DAMEN
SHIPYARD GROUP

On 9 September 2016, the Minister of Economic Development, Eugene Rhuggenaath, and the CEO of Damen Shipyards Group, René Berkvens signed a concession agreement. This agreement is in regard to the future operation of the current Curaçao Drydock Company (CDM).

Damen will establish a new company in Curaçao, namely Damen Shiprepair Curaçao. As stated in the agreement, Damen will start operations in the two graven docks and on the available quays, but will also bring a floating dock for extra capacity. Additionally, a total of $ 40 million will be invested in the infrastructure and training facilities for personnel.

Damen Shiprepair Curaçao will become part of the Damen Shiprepair & Conversion group that currently operates 40 dry docks in 15 shipyards around the world. For Curaçao

this offers the opportunity for renewed dry dock facilities injecting new growth into the development of this pillar of Curaçao’s economy. It will create more jobs, and give Curaçao the potential to become a hub for ship repair in the Caribbean.

MOU WITH GUANDONG ZHENRON ENERGY
On behalf of the Government of Curaçao, Prime Minister Bernard Whiteman signed a Memorandum of Understanding (MoU) with Mr. Binyang Chen, president of the Chinese company Guandong Zhenron Energy Co. Ltd. regarding the future of the oil refinery located in Curaçao. The oil refinery consists of the refinery itself located at Emmastad, the Bullen Bay Oil Storage Terminal and the Curaçao Refinery Utilities. The MoU contains provisions regarding cooperation and an investment agreement of $ 10 billion for renovation, modernization and complete inspection of the refinery. The Multi-Disciplinary Project Team (MDPT), headed by Werner Wiels, was also present during the signing. The MoU functions as the beginning of negotiations regarding the future development of the refinery in Curaçao

and does not exclude participation of other investors or partners in the future of Curaçao’s refinery. The signing comes right before the end of the current contract between the Curaçao Government and Petróleos de Venezuela SA which is set to expire in 2019.