The Economic Development Portfolio is driving a focused programme of work to strengthen St Helena’s economy, improve access, support enterprise and investment, and create the conditions for a more resilient, sustainable and locally driven future.
The portfolio’s work sits at the heart of Government’s wider strategy to stabilise the population, protect living standards and core services, and enable sustainable growth. Its responsibilities include strategic economic development policy, export, trade and investment, digital development, air and sea access, tourism, financial services and management of the crown estate.
The 2026/27 budget sets out a practical programme for growth. Tourism, financial services, digital connectivity, agriculture, enterprise support and capital investment are all being taken forward as part of a joined-up approach to broaden the economy and reduce reliance on a small number of sectors. The newly agreed three-year aid settlement with the UK Government gives St Helena greater certainty to plan ahead. At the same time, the Economic Development Investment Programme will support essential capital works over the next three years.
Tourism remains one of St Helena’s most important opportunities. Visitor arrivals have recovered strongly since the pandemic, reaching close to 2019 levels in 2024/25. The next phase of the Tourism Development Programme will focus on product development and infrastructure, marketing and promotion, staffing, training, upskilling, and institutional arrangements. The objective is to support 4% annual growth in arrivals and build capacity for an industry capable of welcoming 6,000 visitors a year by 2031. A dedicated £550,000 fund supports tourism activities, and £74,000 supports the visitor information service.
St Helena’s tourism offer is distinctive: walking and heritage trails, marine life, dark skies, biodiversity, history, culture and the island’s remoteness all support a high-value, low-volume visitor model. Recent work has supported upgrades and accreditation of key visitor assets, including Post Box walks and heritage sites. The portfolio will continue to work with partners and businesses to improve the visitor experience, strengthen accommodation and services, and ensure tourism growth benefits the wider community.
Improving access by air and sea is central to economic growth. Reliable transport links support visitors, residents, businesses, medical referrals, imports and supply chains. The portfolio is working across Government and with partners to strengthen resilience in access arrangements, learn from recent disruptions, and support long-term planning for aviation, shipping and logistics.
Digital development is opening new possibilities. The Equiano fibre optic cable has transformed St Helena’s connectivity, with improved data capacity and lower telecommunications costs for households and businesses. Better connectivity supports digital services, remote working, education, business development and investor confidence. Government is considering long-term options for public telecommunications beyond the current licence arrangements to provide stability for residents, businesses and potential investors.
Financial services and the Company Registry are being developed carefully and ethically. The St Helena Government has allocated £320,000 to the Financial Services and Company Registry Development Programme. This will make St Helena a better place to do business, improve consumer protection, reinforce governance standards, increase locally generated revenues and strengthen regulatory effectiveness. Work includes modernising the Company Registry, supporting banking services, aligning with international standards, strengthening anti-money laundering procedures, and developing a commercially viable offer for internationally active businesses. SHG has taken an ethical approach to developing financial services and will ensure that trusts are not misused for tax-evasion purposes. It will develop a Company Registry product for businesses with strong environmental, social and governance credentials.
Support for local enterprise and productive sectors is also being expanded. The budget includes funding for agricultural development, agriculture improvement interventions, and a grant scheme for enterprises. These measures are intended to help businesses invest, improve productivity, strengthen food security and create new opportunities for local enterprise.
Minister for Economic Development, Karl Thrower, said:
“Economic development isn’t about how many projects Government can announce or how much money we can say we are spending. The test is whether people can see the difference, whether businesses have more opportunities, whether it becomes easier to invest and do business, and ultimately whether more people feel they can build a future for themselves and their families on St Helena.
We have made significant progress over the past year, and I want to recognise the considerable amount of work that has gone into that. My team and colleagues across Government have worked extremely hard to move a number of important areas forward, often while dealing with limited resources and some very difficult challenges. We should be proud of what has been achieved, but we also need to be realistic: there is still a great deal of work ahead of us, and many of the changes we are trying to make will take time before their full benefits are felt.
Government cannot achieve economic growth on its own. Our responsibility is to get the fundamentals right: reliable air and sea access, better connectivity, affordable and increasingly renewable energy, appropriate infrastructure, sensible regulation and practical support for the private sector. Moving towards renewable energy is particularly important because it can reduce our exposure to imported fuel costs, improve our resilience and, over time, help create a more competitive environment for households and businesses.
None of these things sits neatly within one portfolio. Economic development has to be a whole-of-Government effort, with portfolios working together rather than in isolation. The days of silo thinking have to be behind us. Decisions on energy, infrastructure, planning, education, housing, health, access, and the environment all affect our economy, and we will achieve far more if we look at these issues together rather than separately.
There isn’t one project or one industry that is going to solve all of St Helena’s economic challenges. We have to continue the good work already under way, build on the gains we have made, and keep pushing forward across a number of areas at the same time. Just as importantly, we have to be prepared to measure whether what we are doing is actually delivering the results we expect.”
Economic Development Budget Infographic
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