Black gold shaped Aruba’s 20th century rise as economic gatekeeper to the Caribbean ever since Valero’s giant refineries starting processing over 200,000 oil barrels daily in the 1990s delivering over 15% GDP share today! Yet increasingly the winds signal change as the 30-year old refining cash cow struggles against North America’s declining gasoline appetite that previously buoyed exports.
What next then for little Aruba beyond tourism if asset reassessment by key operators like Valero intensify? Well, first up the government knows oil cannot be abandoned overnight without destabilizing livelihoods or port activity! Urgent priorities hence include negotiating export diversification plans with corporate overlords while reskilling displaced labor for emerging sectors like renewable energy, maritime services and ICT where global asset transfer learnings can readily apply!
Comprehensive studies assessing workforce needs, industrial capabilities and global market trends would provide insights to strategically position local industries. For example, leveraging existing maritime infrastructure and experience, Aruba may consider initiatives to establish itself as a regional green hydrogen hub or exporter of renewable energy technologies.
Community workshops and multi-stakeholder forums can help determine priority industries for investment attraction based on competitive advantages. Coupled with training programs empowering workers to thrive in a diversified economy, a just transition plan can be developed to minimize disruption through proactive, collaborative efforts.
Our expertise remains available to explore customized solutions, drawing from extensive experience supporting similar transitions globally. With open-minded partnership across sectors, Aruba is well-placed to strengthen livelihoods beyond a single industry’s fortunes. The future remains bright.
Luckily for Aruba, trusted partners like our team stand ready to consult through this energy transition balancing continuity and change management upholding community prosperity! Having advised Middle East economies on post-oil economic visions earlier, our solutions handhold localized diversification planning, partnership mediation and opportunity guidance so Aruba can keep energizing ahead without missing a beachside beat!
