In his 2007 budget address, Prime Minister Dr Ralph Gonsalves stated that the plan, a "veritable 2020 Vision", will be codified in a comprehensive National Economic and Social Development Plan before the end of 2007.

The government intends to prepare the plan with the full involvement of the public and non-government sectors.

Sectoral plans will be elaborated in various areas, including Education Poverty Eradication, Health, Housing, Agriculture, Fisheries, Tourism, Manufacturing, Physical infrastructure, Sports and Culture, Investment Promotion, International Financial Services, Export Marketing, the Fiscal Situation and Budgetary Processes, Disaster Management, Social Development, Rural Transformation, Urban Development. These sectoral plans are for the years 2008 to 2020.

The Ministry of Finance and Economic Planning will prepare, develop and Produce the National Development Plan while the National Economic and Social Development Council (NESDC) will assist in the mobilization and involvement of non-state actors in the plan preparation process.

The Plan will be launched with a one day workshop at the Methodist Church Hall from 8:30 am.