SAINT LUCIA – THE INVESTMENT HAVEN OF THE 21ST CENTURY BILLIONS IN NEW IVESTMENTS ARE BEING PROPOSED!
July 27, 2007
EDWARD HARRIS AT LARGE
SAINT LUCIA – THE INVESTMENT HAVEN OF THE 21ST CENTURY BILLIONS IN NEW IVESTMENTS ARE BEING PROPOSED!
The investment momentum heightens in St. Lucia as Investors propose BILLIONS of Dollars to be invested in its economy. Saint Lucia is the modern day Eldorado. Sir Walter Raleigh was in search of a destination that produced gold. Today’s explorers are looking for Investment Destinations that offer incentives and lifestyles in a hassle free environment.
The recent held 3 day investment conference, July 23-25, 2007 which brought together Investors from the major multilateral investment agencies and the principal lending institutions, included a wide range of traditional donor agencies representatives from the World Bank, the European Union [EU] and the Caribbean Development Bank [CDB] as well as major private regional and international investors such as Royal and Carnival Cruise Lines and international hotel chains. This event must give impetus to the investment and development programmes proposed by the government in the recent Budget presentation.
The ailing Prime Minister, The Right Honourable, Sir John Compton could not resist being present at the signing ceremony when the Government agreed to extending its agreement with Hess Corporation. A promise was made at the signing to construct a seven Billion Dollar state of the art oil refinery. This was a long outstanding issue as the first agreement had a commitment to construction a refinery that was never materialised. However, this time it was indicated that Hess Corporation will be seeking a partner to implement to project.
Today in St. Lucia, we no longer speak in terms of Millions, instead we now speak of Billions. There is definitely going to be the need for Billions of dollars to be invested in infrastructural development if the country is to position itself to respond to the investment flows that are anticipated. The development of the Cul de Sac Port, the modernization of the City of Castries and the tunneling of Barre D’ Lisle. These are significant developments and the price tag could be considerable.
It is said that the conference emerged out of Sir John’s concerns about the growing phenomenon of increasing poverty in Saint Lucia over the past decade and the disparities in development between the northern part of Saint Lucia and other areas in the country. No one can ignore this fact that in spite of the infrastructural development in South of the island which has been dubbed the New Frontier, no serious investment has been made in the area. Things are about to change with the construction of the Le Paradis property in the Praslin area on the East Coast which is currently taking place and the much anticipated Ritz Carlton Hotel supposed to be built in the Black Bay area in the South, a few minutes from the Hewanorra International Airport in Vieux Fort.
The recently held Conference on the Caribbean in Washington was timely. The plea made to members of the Diaspora to return and help in the development of their homeland has to be taken seriously and initiatives must begin to seriously promote such a programme. St. Lucia must begin to train its people to develop a pool of skills consistent with the economic explosion that is possible with the next two to three years. There is also the need for the Micro, Small and Medium Enterprise operators to be sensitized to the need for new goods and services that will be needed to adequately meet the demands of the proposed new industries. This process must begin now.
It is my view if a serious approach is to be taken to putting idle hands to work, training must be a significant ingredient. This step in itself is a massive undertaking and needs planning. This is going to be an opportunity for all sectors of the economy to work together and will necessitate a greater role for the National Skills Development Centre.
It is all coming together now. The years of hard work by the Investment Promotion Professionals in the overseas divisions of the National Development Corporation is about to pay off. Our governments over the years have stayed the course and opportunities will continue to open up. The road to prosperity has just been strengthened and the builders must emerge without any wavering. This is no time for doubting, it is time to make good of the opportunity. It is harvest time and those of us who shared the optimism and truly believed in the virtues of our island state can celebrate.
I am very pleased with the news that Liat Airlines will finally get some tangible assistance from the Caribbean Development Bank to the tune of US$60 million. It is my hope that airfares will now be set at realistic prices to allow business and leisure travel to be affordable once again.
I encourage St. Lucians living in the USA to visit their homeland during the Summer and see what they can do to be a part of the developments that are about to take place in their homeland. It is going to be a gold rush, I challenge you to take action now, even if it is to own a piece of the rock.
Keep the Faith, God is in Charge, Expect Miracles in 2007!!!
Edward A. Harris
Email: edharas@searchbigdaddy.com
Websites: http://www.stluciasimplybeautiful.com http://www.stluciarealtors.com