Local and Foreign Investments Boost Economy
Basseterre, St. Kitts – Nevis
April 16, 2013 (SKNIS)
In spite of the challenges faced by the global economy, St. Kitts Investment Promotion Agency (SKIPA) recorded increased interest from foreign and local investors undertaking business ventures in St. Kitts.
Honourable Prime Minister Dr. Denzil Douglas said the interest is expected to remain strong in 2013, as a number of large investment projects are being negotiated or have received approval. These projects, as he mentioned, will improve prospects over the short to medium term.
“Local investors have capitalized on the opportunity to establish businesses,” stated Prime Minister Douglas. “This will meet the needs of our people and visitors, while also diversifying the services and products provided by our private sector.”
Prime Minister Douglas made reference of two projects approved by His Government, that local investors and citizens alike can take advantage of, namely a Bowling Alley and an Adventure Park.
“These two developments will not only provide entertainment value to the Federation as a tourism destination, but another opportunity for direct employment,” said Prime Minister Douglas.
He further stated that SKIPA has continued to promote St. Kitts as a market for investment in renewable energy and energy efficient technologies. This he said has resulted in an upsurge in proposals for the establishment of related businesses.
Prime Minister Douglas confirmed that SKIPA will continue to work closely with the Energy Unit, St. Kitts Electricity Company Ltd (SKELEC) and other stakeholders in the public and private sectors, to review and facilitate the approval of renewable energy solutions that best meets the Federation’s requirements.