INVESTING IN SAINT LUCIA SPECIALIZED INVESTMENT OPPORTUNITIES FOR SMART BUSINESS

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1 INVESTING IN SAINT LUCIA SPECIALIZED INVESTMENT OPPORTUNITIES FOR SMART BUSINESS PRESENTED BY: McHale Andrew CEO INVEST SAINT LUCIA

2 SAINT LUCIA - Country Profile 2 Source: Central Statistics Office

3 ECONOMIC PERFORMANCE 3 ECONOMIC GROWTH GDP PER CAPITA (US$) $US INFLATION RATES e-estimate st QTR nd QTR rd QTR th QTR st QTR nd QTR rd QTR th QTR 2013 EXPORTS IMPORTS TRADE BALANCE Sources: Central Statistical Office, ECCB, IMF World Economic Outlook TRADE BALANCE

4 Main Economic Sectors 4 Economic Activity Relation to GDP Average Real Growth Hotels and Restaurants 10% 0.3% Construction 9% 5.28% Real Estate Sales 18% 3.06% Manufacturing 5% 2.47% Transportation 13% 1.97% Communications 6% (1.17)% Wholesale and Retail Trade 8% 1.57% Electricity and Water 4% 2.43% Banking and Insurance 8% 4.10% Agriculture 3% 0.22% Other Services 3% 8.80% Source: Economic and Social Review, Central Statistical Office and ECCB

5 Economic Competitiveness Environmental Sustainability Social Equity 5 Triple Bottom line

6 Historical Overview of Investment 6 Pre-Independence to the End of the Preferential Market Access Era s to 1980s Early 1990s Formation of the National Development Corporation (NDC) Engineered the framework and conditions required to attract and retain quality investment. Attraction of enterprises involved in manufacturing. Food, beverages and tobacco. Electrical Products. Textile and Wearing Apparel. Paper and paperboard. Growth in tourism businesses. Major investment by Hess Oil St. Lucia Ltd. EU Single Market implementation, Change in preferential trade arrangements. Decline in banana trade impacts paper and paperboard manufacturing.

7 7 Historical Overview of Investment (Cont d) Post the Preferential Market Access Era Mid 1990s to Early 2000s Early 2000s to mid 2000s 2009-Present Rapid pace in trade liberalization precipitates decline in manufacturing. Rise of tourism as lead investment generator. Diversification of tourism investment. Increased investment in services sector Significant increases in ICT investment following TELECOMs liberalization. Noteworthy growth in construction pre Cricket World Cup. Growth in tourism investment. Slowdown in investment growth as a result of global economic and financial crisis Continued investment in Tourism. Continued investment in services sector.

8 FDI INFLOWS FDI FLOWS in $US MILLIONS Source: Economic and Social Review, ECCB Balance of Payments, Invest Saint Lucia

9 9 Investments Facilitated From the 1970 s to Current 215 Investors from 3 continents and 25 countries Types of Investments Facilitated Tourism Manufacturing ICT, Financial Services and Others Source: Invest Saint Lucia/ Government Statistics

10 Why Saint Lucia? Strategic location and easy access. 2. Stable and Pro-business Environment (No. 1 in the English Speaking Caribbean in the World Bank s Doing Business Reports ). Ranked Number one in the Caribbean (Doing Business 2014 Report) for: Number of procedures for starting a business. Obtaining approval for construction permits. Time taken to register a property. Ease of paying taxes. 3. Ranked the 33 rd freest economy by the 2014 Index of Economic Freedom. 4. Stable political climate. 5. Stable monetary and financial system, as a leading member of the Eastern Caribbean Currency Union.

11 Why Saint Lucia? (Cont d) Regional and international market access (CSME, WTO, EPA). 7. Modern and efficient telecommunications system. 8. Modern air and sea port facilities including operational free zones. 9. Reliable electricity supply and stable supply of water. 10.Freedom to repatriate profits and no foreign exchange controls. 11.Strong history of attracting and protecting international investments. 12.Ongoing policy reforms designed to facilitate investment and encourage business growth ( new investment policy, ongoing incentives reform, ongoing e-government reform).

12 12 A record of success

13 Key Successes 13 TOURISM

14 Development of North Western Corridor Award winning Resorts World Class Restaurants PLANT TOURISM MARKETING World Renowned Jazz Festival Atlantic Rally for Cruisers Strong international brand presence Events 14 UNESCO World Heritage Status for Piton Management Area Heritage Tourism Growth ENVIRONMENT GROWTH AND IMPACT ON ECONOMY Source: Economic and Social Review, Saint Lucia Tourist Board(SLTB), World Travel and Tourism Council (WTTC) Contribution to GDP (6.5% in 1970s to 13.2%% in 2013) Increased overall arrivals (from 145, 700 in 1978 to a peak of 1,018,291 in 2010). Expenditure from $US 27.7 Million in 1978 to a peak of $US Million in 2013

15 KEY Successes Cont d 15 MANUFACTURING

16 Free Zones Industrial Estates Private Modernized manufacturing establishments MANUFACTURING USA United Kingdom CARICOM States Rest of Europe PLANT MARKET REACH Agro processing(food and beverages) Fabricated Metals Paper and Paper Products Plastics Smart Technology AREAS OF STRENGTH IMPACT ON THE ECONOMY 5.31% of GDP in % contribution to employment in

17 Initiatives to Improve Investment Process 17 National Investment Bill (From NDC to Invest Saint Lucia) Investment Policy Reform (Ongoing) Fiscal Incentives Reform (Ongoing) egovernment Transformation/Public Sector Reform (Ongoing) Acceptance of new PPP approach

18 Invest Saint Lucia 18 Invest Saint Lucia is the official IPA with mandate to operate as a One Stop Shop for investors. New thrust towards specialized investment promotion in Saint Lucia Passive Proactive Waiting for investors to come (facilitation) Investment Marketing (targeting, project implementation) Asset Management (Land sales, rental of factory shells etc.) Facilitation (Seamless approvals process/ Active business facilitation/after Care services/ppp)

19 Committed to Business- New Thrust 19 INVESTMENT POLICY WHOLE OF GOVERNMENT APPROACH SMART SPECIALIZATION TOURISM MANUFACTURING INFRASTRUCTURE

20 Investment Policy Rationale Increase the quantity of inward investment Transition Saint Lucia to a contemporary investment location Enhance investment attraction and generation mechanism Improve investment protection and retention Facilitate effective investment integration More effective investment support and facilitating processes

21 21

22 Tourism 22 Resort Development Tourism Ancillary Services. Eco friendly, adventure, heritage and community based tourism. Yachting Sectoral linkages: food and beverages, herbal medicine, craft, art, entertainment, health and wellness. Entertainment tourism (musical and cultural events).

23 Manufacturing 23 Agro Processing Dairy Production High end furniture Household products Packing material Light Industrial tools and materials Pharmaceutical products including use of local biodiversity for developing traditional/herbal medicine Smart Technology Manufacturing Boat Building

24 24 Hard Infrastructure (Public- Private Partnership Agreements (PPP)) Airport Redevelopment North East Highway Seaport Upgrades East West Road Water Storage and Distribution Upgrades Port Castries Redevelopment Duty Free Point Seraphine

25 Soft Infrastructure (ICT) 25 Contact and Call Centres Business Process Outsourcing (BPO) Knowledge Process Outsourcing (KPO) Mobile Application Development Data Processing Training Facilities Vocational Training/ Educational Facilities Reputable offshore Universities

26 Soft Infrastructure (Alternative Energy) 26 St. Lucia Electricity Services Limited(LUCELEC) to remain sole distributor of energy. Target of 35% renewable energy development by Options: Solar Wind Waste to Energy OTEC

27 INVEST SAINT LUCIA SELLING TO INVESTORS TEPA SELLING EXPORTS Brand Saint Lucia SLTB SELLING TO VISITORS 27

28 THANK YOU 28

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