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Posted: Monday 19 June, 2006 at 8:47 AM

    Dr. Denzil L. Douglas
    The government of St Kitts and Nevis has sent a delegation of senior representatives, including Prime Minister and Minister of Finance, Dr. Denzil L. Douglas, to tout the jurisdiction's offshore sector in Switzerland.

     

    The delegation, led by Dr Douglas, headed to Zurich in an effort to boost the financial services sector, regarded by the Caribbean jurisdiction's government as one of the major pillars of the new economy.

     

    During the trip, the Prime Minster addressed 150 top bankers, accountants, lawyers and representatives of financial services representatives during a Business Forum at the Marriott Zurich Hotel. He was accompanied by Director of Marketing and Development, Ms. Shawna Lake, who gave an overview of the St. Kitts Financial Services and London-based International Ship Registrar, and Mr. Nigel Smith, who spoke on the International Ship Registry Services.

     

    ~~Adz:Right~~According to Ms Lake, St Kitts and Nevis has made steady progress in developing its financial services sector since securing its removal from the Financial Action Task Force (FATF) and Organisation of Economic Cooperation and Development (OECD) blacklists in 2002.

     

    St. Kitts had 1,680 companies on the register as of 31st December 2005.

     

    Ms Lake also revealed that over 150 ships have been registered in the jurisdiction since the introduction of the International Ship Registry in 2004.

     

    The Caribbean Development Bank has calculated that economic growth remained at a healthy level in St Kitts and Nevis in 2005 as several sectors of the economy contributed to growth; real economic growth is estimated at 4.8 percent in 2005 compared to 6.4 percent in 2004.

     

    The Barbados institution reported that tourism and related services and construction contributed most to economic growth last year, while banking and insurance services also expanded.

     

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