PM Douglas highlights local and foreign investor confidence in St. Kitts and Nevis
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| St. Kitts and Nevis Prime Minister Hon. Dr. Denzil L. Douglas (photo by Erasmus Williams) |
BASSETERRE, ST. KITTS, OCTOBER 19TH 2007 (CUOPM) – St. Kitts and Nevis’ Prime Minister Hon. Dr. Denzil L. Douglas has reiterated the commitment of his Labour Party Administration to create an environment that is conducive to private sector development which attracts both foreign and domestic investment.
Dr. Douglas said although the twin-island Federation face many challenges, “we continue to see on a consistent basis, the confidence that investors both domestic and foreign have in the potential of St. Kitts and Nevis as evidenced by the high level of investment taking place in our country.”
“It was just last night that the Government signed a Development Agreement to further the expansion of the Marriott Vacation Club International. Such an expansion is costed to exceed US$400 million, much more than the original investment,” said Prime Minister Douglas, who disclosed that a number of private sector developments are currently being pursued at varying stages in the development process.
Citing the Cable Bay Resort, Kittitian Hill, Port Zante Development, the Ritz-Carlton Hotel, the Marriott Vacation Club International, Ocean’s Edge and the Auberge Projects, Prime Minister Douglas said these developments will result in a high level of investment in the economy over the medium-term.
“There is clearly no doubt that the growth potential of our economy is strong and that ~~Adz:Right~~we need to continue to create an environment that is conducive to strong and sustained economic growth,” said Prime Minister Douglas, who added that “creating an environment which is conducive to private sector development that would attract both foreign and domestic investment is a priority for the Government.”
The St. Kitts and Nevis leader said consequently a large amount of resources has been expended on infrastructure development to foster growth and it is imperative that Government continues to partner with the private sector for the continued sustainable development of the local economy.
