SKIPA to finalise its Strategy and Action Plan in 2012

BASSETERRE, ST. KITTS, FEBRUARY 20TH 2012 (CUOPM) – The St. Kitts Investment Promotion Agency (SKIPA) continues to carry out its respective function to rationalize the investment process through its advocacy programme.

“During 2011, the Agency lobbied for the amendment to the South East Peninsula Stamp Duty Act. This lobbying was as a result of the increase in the interest of investors for major developments at the Southeast Peninsula.” cited the Executive Summary of the St. Christopher and Nevis Estimates for 2012

Through the St Kitts Investment Promotion Agency (SKIPA), restaurants in the federation have been benefiting from the programme after the Full Service Stand Alone Restaurant Duty Free Scheme was extended.

“In addition, our Restaurants continue to benefit from this programme with the extension of the Full Service Stand Alone Restaurant Duty Free Scheme until December 2011. Under the scheme, Restaurants receive duty free concessions on food and wine. This stimulus package for Restaurants was originally implemented in June 2009 to assist them during the global economic downturn,” said the Executive Summary.

SKIPA will have by the end of this year undertaken institutional restructuring and strengthening which will include the finalization of its Strategy and Action Plan to guide the activities of the Agency through to the year 2014. This will include promoting the Agency as a one stop shop – especially in light of the modernization of the business registry at the Financial Services Regulatory Commission.

The International Financial Corporation (IFC), the World Bank Group with the assistance of the Canadian International Development Agency (CIDA) would all be undertaking the work of promoting the Agency.

“This exercise is being undertaken by the International Financial Corporation (IFC)the World Bank Group with funding from the Canadian International Development Agency (CIDA). It is envisioned to bring about improvement in the procedures for starting a business and is expected to be completed by the end of 2011.Thiswill enable interagency cooperation, rebranding the Agency to be destination specific while enhancing its sector scope and scale,” said the executive summary.

SKIPA in the fiscal year 2011 advised that it will “seek to finalise the investment code and charter for St. Kitts, expanding its staffing and resources, establishment of an export development programme – informed by competitiveness and feasibility studies. SKIPA will develop a business linkages programme to match domestic companies with foreign direct investors, while continuing to build its capacity for investment promotion, facilitation and care to increase inward and domestic investment in Federation for the benefit of our citizens.”