Investor Confidence Returning to St. Kitts and Nevis Under New SKNLP-Led Government
BASSETERRE, St. Kitts, October 18, 2022 (SKNIS) – After just two months in office, Prime Minister the Honourable Dr. Terrance Drew has said that investor confidence is once again returning to St. Kitts and Nevis with legitimate investors already lining up to do business once again with the Federation.
Speaking at his first press conference on Monday, October 17, Prime Minister Dr. Drew said this is in stark contrast to what happened over the past seven years.
“After the Government changed, a lot of these investors returned to the table, because remember, during the last seven years [under the Team Unity administration] there was no major investment that was done in St. Kitts and Nevis, and what would have been said to me is very disturbing—that their interaction with the last administration was very toxic for many of them…and so I am being bombarded every day by legitimate investment opportunities,” the Prime Minister said.
Prime Minister Dr. Drew reflected on his participation in the AfriCaribbean Trade and Investment Forum 2022 in early September where partnership agreements were signed between the Africa Export-Import Bank and a number of Caribbean countries, including St. Kitts and Nevis.
“That is a significant bank from out of Africa and they are seeking to establish relations here in the Caribbean. Part of the thrust or philosophy behind it is that there should be more south-south cooperation, but apart from that, we are actually seen as part of the African Union. I don’t know if we understand that, that they consider the diaspora here in the Caribbean to be a part of the African Union and therefore with these types of initiatives the Caribbean of course is viewed as a partner or potential partner to participate,” Dr. Drew said.
He added, “Through that initiative, a number of Caribbean countries are actually seeing the benefits, and we are actually exploring a possible investment that would take place here in St. Kitts and Nevis and that is to do with a fish processing facility. I know a representative from the bank and the investor will be here in short order to discuss that. We have also engaged about two investment firms that are interested in doing two major hotels at the Southeast Peninsula. Both of them are very viable and so critical decisions will be made in short order to see the fruition of these developments or at least one of them.”
The Prime Minister reiterated that the decision to remove all COVID-19 travel restrictions, based on the scientific evidence, was the Government’s way of signalling to the world that St. Kitts and Nevis is open for business.
“When I went to the UN (United Nations), I also said that the country is open to business and interestingly enough people have heard those words and they are approaching in significant numbers and the prospect for investments looks really good,” said Prime Minister Drew.
Apart from his own engagements, Prime Minister Drew said his Cabinet colleagues have used their recent participation in a number of international events including the United Nations General Assembly, the Joint CARIFORUM – EU Ministerial Meeting and the OAS General Assembly to meet with international partners and potential investors to gauge their interest in investing in St. Kitts and Nevis in areas such as healthcare, education and housing.