PM Douglas welcomes Russian investment of US$50 million
Basseterre, St. Kitts, August 29th 2013 (CUOPM) – St. Kitts and Nevis’ Prime Minister the Rt. Hon. Dr. Denzil L. Douglas has welcomed the start of two projects at Sandy Bank on St. Kitts’ South East Peninsula which involves foreign direct investment of over US$50 million.
The projects by Russian investors will see the construction of the 50 two-bedroom villas as part of the US$37 million Ocean Grove Development and the Windswept Residence Club of 9 villas at a cost of US$13 million.
Ocean Grove Villas is a joint venture between the Christophe Harbour Development Company and the Canada-based Apex Capital Partners Corporation.
“We look forward to the start-up of construction of your villas which will be located so strategically next to the area of the Pavilion Beach Club. This project is also significant because it is the first major investment to be put together in St. Kitts by a Russian group,” said St. Kitts and Nevis Prime Minister, the Right Hon. Dr. Denzil L. Douglas at the symbolic ground breaking ceremony.
Dr. Douglas note that St. Kitts and Nevis is an international country and it is not by any accident that this investment comes at a time when his Government is in the process of removing the requirement for an entry visa for Russian visitors.
“We see Russia as a new and desirable market for both investors and visitors for our country, and you can be assured that my Government will continue to take the necessary steps to improve the flow of trade and investment between our two democratic countries,” said Dr. Douglas.
He noted the risk of private investment promises not turning into real projects for the benefit of the people of St. Kitts and Nevis, but noted that the ceremony was taking place within sight of an actual villa under as part of the Windswept Residence Club project.
“I could not ask for better evidence that the project has actually commenced. I understand that the design and construction of these luxury villas will be of world-class quality,” said Prime Minister Douglas.
Prime Minister Douglas said his Government has a very solid reputation for encouraging private investment that is of good quality and compatible with the country’s development objectives, including the empowerment of nationals and the sustainability of the environment and culture.
He said he was pleased to see progress being made at Christophe Harbour, a development vision that is shared by his St. Kitts-Nevis Labour Government and a project that continues to be an important component of the Federation’s economic transformation strategy.
“Like most other resort area developments in the Caribbean, I am very much aware that Christophe Harbour has experienced various growth-related challenges and internal issues since the financial melt-down and global economic recession first began in the United States of America over four years ago. Consequently some of the projects envisioned for Christophe Harbour have been moving at a much slower pace than was expected,” said Dr. Douglas to the guests who included Governor General His Excellency Sir Edmund Lawrence and Lady Lawrence, Cabinet Ministers, business leaders and other officials.