Investment Services Manager at Invest Saint Lucia, Mrs. Alana Lansiquot-Brice delivered a thought-provoking presentation at this year’s Caribbean Market Outlook Seminar hosted by First Citizens Investment Services.
Members of the financial and business sectors were provided with timely information on the performance of the economy from the perspective of the island’s investment promotion agency.
“Information reaching us at this stage, following the administration of our annual investor survey shows that in 2016, Saint Lucia recorded direct investment inflows of US $126 million, but we expect that figure to rise given that there are a number of surveys still outstanding. US $107 million of the figure thus far was allocated to direct foreign investment and over US 18 million to local direct investment,” declared Brice.
“Based on the results of ISL’s annual investor survey, the tourism sector accounted for 84% of direct investment, while the commercial sector represented 11%, manufacturing 4% and infrastructure accounted for 5%,” she noted. Brice added that as it relates to employment generated from direct investment into the economy in 2016, “preliminary figures indicate that direct investment was responsible for close to 2000 jobs, 158 of which were permanent.”
Brice explained that targeted figures for direct investment and resultant employment for 2017, are expected to be met given all the new projects in the pipeline. “We anticipate that the tourism sector in particular will produce the desired revenue and generate sustainable employment. This is based on the presumption that the projects scheduled to begin construction and undergo expansion during this year, all materialise.”
Among the expansion projects earmarked for 2017 are Sugar Beach a Viceroy Resort, Serenity at Coconut Bay, Rendevous and Freedom Bay Residences. A number of projects within the manufacturing and tourism sectors are scheduled to begin construction this year with an anticipated financial injection into the local economy.
The annual First Citizens Caribbean Market Outlook is billed as an essential seminar for the financial and business sector and explores the expectations and projections for the local, regional and international economies and also the global financial market. There was also a review of the performance of the Saint Lucia economy and discussion on expectations and projections for 2017.