St. Kitts – Nevis Investment Promotion Agency Approved

Basseterre, St. Kitts – Nevis
October 02, 2007 (CUOPM)

The governing St. Kitts – Nevis Labour Party is closer to fulfilling another manifesto promise.

Cabinet in its meeting on Monday,under the chairmanship of Prime Minister Hon. Dr. Denzil L. Douglas, discussed and approved a framework for the development of a new Investment and Promotion Agency (IPA).

This new facility is geared towards the creation of a highly competitive business environment intended to increase investment inflows, and foster the creation, formalization and expansion of businesses – local businesses in particular.

The investment promotion agency and the framework approved by the Cabinet are the results of several months of work that was supported by the United States Agency for International Development (USAID).Minister of State for Information,Sen. the Hon. Nigel Carty said the investment promotion and marketing strategy has been developed to promote inward investment activities and a framework for a one-stop-shop.

“The objective of the one-stop-shop is to create a single agency of government that provides a range of services to local and foreign investors to ensure quick, hassle-free and successful business development,” said Minister Carty.

He said that the Investment Promotion Agency will be controlled by a Board of Directors, as opposed to a government department.

“The agency will be managed by a CEO supported by managers heading the two major divisions of the agency ““ the Projects Division (responsible for assistance in business development and appraisal) and the Marketing Division (designed to support marketing activities),” said Mr. Carty.

He disclosed that the government will now move swiftly to enact and amend legislation that is required to support the establishment of the IPA.

“In particular, the regulatory processes affecting the development of business will be overhauled and the number of procedures necessary to establish and operate businesses will be decreased to put St. Kitts and Nevis more in line with the World Bank “˜Doing Business’ standards,” said the Minister of State for Information.

A Memorandum of Understanding outlining the commitments of the government and of the USAID is expected to be signed shortly so that the full set of deliverables under the current work plan in relation to the IPA can be realized.

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