PRESS RELEASE: Castries, February 6th, 2018; The Department of Commerce, International Trade, Investment, Enterprise Development and Consumer Affairs will be undertaking the 2018 Investment Climate Assessment Survey (ICAS) throughout the period, February to May 2018. The 2018 ICAS is expected to provide scientific findings that will assist public, private and statutory organizations in crafting polices and reforms to improve the investment environment in Saint Lucia.
Domestic and foreign direct investments are important elements of a country’s growth and development. While there are exogenous factors which affect investment flows, it is incumbent on countries to conduct periodic assessments of the factors which have the potential to adversely affect the investment environment. Research has concluded that a stable, transparent and predictable business environment is one of the main conduits that drive investment and ultimately economic growth and development. Moreover, research and lived experience of investors have revealed that investors want to be assured that the business facilitation process is unambiguous and seamless.
It is against this background that in 2009, an Investment Climate Assessment Survey (ICAS) which looked at inter alia, the regulatory, institutional, policy and administrative environment for doing business was first conducted in Saint Lucia based on a questionnaire issued by the European Union. The recommended best practice is that this survey should be conducted periodically.
Given the global race to attract investment flows, an ICAS is being undertaken as a scientific input into the development of investment/business environment reforms. These reforms are aimed at making Saint Lucia the best that it can be in attracting, encouraging and facilitating investments from both foreign and domestic sectors. Therefore, the cooperation of private sector firms is solicited in providing relevant information which will assist in achieving the main objective of the survey.
For further information on this activity, please contact Mrs. Roycelyn St. Hill Howell, Director (Ag.), Office of Investment Coordination at telephone: 468-4291.