Wednesday, January 22, 2020

ISL PROMOTES THE INVESTMENT POTENTIAL OF SAINT LUCIA

Press Release:-   Over the past few weeks, Invest Saint Lucia (ISL) has made its presence felt at various investment-related overseas functions in its bid to attract investors to our shores.

Newly appointed CEO Roderick Cherry and Chairman of ISL Pinkley Francis, along with representatives of the Citizenship by Investment Unit (CIU), have just returned from the 12th Global Residence and Citizenship Conference which took place in Jumeirah Mina A’Salam, Dubai.

The CEO remarked that this networking mission was indeed an eye-opener. “We met with a number of prospective investors who are looking into projects other than what we currently have on offer. It put into perspective the amount of work that needs to be done, when determining what projects are promoted. We must be fully cognizant of the nature and quality of investments that we propose to certain markets.

“We have a very comprehensive strategy as it relates to investment promotion and of course we can’t be static in our approach. My intention is to sit with the team to develop the most appropriate tactics to target the more high-end investors. Hopefully this will help us build greater momentum in these markets.”

Dubai was not the only region where ISL interacted with potential investors. Head of the Investment Services Department, Alana Lansiquot-Brice recently attended the United Nations Conference on Trade and Development’s (UNCTAD) World Investment Forum in Geneva, Switzerland, where she was a speaker at the Investment Village, an event organized by the Caribbean Association of Investment Promotion Agencies (CAIPA). The event sought to bring together prospective investors and persons seeking information on Saint Lucia’s readiness to accommodate foreign investment.

Two other members of the Investment Services Department also undertook networking of their own. Marie-Grace Walcott represented ISL at the Caribbean Renewable Energy Forum (CREF), while Camille Michel represented at the just-ended Caribbean Hotel Investment Conference & Operations Summit (CHICOS), in Bermuda. 

The CREF comes on the heels of a regional dialogue regarding alternative means of energy particularly due to the devastation caused by tropical weather systems.

CREF, launched in 2009 gathers governments, utilities, multilaterals and investors to explore opportunities to ramp up investment in clean energy across the Caribbean. From utility scale to distributed generation; storage to smart grids; financing to regulation; energy efficiency to the role of gas as a complement to renewables, CREF is the primary meeting place for regional and international market participants.

The Government of Saint Lucia has expressed an ambitious goal of attaining a 35% renewable energy target by 2025, and 50% by 2030, using a mix of geothermal, wind and solar sources. ISL remains optimistic, considering the Agency’s facilitation of LUCELEC’s 3-megawatt Solar Farm that meets about 5% of Saint Lucia’s electricity demand.

ISL’s representation at CHICOS meanwhile, was geared towards meeting similar objectives of lead generation and developing relationships with potential investors. ISL’s attendance at CHICOS is one of the many methods used to maintain the interest that the Agency in particular, and Saint Lucia in general have successfully generated in the tourism arena. Through past interactions at this and other such conferences, ISL has cultivated interest, developed leads and new projects, and has managed to gain a better understanding of the perception of investors and industry trends related to Caribbean FDI.

Attendance at such conferences is one of the strategies used by Invest Saint Lucia to carry out its mandate of stimulating, promoting and facilitating direct investment, with a view to fulfilling its mission of employment generation, and the advancement of the island’s social and economic development.

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