Invest Saint Lucia (ISL), the official investment promotion agency of the Government of Saint Lucia, recently accompanied the Saint Lucia Chamber of Commerce on a start-up mission overseas.
Last year, ISL proposed its support to start-ups and entrepreneurs via an incubator program. Recently, it met with the media to provide an update on the progress of the program, and to provide details of a “Get in the Ring Mission” to Portugal.
ISL’s Deputy Chairman, Jodi Boodhoo, facilitated the press conference.
“Invest Saint Lucia is considering a new initiative supporting start-ups and entrepreneurs via an incubator and accelerator program,” Boodhoo said. “In January, ISL published a call for expressions of interest via a survey, requesting micro and small businesses to indicate their interest in the proposed incubator program.”
The intention, Boohoo continued, is to formulate an incubator policy. ISL has sought to partner with various agencies, including the Saint Lucia Chamber of Commerce.
“At the invitation of the Chamber of Commerce, ISL accompanied the Chamber representative, Angela Joseph, and two local start-ups to a global pitching competition which was entitled Global Meet Up 2018. The event was hosted by the Dutch “Get in the Ring” founders, and took place in Cascais, Portugal, from May 30 to June 1.”
The event brought together 150 start-ups from all over the world, one of which was the winner of Saint Lucia’s “Get in the Ring” – the EZE Green Energy Company. The EZE Green Energy Company is working on establishing an enterprise that produces bio-fuel and washing detergent from waste edible oil. The other start-up participating in the Portugal mission was EcoCarib.
The Saint Lucia Chamber of Commerce, again, partnering with agencies such as Invest Saint Lucia, is gearing up for another round of “Get in the Ring” during Global Entrepreneurship Week in November.
For more information visit http://www.investstlucia.com
Why Invest in Saint Lucia?
STRATEGIC GEOGRAPHIC LOCATION
Located in the Eastern Caribbean, Saint Lucia not only enjoys relative proximity to both the regional and near shore markets of North America, South America, and CARICOM member states, but is also only a short 8-hour flight to Europe.FREE AND STABLE ECONOMIC AND POLITICAL CLIMATE
Saint Lucia has been consistent as one of the freest economies in the Caribbean, ranking second place with an index of 70% in the 2016 Economic Freedom Index. Politically speaking, the island is considered “free” according to the 2015 Freedom House report, which also highlighted constitutional guarantees regarding freedom of speech, assembly and association.MODERN AND RELIABLE INFRASTRUCTURE AND ADVANCED TECHNOLOGY
Saint Lucia has an efficient telecommunications system, reliable electricity and a stable water supply that is also affordable. Moreover, with modern air and sea port facilities, Saint Lucia’s interconnected structural elements provide a supportive framework for many investment opportunities.The telecommunications network features:
Two mobile services providers
Efficient internet provider (fibre optics, DIA and wireless networks)
GSM, 3G, & 4G networks
GPRS & EDGE capabilities
Metro Ethernet and MPLS services
International Private Leased Circuits (IPLC)
Virtual Private Networks (VPN)
There are also active initiatives towards attaining a 35% renewable energy (geothermal, solar, wind and waste to energy) solution by 2020.STRONG HISTORY OF ATTRACTING AND PROTECTING INVESTMENTS
Over the years, Saint Lucia has attracted a number of regional and international brands across the various economic sectors. Through their continued success and re-expansion, as well as the presence of a Commercial Court, the business climate augers well for the protection of investments.FREE ACCESS TO OECS LABOUR POOL OF 300,000
Saint Lucia possesses a vibrant, dynamic, English speaking labour force that can be easily trained to meet the employment needs of businesses. This is supported by an additional 300, 000 OECS labour pool that can move freely within the OECS region as a result of the Organisation of Eastern Caribbean States (OECS) Economic Union arrangements.EFFICIENT REGULATORY ENVIRONMENT
Saint Lucia has comparative advantages in the areas of regulation, starting a business, market access, incentives, transport infrastructure and quality of life.RICH BIODIVERSITY
Saint Lucia has an abundance of bio-diversity related resources that are used in a variety of ways including in traditional and herbal medicines. The Government of Saint Lucia has recognized the contribution of its indigenous plant and animal species to human, social and economic development and therefore encourages investment in that area including in the development of homeopathic applications and nutraceutical products.PROTECTION OF INTELLECTUAL PROPERTY AND PATENTS
Through the Registrar of Companies and Intellectual Properties, investors are facilitated through business establishment as well as the protection of intellectual property and patents.LOCATION OF THE FUTURE (SITE SELECTION MAGAZINE JULY 2015)
US-based Site Selection Magazine in July 2015 identified Saint Lucia as one of the countries outside the United States, where companies will locate within the next five to ten years from now. The Magazine cited a population with a burgeoning middle class; political and economic stability; an industrious, well-educated workforce; and quality foundational infrastructure as some of the considerations for investing in Saint Lucia over other islands.CARIBBEAN COUNTRY OF THE FUTURE AND ISLAND ECONOMIES OF THE FUTURE
Saint Lucia in July 2015 was regarded by fDi Magazine as one of the successful investment locations within the Caribbean and Central America. The island was ranked as one of the winners of fDi Magazine’s Caribbean and Central American Countries of the Future for 2015/16 for FDI Strategy and Cost Effectiveness of Doing Business. In 2017, Saint Lucia was also ranked in the top ten Island Economies of the Future Survey for Business Friendliness and Economic Potential, by the same magazine.CITIZENSHIP BY INVESTMENT PROGRAMME
Saint Lucia’s Citizenship by Investment Programme, established in January 2016 is a new framework under which Saint Lucian citizenship can be obtained following a quantum of investment in one of four (4) of programs. A number of real estate ventures have thus far been announced under this program.
